Funding you earn now, next payment 22:00 UTC−0.0534%/8h= −58.5% APRnext payment −$0.67 per $10,000 · paid last 24h −0.053%
Price spread now: Phoenix against Lighter−0.650%74s7-day average −0.065% · you buy dearer than you sell
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−$410.411% of the position
Funding, last 1 day (all we have)−0.052%−$5 on $10k
+Price spread, last 1 day (all we have)+0.657%+$66 · spread now −0.650%, 7d avg −0.065%
=Together, before fees+0.605%+ Points / potential airdropLighter: Season 3 · farm board+$60 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Phoenix is 0.585% cheaper against Lighter than usual: you would sell low and buy high (−$58 if the spread goes back to its 7-day average of −0.065%). Swap the legs. The two prices were read 74 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 1 day it paid -0.052% in total (about -14.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.67 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter ARB | 0.2185 | 0.0096 | pay 0.0012% / 1h | 10m 08s | $1.2M | $5.6M | 15x |
| Short | Phoenix ARB | 0.2171 | −0.0438 | pay 0.0055% / 1h | 10m 08s | $1K | $178K | 15x |
Lighter ARB
Phoenix ARBFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Lighter. 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
- −$112.11
- Price spread: −0.650% → −0.065%
- −$58.47
- Slippage, 4 orders
- −$34.1
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$211.68
- Costs to cover
- 0.411%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 6 min ago; Phoenix: live order book, 61 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 Lighter live order book, 6 min ago | 1.61 bp | 10.8 bp −$11 | 24.3 bp −$243 | 91.7 bp −$9,168 | doesn't fit |
| Sell Phoenix live order book, 61 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 | 0.2172 | −0.586% | $39K | $7K | 12x | as long as short |
| Phoenix ARBshort | −0.0438% | 1h | 0.2171 | −0.650% | $1K | $178K | 15x | |
| RISEx ARB/USDC | −0.0382% | 1h | 0.2184 | −0.030% | $377K | $2.4M | 10x | as long as short |
| SoDEX ARB-USD | −0.0351% | 1h | 0.2184 | −0.018% | $9K | $2.6M | 5x | as long as short |
| Polymarket Perps ARB-USD | −0.0252% | 1h | 0.2184 | −0.041% | $39K | $6.4M | 10x | as long as short |
| Orderly PERP_ARB_USDC | −0.0238% | 8h | 0.2183 | −0.082% | $28K | $266K | 10x | as long as short |
| MEXC ARB_USDT | −0.0178% | 8h | 0.2184 | −0.046% | $45.7M | $77.8M | 200x | as long as short |
| OKX ARB-USDT-SWAP | −0.0177% | 8h | 0.2185 | −0.009% | $21.0M | $203.5M | 50x | as long as short |
| Deribit ARB_USDC-PERPETUAL | −0.0162% | 1h | 0.2185 | +0.032% | $9K | $27K | 25x | as long as short |
| Binance ARBUSDT | −0.0090% | 8h | 0.2185 | +0.005% | $58.5M | $363.3M | 75x | as long as short |
Injective ARB/USDC PERP
RISEx ARB/USDC
SoDEX ARB-USD
Polymarket Perps ARB-USD
Orderly PERP_ARB_USDC
MEXC ARB_USDT
OKX ARB-USDT-SWAP
Deribit ARB_USDC-PERPETUAL
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 | 0.2184 | −0.038% | $352K | $1.9M | 25x | as long as short |
| Bitget ARBUSDT | −0.0045% | 8h | 0.2184 | −0.037% | $20.9M | $39.4M | 50x | as long as short |
| 01 Exchange ARBUSD | −0.0032% | 1h | 0.2186 | +0.060% | $7K | $1K | 10x | as long as short |
| Gate ARB_USDT | −0.0024% | 8h | 0.2184 | −0.027% | $5.7M | $18.4M | 50x | as long as short |
| dYdX ARB-USD | 0.0000% | 1h | 0.2185 | +0.008% | $64K | $833 | 10x | as long as short |
| gTrade (Gains Network) ARB/USD | L +0.0005% / S −0.0003% | 1h | 0.2186 | +0.041% | $16K | — | 150x | as long as short |
| BloFin ARB-USDT | +0.0030% | 8h | 0.2186 | +0.037% | $2.7M | $3.8M | 75x | as long as short |
| Bybit ARBUSDT | +0.0038% | 8h | 0.2185 | −0.009% | $43.6M | $149.0M | 50x | as long as short |
| BingX ARB-USDT | +0.0042% | 8h | 0.2184 | −0.041% | — | $30.6M | — | as long as short |
| Kraken Futures PF_ARBUSD | +0.0047% | 1h | 0.2186 | +0.038% | $1.1M | $6.2M | 50x | as long as short |
| Aevo ARB-PERP | +0.0056% | 1h | 0.2185 | +0.015% | $137K | $15K | 3x | as long as short |
| Variational Omni ARB | +0.0056% | 8h | 0.2180 | −0.213% | $1.0M | $3.0M | — | as long as short |
| GRVT ARB_USDT_Perp | +0.0086% | 8h | 0.2184 | −0.053% | $472K | $3.7M | 10x | as long as short |
| Lighter ARBlong | +0.0096% | 1h | 0.2185 | long leg | $1.2M | $5.6M | 15x | |
| Hyperliquid ARB | +0.0100% | 1h | 0.2184 | −0.018% | $33.6M | $80.6M | 10x | as long as short |
| Aster ARBUSDT | +0.0100% | 8h | 0.2185 | +0.009% | $646K | $1.6M | 20x | as long as short |
| Pacifica ARB | +0.0100% | 1h | 0.2184 | −0.052% | $38K | $165K | 10x | as long as short |
| KuCoin ARBUSDTM | +0.0100% | 8h | 0.2185 | +0.027% | $21.6M | $12.1M | 75x | as long as short |
| Backpack ARB_USDC_PERP | +0.0100% | 1h | 0.2187 | +0.078% | $420K | $2.6M | 20x | as long as short |
| edgeX ARBUSDC | +0.0100% | 4h | 0.2183 | −0.094% | $40K | $603K | 20x | as long as short |
| ApeX Omni ARBUSDT | +0.0100% | 1h | 0.2183 | −0.082% | $118K | $475K | 50x | as long as short |
| SunX ARB-USDT | +0.0100% | 8h | 0.2186 | +0.055% | $2K | $1.7M | 30x | as long as short |
| HTX ARB-USDT | +0.0100% | 8h | 0.2186 | +0.073% | $322K | $1.3M | 50x | as long as short |
| Phemex ARBUSDT | +0.0100% | 8h | 0.2185 | +0.009% | $4.9M | $15.7M | 50x | as long as short |
| Reya ARBRUSDPERP | +0.0261% | 1h | 0.2183 | −0.060% | $2K | — | 20x | as long as short |
| GMX ARB/USD [ARB-USDC] | L +0.0267% / S −0.0163% | 1h | 0.2185 | +0.031% | $788K | — | 150x | as long as short |
| Coinbase International ARB-PERP-INTX | +0.0712% | 1h | 0.2211 | +1.213% | $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
Kraken Futures PF_ARBUSD
Aevo ARB-PERP
Variational Omni ARB
GRVT ARB_USDT_Perp
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