Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0262%/8h= +28.7% APRpaid last 24h —

Price spread now: Orderly against Phoenix−0.147%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 hours (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.147% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.147% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 45 hours of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ARB	0.2176	−0.0256	get 0.0032% / 1h	33m 22s	$1K	$3K	15x
Short	Orderly PERP_ARB_USDC	0.2173	0.0006	get 0.0006% / 8h	2h 33m	$15K	$264K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.147%Rate

Funding earned: $55.04
Price spread: −0.147% → 0.000%: −$14.7
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $27.33
Costs to cover: 0.130%
Break-even: 3.5 days

Slippage unknown: Phoenix: no order-book sample; Orderly: no order-book sample. Net counts fees only.

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 no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Phoenix and Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1689%	1h	0.2164	−0.561%	$39K	$217K	12x	as long as short
Deribit ARB_USDC-PERPETUAL	−0.0302%	1h	0.2174	−0.115%	$2K	$54K	25x	as long as short
Phoenix ARBlong	−0.0256%	1h	0.2176	long leg	$1K	$3K	15x
OKX ARB-USDT-SWAP	−0.0107%	8h	0.2172	−0.207%	$23.5M	$101.7M	50x	as long as short
MEXC ARB_USDT	−0.0106%	8h	0.2172	−0.193%	$50.5M	$43.2M	200x	as long as short
01 Exchange ARBUSD	−0.0088%	1h	0.2173	−0.147%	$7K	$308	10x	as long as short
SoDEX ARB-USD	−0.0051%	1h	0.2173	−0.156%	$9K	$855K	5x	as long as short
Binance ARBUSDT	−0.0027%	8h	0.2172	−0.179%	$64.3M	$180.9M	75x	as long as short
Extended ARB-USD	−0.0024%	1h	0.2172	−0.197%	$358K	$3.7M	25x	as long as short
Gate ARB_USDT	−0.0009%	8h	0.2172	−0.184%	$5.6M	$8.9M	50x	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni ARB	−0.0008%	8h	0.2173	−0.155%	$1.8M	$1.6M	—	as long as short
RISEx ARB/USDC	−0.0007%	1h	0.2173	−0.127%	$467K	$2.0M	10x	as long as short
dYdX ARB-USD	0.0000%	1h	0.2175	−0.058%	$64K	$2K	10x	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0014%	1h	0.2174	−0.103%	$29K	—	150x	as long as short
Orderly PERP_ARB_USDCshort	+0.0006%	8h	0.2173	−0.147%	$15K	$264K	10x
Bybit ARBUSDT	+0.0058%	8h	0.2171	−0.225%	$50.8M	$82.3M	50x	as long as short
Aevo ARB-PERP	+0.0072%	1h	0.2174	−0.101%	$138K	$4K	3x	as long as short
Bitget ARBUSDT	+0.0082%	8h	0.2172	−0.193%	$21.1M	$22.0M	50x	as long as short
BingX ARB-USDC	+0.0083%	8h	0.2173	−0.147%	—	$6.5M	—	as long as short
BloFin ARB-USDT	+0.0092%	8h	0.2174	−0.096%	$3.1M	$1.4M	75x	as long as short
Lighter ARB	+0.0096%	1h	0.2175	−0.046%	$1.6M	$3.1M	15x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2174	−0.119%	$35.3M	$29.9M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2174	−0.101%	$645K	$1.2M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2173	−0.136%	$44K	$125K	10x	as long as short
KuCoin ARBUSDTM	+0.0100%	8h	0.2173	−0.147%	$19.6M	$9.3M	75x	as long as short
Backpack ARB_USDC_PERP	+0.0100%	1h	0.2175	−0.064%	$568K	$1.3M	20x	as long as short
edgeX ARBUSDC	+0.0100%	4h	0.2174	−0.122%	$37K	$505K	20x	as long as short
GRVT ARB_USDT_Perp	+0.0100%	8h	0.2174	−0.101%	$477K	$3.3M	10x	as long as short
ApeX Omni ARBUSDT	+0.0100%	1h	0.2175	−0.055%	$118K	$265K	50x	as long as short
Polymarket Perps ARB-USD	+0.0100%	1h	0.2173	−0.152%	$46K	$1.7M	10x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2175	−0.055%	$1K	$854K	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2176	−0.028%	$289K	$450K	50x	as long as short
Phemex ARBUSDT	+0.0100%	8h	0.2173	−0.147%	$4.6M	$12.5M	50x	as long as short
GMX ARB/USD [ARB-USDC]	L +0.0266% / S −0.0148%	1h	0.2174	−0.118%	$839K	—	150x	as long as short
Reya ARBRUSDPERP	+0.0282%	1h	0.2172	−0.200%	$2K	$440	20x	as long as short
Kraken Futures PF_ARBUSD	+0.0682%	1h	0.2175	−0.072%	$1.3M	$3.6M	50x	as long as short
Coinbase International ARB-PERP-INTX	+0.0704%	1h	0.2183	+0.294%	$636K	$1.0M	50x	as long as short