Funding arb · Price arb / Crypto
| Leg | Exchange | Price | Fund. /8h | Each payment | Next in | OI | Vol 24h | Lev | |
|---|---|---|---|---|---|---|---|---|---|
| LONG | 0.000003705 | 0 | 0.0000% / 1h | 29m 46s | $47K | $399K | 10x | Long Deribit | |
| SHORT | 0.000003703 | −0.0325 | pay 0.0041% / 1h | 29m 46s | $108K | $180K | 10x | Short Phoenix |
Price gap−0.054%70s
Funding gap−0.0325% /8h
Both sides work against this direction now: funding costs $10 a day on $10k and the gap is 0.092% under its 7d average. Swap the legs.
The two prices were read 70 s apart: part of this gap may be the market moving.
If you open now and hold
on $10k a leg · figures of the last 7D, not a forecastFunding−$38−0.0325% /8h now · paid −0.377% over the last 6 days (all we have)
Price—spread −0.054%70s now · prices read too far apart to compare
Costs−$1011.009% of $10k · taker + slippage, in and out
Result—no pointsneeds both prices read together
Funding history
you earnyou payavg
RANGE STATS · 7D
Average /8h—
Highest—
Lowest—
Paid you—
Short leg rate minus long leg rate, per 8h. Above zero: the pair pays you.
Price spread between the two exchanges
Phoenix price against Deribitnow
RANGE STATS · 7D
Now−0.054%
Average—
Range—
Wider than now—
Where the spread has been, last 7D▾
share of time at each level
Funding on every exchange
/8hBONK on 31 exchanges
lowest funding firstBefore you open
1 ok · 4 to watch- Watch: Thin at this size17.1 / 33.4 bpAt $10k entering Phoenix costs 33.4 bp, fee and slippage, 2.0× Deribit’s.
- Note: Margin at max leverage$1,000 + $1,000Deribit 10x, Phoenix 10x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
- OK: Same payment interval1h / 1hBoth legs pay at the same time.Next 24h at the current rates, on $10k a leg: −$9.75Long Deribit: 24 payments, $0.00; short Phoenix: 24 payments, −$9.75.
- Watch: Prices read 70 s apart−0.054% vs +0.038%Part of this gap may be the market moving.
- Watch: Long leg is thinner$47K vs $108K OIDeribit sets your exit cost. Check its book before closing.
- Note: No points program—Neither exchange runs points right now.
- Watch: KYCDeribit Yes · Phoenix NoID, proof of address and a financial profile before any deposit; not for the US, Canada, Japan or retail UK clients.
Profit calculator
both legs, in and outPosition, each legHold forOrdersPrice spreadFunding rate
Funding earned−0.0209%/8h × 21 periods−$43.81
Price spreadprices read too far apart to compare—
Slippage, 4 orderslive order books−$86.93
Fee Deribit bp × 2 orders−$7.00
Fee Phoenix bp × 2 orders−$7.00
Net · 7 days · $10k−$144.75
price spread not counted: prices read too far apartCosts to cover1.009%Break-evennever at this rate
Slippage: Deribit: live order book, 59 min ago; Phoenix: live order book, 13 min agoCost to enter
taker + slippage from mid, one sideBUY · LONGDeribit13.5817.1 bp−$17doesn’t fitdoesn’t fitdoesn’t fit
SELL · SHORTPhoenix5.4033.4 bp−$33116.0 bp−$1,160doesn’t fitdoesn’t fit
Closing costs about the same again.
| 09-24 20:40 | Phoenix | Listing | Now live: $Bonk - 10x leverage. The coin that started it all is now available on Phoenix. @PhoenixTrade on X ↗ |
| 09-24 15:00 | Phoenix | Listing | new market kBONK ($BONK) seen by our collector |
| 09-22 07:03 | ApeX Omni | Other | 59 up, 26 down on the ApeX board, median name +2.5%. Memecoins swept it: ethereum:0x6982508145454ce325ddbe47a25d4ec3d2311933 +25.9%, $BONK +20.5%, $WIF +20.1%, with $TAO +18.2%. $AR -15.0% is the only real casualty. This is what a short squeeze looks like on day two. @OfficialApeXdex on X ↗ |
ApeX Omni