Funding arb · Price arb /

ARB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0538%/8h= +58.9% APRpaid last 24h +0.054%

Price spread now: edgeX against Phoenix+0.560%7-day average −0.051% · 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−$3as in the Price arb table

costs, in and out, $10k−$640.640% of the position

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 1 day (all we have)+0.056%+$6 on $10k

Price spread, last 1 day (all we have)−0.563%−$56 · spread now +0.560%, 7d avg −0.051%

Together, before fees−0.507%+ Points / potential airdropedgeX: Active · farm board−$51 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and edgeX is 0.611% dearer against Phoenix than usual: you sell high and buy low: +$61 more if the spread goes back to its 7-day average of −0.051%.

The current funding rate is far above what this pair has been paying: over the last 1 day it paid 0.056% in total (about 14.9% a year). A funding rate is set anew for every payment. 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	Phoenix ARB	0.2171	−0.0438	get 0.0055% / 1h	10m 45s	$1K	$178K	15x
Short	edgeX ARBUSDC	0.2183	0.0100	get 0.0050% / 4h	1h 10m	$40K	$603K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhoenixbpFee edgeXbpOrdersPrice spread, now +0.560%Rate

Funding earned: $112.95
Price spread: +0.560% → −0.051%: $61.11
Slippage, 4 orders: −$48
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $110.06
Costs to cover: 0.640%
Break-even: 0.2 days

Slippage from Phoenix: live order book, 60 min ago; edgeX: live order book, 51 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 Phoenix live order book, 60 min ago	0.91 bp	13.6 bp −$14	54.6 bp −$546	doesn't fit	doesn't fit
Sell edgeX live order book, 51 min ago	11.41 bp	19.4 bp −$19	109.4 bp −$1,094	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	+0.064%	$39K	$7K	12x	as long as short
Phoenix ARBlong	−0.0438%	1h	0.2171	long leg	$1K	$178K	15x
RISEx ARB/USDC	−0.0382%	1h	0.2184	+0.620%	$371K	$2.4M	10x	as long as short
SoDEX ARB-USD	−0.0352%	1h	0.2185	+0.640%	$9K	$2.6M	5x	as long as short
Polymarket Perps ARB-USD	−0.0252%	1h	0.2185	+0.650%	$39K	$6.4M	10x	as long as short
Orderly PERP_ARB_USDC	−0.0237%	8h	0.2184	+0.617%	$28K	$267K	10x	as long as short
OKX ARB-USDT-SWAP	−0.0179%	8h	0.2184	+0.622%	$21.0M	$203.5M	50x	as long as short
MEXC ARB_USDT	−0.0178%	8h	0.2183	+0.585%	$45.7M	$77.8M	200x	as long as short
Deribit ARB_USDC-PERPETUAL	−0.0116%	1h	0.2185	+0.677%	$9K	$27K	25x	as long as short
Binance ARBUSDT	−0.0090%	8h	0.2184	+0.599%	$58.4M	$363.6M	75x	as long as short

Show 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	+0.600%	$352K	$1.9M	25x	as long as short
Bitget ARBUSDT	−0.0045%	8h	0.2185	+0.663%	$20.9M	$39.4M	50x	as long as short
01 Exchange ARBUSD	−0.0040%	1h	0.2186	+0.700%	$7K	$1K	10x	as long as short
Gate ARB_USDT	−0.0023%	8h	0.2184	+0.622%	$5.7M	$18.4M	50x	as long as short
dYdX ARB-USD	0.0000%	1h	0.2185	+0.662%	$64K	$833	10x	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0003%	1h	0.2186	+0.727%	$16K	—	150x	as long as short
BloFin ARB-USDT	+0.0030%	8h	0.2186	+0.691%	$2.7M	$3.8M	75x	as long as short
Bybit ARBUSDT	+0.0038%	8h	0.2184	+0.622%	$43.6M	$149.1M	50x	as long as short
Kraken Futures PF_ARBUSD	+0.0047%	1h	0.2186	+0.688%	$1.1M	$6.2M	50x	as long as short
BingX ARB-USDC	+0.0052%	8h	0.2183	+0.594%	—	$6.6M	—	as long as short
Aevo ARB-PERP	+0.0056%	1h	0.2186	+0.690%	$137K	$15K	3x	as long as short
Variational Omni ARB	+0.0056%	8h	0.2180	+0.440%	$1.0M	$3.0M	—	as long as short
GRVT ARB_USDT_Perp	+0.0086%	8h	0.2184	+0.601%	$472K	$3.7M	10x	as long as short
Lighter ARB	+0.0096%	1h	0.2184	+0.599%	$1.2M	$5.6M	15x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2183	+0.594%	$33.6M	$80.6M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2185	+0.663%	$646K	$1.6M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2184	+0.602%	$38K	$165K	10x	as long as short
KuCoin ARBUSDTM	+0.0100%	8h	0.2185	+0.659%	$21.6M	$12.1M	75x	as long as short
Backpack ARB_USDC_PERP	+0.0100%	1h	0.2187	+0.733%	$420K	$2.6M	20x	as long as short
edgeX ARBUSDCshort	+0.0100%	4h	0.2183	+0.560%	$40K	$603K	20x
ApeX Omni ARBUSDT	+0.0100%	1h	0.2183	+0.571%	$118K	$475K	50x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2187	+0.756%	$1K	$1.7M	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2185	+0.673%	$322K	$1.3M	50x	as long as short
Phemex ARBUSDT	+0.0100%	8h	0.2184	+0.617%	$4.9M	$15.7M	50x	as long as short
Reya ARBRUSDPERP	+0.0261%	1h	0.2184	+0.640%	$2K	—	20x	as long as short
GMX ARB/USD [ARB-USDC]	L +0.0267% / S −0.0163%	1h	0.2186	+0.721%	$788K	—	150x	as long as short
Coinbase International ARB-PERP-INTX	+0.0712%	1h	0.2211	+1.875%	$587K	$1.9M	50x	as long as short