Funding you earn now, next payment 22:00 UTC−0.0485%/8h= −53.1% APRnext payment −$0.61 per $10,000 · paid last 24h −0.073%
Price spread now: Phoenix against Kraken Futures+0.005%71s7-day average −0.074% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$480.476% of the position
Funding, last 1 day (all we have)−0.086%−$9 on $10k
+Price spread, last 1 day (all we have)−0.054%−$5 · spread now +0.005%, 7d avg −0.074%
=The price spread pays, funding is against you. Phoenix is 0.080% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.005% now, against its 7-day average of −0.074%): +$8 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 13 hours. At the pace of the last 1 day (−0.086% in total) that is about 30 hours. The two prices were read 71 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_ARBUSD | 0.2185 | 0.0047 | pay 0.0006% / 1h | 8m 05s | $1.1M | $6.2M | 50x |
| Short | Phoenix ARB | 0.2185 | −0.0438 | pay 0.0055% / 1h | 8m 05s | $1K | $178K | 15x |
Kraken Futures PF_ARBUSD
Phoenix ARBFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Kraken Futures. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$101.91
- Price spread: +0.005% → −0.074%
- $7.95
- Slippage, 4 orders
- −$30.63
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$141.59
- Costs to cover
- 0.476%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 4 min ago; Phoenix: live order book, 63 min ago.
Cost to enter
taker fee + slippage from the mid, one side; closing costs about the same again| Leg | Half-spread | $10k | $100k | $1M | $5M |
|---|---|---|---|---|---|
| Buy Kraken Futures live order book, 4 min ago | 5.26 bp | 10.3 bp −$10 | 25.8 bp −$258 | 448.6 bp −$44.9K | doesn't fit |
| Sell Phoenix live order book, 63 min ago | 0.91 bp | 13.6 bp −$14 | 46.6 bp −$466 | doesn't fit | doesn't fit |
ARB on 37 exchanges
lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective ARB/USDC PERP | −0.1783% | 1h | 0.2175 | −0.443% | $39K | $7K | 12x | as long as short |
| Phoenix ARBshort | −0.0438% | 1h | 0.2185 | +0.005% | $1K | $178K | 15x | |
| RISEx ARB/USDC | −0.0382% | 1h | 0.2184 | −0.030% | $377K | $2.5M | 10x | as long as short |
| SoDEX ARB-USD | −0.0347% | 1h | 0.2182 | −0.127% | $9K | $2.5M | 5x | as long as short |
| Polymarket Perps ARB-USD | −0.0248% | 1h | 0.2184 | −0.049% | $39K | $6.4M | 10x | as long as short |
| Orderly PERP_ARB_USDC | −0.0240% | 8h | 0.2183 | −0.077% | $28K | $266K | 10x | as long as short |
| Deribit ARB_USDC-PERPETUAL | −0.0208% | 1h | 0.2183 | −0.086% | $9K | $27K | 25x | as long as short |
| OKX ARB-USDT-SWAP | −0.0180% | 8h | 0.2182 | −0.104% | $21.0M | $203.1M | 50x | as long as short |
| MEXC ARB_USDT | −0.0178% | 8h | 0.2182 | −0.141% | $45.7M | $77.8M | 200x | as long as short |
| Binance ARBUSDT | −0.0090% | 8h | 0.2183 | −0.072% | $58.4M | $362.7M | 75x | as long as short |
Injective ARB/USDC PERP
RISEx ARB/USDC
SoDEX ARB-USD
Polymarket Perps ARB-USD
Orderly PERP_ARB_USDC
Deribit ARB_USDC-PERPETUAL
OKX ARB-USDT-SWAP
MEXC ARB_USDT
Binance ARBUSDTShow all 37 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Extended ARB-USD | −0.0088% | 1h | 0.2182 | −0.127% | $352K | $1.9M | 25x | as long as short |
| Bitget ARBUSDT | −0.0046% | 8h | 0.2183 | −0.077% | $20.8M | $39.3M | 50x | as long as short |
| 01 Exchange ARBUSD | −0.0032% | 1h | 0.2185 | −0.004% | $7K | $1K | 10x | as long as short |
| Gate ARB_USDT | −0.0027% | 8h | 0.2182 | −0.118% | $5.7M | $18.4M | 50x | as long as short |
| dYdX ARB-USD | 0.0000% | 1h | 0.2186 | +0.073% | $64K | $833 | 10x | as long as short |
| gTrade (Gains Network) ARB/USD | L +0.0005% / S −0.0003% | 1h | 0.2185 | +0.005% | $16K | — | 150x | as long as short |
| BloFin ARB-USDT | +0.0030% | 8h | 0.2185 | +0.033% | $2.7M | $3.8M | 75x | as long as short |
| Bybit ARBUSDT | +0.0036% | 8h | 0.2183 | −0.095% | $43.5M | $148.8M | 50x | as long as short |
| BingX ARB-USDT | +0.0042% | 8h | 0.2182 | −0.109% | — | $30.6M | — | as long as short |
| Kraken Futures PF_ARBUSDlong | +0.0047% | 1h | 0.2185 | long leg | $1.1M | $6.2M | 50x | |
| Variational Omni ARB | +0.0049% | 8h | 0.2186 | +0.043% | $1.0M | $3.0M | — | as long as short |
| Aevo ARB-PERP | +0.0056% | 1h | 0.2183 | −0.074% | $137K | $15K | 3x | as long as short |
| GRVT ARB_USDT_Perp | +0.0086% | 8h | 0.2184 | −0.048% | $472K | $3.7M | 10x | as long as short |
| Lighter ARB | +0.0096% | 1h | 0.2182 | −0.114% | $1.2M | $5.6M | 15x | as long as short |
| Hyperliquid ARB | +0.0100% | 1h | 0.2182 | −0.114% | $33.5M | $79.9M | 10x | as long as short |
| Aster ARBUSDT | +0.0100% | 8h | 0.2183 | −0.077% | $641K | $1.6M | 20x | as long as short |
| Pacifica ARB | +0.0100% | 1h | 0.2185 | +0.009% | $37K | $158K | 10x | as long as short |
| KuCoin ARBUSDTM | +0.0100% | 8h | 0.2184 | −0.027% | $19.1M | $12.1M | 75x | as long as short |
| Backpack ARB_USDC_PERP | +0.0100% | 1h | 0.2183 | −0.063% | $412K | $2.6M | 20x | as long as short |
| edgeX ARBUSDC | +0.0100% | 4h | 0.2183 | −0.088% | $40K | $603K | 20x | as long as short |
| ApeX Omni ARBUSDT | +0.0100% | 1h | 0.2183 | −0.077% | $118K | $475K | 50x | as long as short |
| SunX ARB-USDT | +0.0100% | 8h | 0.2188 | +0.152% | $2K | $1.7M | 30x | as long as short |
| HTX ARB-USDT | +0.0100% | 8h | 0.2188 | +0.175% | $322K | $1.3M | 50x | as long as short |
| Phemex ARBUSDT | +0.0100% | 8h | 0.2182 | −0.123% | $4.9M | $15.7M | 50x | as long as short |
| Reya ARBRUSDPERP | +0.0261% | 1h | 0.2183 | −0.061% | $2K | — | 20x | as long as short |
| GMX ARB/USD [ARB-USDC] | L +0.0267% / S −0.0163% | 1h | 0.2185 | +0.015% | $788K | — | 150x | as long as short |
| Coinbase International ARB-PERP-INTX | +0.0712% | 1h | 0.2211 | +1.218% | $587K | $1.9M | 50x | as long as short |
Extended ARB-USD
Bitget ARBUSDT
01 Exchange ARBUSD
Gate ARB_USDT
dYdX ARB-USD
gTrade (Gains Network) ARB/USD
BloFin ARB-USDT
Bybit ARBUSDT
BingX ARB-USDT
Variational Omni ARB
Aevo ARB-PERP
GRVT ARB_USDT_Perp
Lighter ARB
Hyperliquid ARB
Aster ARBUSDT
Pacifica ARB
KuCoin ARBUSDTM
Backpack ARB_USDC_PERP
edgeX ARBUSDC
ApeX Omni ARBUSDT
SunX ARB-USDT
HTX ARB-USDT
Phemex ARBUSDT
Reya ARBRUSDPERP
GMX ARB/USD [ARB-USDC]
Coinbase International ARB-PERP-INTX