Funding arb · Price arb /

ARB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0260%/8h= +28.5% APRpaid last 24h +0.034%

Price spread now: MEXC against Phoenix+0.700%92s7-day average +0.019% · 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−$330.329% of the position

Long on Phoenix Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 1 day (all we have)+0.010%+$1 on $10k

Price spread, last 1 day (all we have)−0.775%−$77 · spread now +0.700%, 7d avg +0.019%

Together, before fees−0.765%−$77 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and MEXC is 0.681% dearer against Phoenix than usual: you sell high and buy low: +$68 more if the spread goes back to its 7-day average of +0.019%. The two prices were read 92 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 0.010% in total (about 2.6% 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	9m 45s	$1K	$178K	15x
Short	MEXC ARB_USDT	0.2186	−0.0178	pay 0.0178% / 8h	1h 09m	$45.7M	$77.8M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.700%Rate

Funding earned: $54.57
Price spread: +0.700% → +0.019%: $68.09
Slippage, 4 orders: −$25.93
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: $89.73
Costs to cover: 0.329%
Break-even: from the start

Slippage from Phoenix: live order book, 61 min ago; MEXC: live order book, 2 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, 61 min ago	0.91 bp	13.6 bp −$14	54.6 bp −$546	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	1.83 bp	3.8 bp −$4	14.2 bp −$142	41.0 bp −$4,103	74.0 bp −$37.0K

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	+0.624%	$377K	$2.4M	10x	as long as short
SoDEX ARB-USD	−0.0351%	1h	0.2184	+0.636%	$9K	$2.6M	5x	as long as short
Polymarket Perps ARB-USD	−0.0252%	1h	0.2184	+0.613%	$39K	$6.4M	10x	as long as short
Orderly PERP_ARB_USDC	−0.0238%	8h	0.2183	+0.571%	$28K	$266K	10x	as long as short
MEXC ARB_USDTshort	−0.0178%	8h	0.2186	+0.700%	$45.7M	$77.8M	200x
OKX ARB-USDT-SWAP	−0.0177%	8h	0.2186	+0.719%	$21.0M	$203.7M	50x	as long as short
Deribit ARB_USDC-PERPETUAL	−0.0162%	1h	0.2185	+0.686%	$9K	$27K	25x	as long as short
Binance ARBUSDT	−0.0090%	8h	0.2186	+0.723%	$58.5M	$363.3M	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	0.2185	+0.652%	$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	−0.0032%	1h	0.2186	+0.714%	$7K	$1K	10x	as long as short
Gate ARB_USDT	−0.0024%	8h	0.2186	+0.714%	$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	+0.695%	$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	0.2186	+0.728%	$43.6M	$149.0M	50x	as long as short
BingX ARB-USDT	+0.0042%	8h	0.2186	+0.723%	—	$30.6M	—	as long as short
Kraken Futures PF_ARBUSD	+0.0047%	1h	0.2186	+0.693%	$1.1M	$6.2M	50x	as long as short
Aevo ARB-PERP	+0.0056%	1h	0.2185	+0.669%	$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	0.2185	+0.654%	$1.2M	$5.6M	15x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2187	+0.733%	$33.6M	$79.9M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2185	+0.678%	$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	0.2186	+0.723%	$21.6M	$12.1M	75x	as long as short
Backpack ARB_USDC_PERP	+0.0100%	1h	0.2186	+0.723%	$419K	$2.6M	20x	as long as short
edgeX ARBUSDC	+0.0100%	4h	0.2183	+0.560%	$40K	$603K	20x	as long as short
ApeX Omni ARBUSDT	+0.0100%	1h	0.2183	+0.571%	$118K	$475K	50x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2186	+0.709%	$2K	$1.7M	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2186	+0.728%	$322K	$1.3M	50x	as long as short
Phemex ARBUSDT	+0.0100%	8h	0.2185	+0.663%	$4.9M	$15.7M	50x	as long as short
Reya ARBRUSDPERP	+0.0261%	1h	0.2183	+0.594%	$2K	—	20x	as long as short
GMX ARB/USD [ARB-USDC]	L +0.0267% / S −0.0163%	1h	0.2185	+0.685%	$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