ARB

Alert: funding

Alert: spread

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: Kraken Futures against Phoenix−0.005%71s7-day average +0.074% · 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−$480.476% of the position

Long on Phoenix Short on Kraken Futures

What this pair did over the last

the charts below follow

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%

Together, before fees+0.140%+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.080% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.005% now, against its 7-day average of +0.074%). If the spread goes back, that is −$8 on $10k: about 13 hours of funding at the current rate (+$15 a day). 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	Phoenix ARB	0.2185	−0.0438	get 0.0055% / 1h	7m 44s	$1K	$178K	15x
Short	Kraken Futures PF_ARBUSD	0.2185	0.0047	get 0.0006% / 1h	7m 44s	$1.1M	$6.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

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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 Kraken FuturesbpOrdersPrice spread, now −0.005%Rate

Funding earned: $101.91
Price spread: −0.005% → +0.074%: −$7.95
Slippage, 4 orders: −$30.63
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $46.33
Costs to cover: 0.476%
Break-even: 3.8 days

Slippage from Phoenix: live order book, 63 min ago; Kraken Futures: live order book, 4 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, 63 min ago	0.91 bp	13.6 bp −$14	54.6 bp −$546	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 4 min ago	5.26 bp	10.3 bp −$10	18.1 bp −$181	120.9 bp −$12.1K	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	−0.449%	$39K	$7K	12x	as long as short
Phoenix ARBlong	−0.0438%	1h	0.2185	long leg	$1K	$178K	15x
RISEx ARB/USDC	−0.0382%	1h	0.2184	−0.036%	$377K	$2.5M	10x	as long as short
SoDEX ARB-USD	−0.0347%	1h	0.2182	−0.133%	$9K	$2.5M	5x	as long as short
Polymarket Perps ARB-USD	−0.0248%	1h	0.2184	−0.055%	$39K	$6.4M	10x	as long as short
Orderly PERP_ARB_USDC	−0.0240%	8h	0.2183	−0.082%	$28K	$266K	10x	as long as short
Deribit ARB_USDC-PERPETUAL	−0.0208%	1h	0.2183	−0.092%	$9K	$27K	25x	as long as short
OKX ARB-USDT-SWAP	−0.0180%	8h	0.2183	−0.092%	$21.0M	$203.1M	50x	as long as short
MEXC ARB_USDT	−0.0178%	8h	0.2182	−0.110%	$45.8M	$77.8M	200x	as long as short
Binance ARBUSDT	−0.0090%	8h	0.2182	−0.105%	$58.4M	$362.7M	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	0.2181	−0.154%	$352K	$1.9M	25x	as long as short
Bitget ARBUSDT	−0.0046%	8h	0.2183	−0.082%	$20.8M	$39.3M	50x	as long as short
01 Exchange ARBUSD	−0.0032%	1h	0.2185	−0.009%	$7K	$1K	10x	as long as short
Gate ARB_USDT	−0.0027%	8h	0.2183	−0.101%	$5.7M	$18.4M	50x	as long as short
dYdX ARB-USD	0.0000%	1h	0.2186	+0.068%	$64K	$833	10x	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0003%	1h	0.2185	0.000%	$16K	—	150x	as long as short
BloFin ARB-USDT	+0.0030%	8h	0.2185	+0.027%	$2.7M	$3.8M	75x	as long as short
Bybit ARBUSDT	+0.0036%	8h	0.2182	−0.119%	$43.5M	$148.8M	50x	as long as short
BingX ARB-USDC	+0.0042%	8h	0.2183	−0.078%	—	$6.6M	—	as long as short
Kraken Futures PF_ARBUSDshort	+0.0047%	1h	0.2185	−0.005%	$1.1M	$6.2M	50x
Variational Omni ARB	+0.0049%	8h	0.2186	+0.038%	$1.0M	$3.0M	—	as long as short
Aevo ARB-PERP	+0.0056%	1h	0.2183	−0.079%	$137K	$15K	3x	as long as short
GRVT ARB_USDT_Perp	+0.0086%	8h	0.2184	−0.053%	$472K	$3.7M	10x	as long as short
Lighter ARB	+0.0096%	1h	0.2182	−0.119%	$1.2M	$5.6M	15x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2183	−0.073%	$33.6M	$79.9M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2183	−0.082%	$641K	$1.6M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2185	+0.004%	$37K	$158K	10x	as long as short
KuCoin ARBUSDTM	+0.0100%	8h	0.2183	−0.087%	$19.1M	$12.1M	75x	as long as short
Backpack ARB_USDC_PERP	+0.0100%	1h	0.2183	−0.069%	$412K	$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	0.2188	+0.146%	$2K	$1.7M	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2188	+0.169%	$322K	$1.3M	50x	as long as short
Phemex ARBUSDT	+0.0100%	8h	0.2182	−0.128%	$4.9M	$15.7M	50x	as long as short
Reya ARBRUSDPERP	+0.0261%	1h	0.2183	−0.066%	$2K	—	20x	as long as short
GMX ARB/USD [ARB-USDC]	L +0.0267% / S −0.0163%	1h	0.2185	+0.009%	$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