Funding you earn now, next payment 02:00 UTC−0.0185%/8h= −20.2% APRnext payment −$0.23 per $10,000 · paid last 24h −0.054%
Price spread now: Backpack against Phoenix−0.425%80s7-day average +0.027% · you buy dearer than you sell
Net, funding: paid 7d − costs+$1as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$790.786% of the position
Funding, last 7 days+0.797%+$80 on $10k
+Price spread, last 4 days (all we have)+0.251%+$25 · spread now −0.425%, 7d avg +0.027%
=Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Backpack is 0.452% cheaper against Phoenix than usual: you would sell low and buy high (−$45 if the spread goes back to its 7-day average of +0.027%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.797%, so the current rate has only just turned against you. The two prices were read 80 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 CHIP | 0.04710 | −0.0337 | get 0.0042% / 1h | 57m 40s | $3K | $129K | 5x |
| Short | Backpack CHIP_USDC_PERP | 0.04690 | −0.0522 | pay 0.0065% / 1h | 57m 40s | $32K | $242K | 5x |
Phoenix CHIP
Backpack CHIP_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$38.82
- Price spread: −0.425% → +0.027%
- −$45.19
- Slippage, 4 orders
- −$61.57
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$162.57
- Costs to cover
- 0.786%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 58 min ago; Backpack: live order book, 1 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, 58 min ago | 4.20 bp | 25.7 bp −$26 | 79.1 bp −$791 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 1 min ago | 2.13 bp | 13.8 bp −$14 | doesn't fit | doesn't fit | doesn't fit |
CHIP on 23 venues
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 | |
|---|---|---|---|---|---|---|---|---|
| ApeX Omni CHIPUSDT | −0.0682% | 1h | 0.04710 | 0.000% | $16K | $245K | 50x | as long as short |
| Bybit CHIPUSDT | −0.0534% | 4h | 0.04686 | −0.510% | $10.8M | $8.9M | 20x | as long as short |
| Backpack CHIP_USDC_PERPshort | −0.0522% | 1h | 0.04690 | −0.425% | $32K | $242K | 5x | |
| Phoenix CHIPlong | −0.0337% | 1h | 0.04710 | long leg | $3K | $129K | 5x | |
| OKX CHIP-USDT-SWAP | −0.0328% | 4h | 0.04682 | −0.594% | $2.0M | $9.5M | 20x | as long as short |
| Aster CHIPUSDT | −0.0093% | 4h | 0.04690 | −0.432% | $50K | $274K | 5x | as long as short |
| Nado CHIP-PERP | +0.0036% | 1h | 0.04680 | −0.626% | $237K | $20K | 5x | as long as short |
| Extended CHIP-USD | +0.0072% | 1h | 0.04678 | −0.681% | $214K | $1.9M | 5x | as long as short |
| MEXC CHIP_USDT | +0.0074% | 4h | 0.04682 | −0.594% | $1.8M | $1.2M | 50x | as long as short |
| Binance CHIPUSDT | +0.0075% | 4h | 0.04683 | −0.573% | $14.2M | $26.6M | 50x | as long as short |
ApeX Omni CHIPUSDT
Bybit CHIPUSDT
OKX CHIP-USDT-SWAP
Aster CHIPUSDT
Nado CHIP-PERP
Extended CHIP-USD
MEXC CHIP_USDT
Binance CHIPUSDTShow all 23 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BloFin CHIP-USDT | +0.0090% | 4h | 0.04704 | −0.127% | $571K | $63K | 50x | as long as short |
| Lighter CHIP | +0.0096% | 1h | 0.04686 | −0.510% | $87K | $107K | 3x | as long as short |
| Hyperliquid CHIP | +0.0100% | 1h | 0.04690 | −0.416% | $14.7M | $6.2M | 3x | as long as short |
| Pacifica CHIP | +0.0100% | 1h | 0.04684 | −0.546% | $16K | $3K | 3x | as long as short |
| Gate CHIP_USDT | +0.0100% | 4h | 0.04692 | −0.382% | $683K | $948K | 50x | as long as short |
| KuCoin CHIPUSDTM | +0.0100% | 4h | 0.04691 | −0.403% | $982K | $1.1M | 50x | as long as short |
| Bitget CHIPUSDT | +0.0100% | 4h | 0.04677 | −0.701% | $2.0M | $3.3M | 50x | as long as short |
| BingX CHIP-USDT | +0.0100% | 4h | 0.04681 | −0.616% | — | $1.9M | — | as long as short |
| Variational Omni CHIP | +0.0100% | 4h | 0.04705 | −0.116% | $838K | $529K | — | as long as short |
| SunX CHIP-USDT | +0.0100% | 4h | 0.04690 | −0.425% | $864 | $1.0M | 10x | as long as short |
| Deribit CHIP_USDC-PERPETUAL | +0.0175% | 1h | 0.04704 | −0.130% | $10K | $24K | 10x | as long as short |
| Aftermath Perps CHIPUSD | +0.0392% | 1h | 0.04721 | +0.227% | $230 | $38K | 5x | as long as short |
| Coinbase International CHIP-PERP-INTX | +0.0736% | 1h | 0.04855 | +3.074% | $47K | $42K | 50x | as long as short |
BloFin CHIP-USDT
Lighter CHIP
Hyperliquid CHIP
Pacifica CHIP
Gate CHIP_USDT
KuCoin CHIPUSDTM
Bitget CHIPUSDT
BingX CHIP-USDT
Variational Omni CHIP
SunX CHIP-USDT
Deribit CHIP_USDC-PERPETUAL
Aftermath Perps CHIPUSD
Coinbase International CHIP-PERP-INTX