Funding arb · Price arb /

CHIP

all CHIP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0635%/8h= +69.5% APRpaid last 24h +0.075%

Price spread now: BloFin against Phoenix−0.614%7-day average +0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$158as in the Price arb table

costs, in and out, $10k−$940.936% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.553%+$55 on $10k

Price spread, last 4 days (all we have)+1.794%+$179 · spread now −0.614%, 7d avg +0.028%

Together, before fees+2.347%+$235 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.642% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.614% now, against its 7-day average of +0.028%). If the spread goes back, that is −$64 on $10k: about 3.4 days of funding at the current rate (+$19 a day). At the pace of the last 7 days (+0.553% in total) that is about 8.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix CHIP	0.04726	−0.0510	get 0.0064% / 1h	52m 42s	$3K	$129K	5x
Short	BloFin CHIP-USDT	0.04697	0.0125	get 0.0063% / 4h	52m 42s	$564K	$63K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.614%Rate

Funding earned: $133.33
Price spread: −0.614% → +0.028%: −$64.16
Slippage, 4 orders: −$74.61
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$24.44
Costs to cover: 0.936%
Break-even: 8.3 days

Slippage from Phoenix: live order book, 63 min ago; BloFin: live order book, 49 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	4.20 bp	25.7 bp −$26	79.1 bp −$791	doesn't fit	doesn't fit
Sell BloFin live order book, 49 min ago	3.16 bp	25.3 bp −$25	61.7 bp −$617	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	−0.1201%	1h	0.04689	−0.783%	$16K	$246K	50x	as long as short
Backpack CHIP_USDC_PERP	−0.0557%	1h	0.04700	−0.550%	$33K	$243K	5x	as long as short
Bybit CHIPUSDT	−0.0514%	4h	0.04687	−0.825%	$10.8M	$9.0M	20x	as long as short
Phoenix CHIPlong	−0.0510%	1h	0.04726	long leg	$3K	$129K	5x
OKX CHIP-USDT-SWAP	−0.0344%	4h	0.04684	−0.889%	$2.0M	$9.5M	20x	as long as short
Aster CHIPUSDT	−0.0091%	4h	0.04702	−0.516%	$50K	$274K	5x	as long as short
Nado CHIP-PERP	−0.0063%	1h	0.04692	−0.719%	$237K	$20K	5x	as long as short
Binance CHIPUSDT	+0.0079%	4h	0.04688	−0.800%	$14.2M	$26.7M	50x	as long as short
Extended CHIP-USD	+0.0080%	1h	0.04693	−0.704%	$214K	$1.9M	5x	as long as short
MEXC CHIP_USDT	+0.0080%	4h	0.04689	−0.783%	$1.8M	$1.2M	50x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter CHIP	+0.0096%	1h	0.04690	−0.762%	$87K	$107K	3x	as long as short
Hyperliquid CHIP	+0.0100%	1h	0.04701	−0.533%	$14.7M	$6.2M	3x	as long as short
Pacifica CHIP	+0.0100%	1h	0.04696	−0.639%	$16K	$3K	3x	as long as short
Gate CHIP_USDT	+0.0100%	4h	0.04705	−0.444%	$684K	$949K	50x	as long as short
KuCoin CHIPUSDTM	+0.0100%	4h	0.04696	−0.635%	$983K	$1.1M	50x	as long as short
Bitget CHIPUSDT	+0.0100%	4h	0.04696	−0.635%	$2.0M	$3.3M	50x	as long as short
BingX CHIP-USDT	+0.0100%	4h	0.04694	−0.677%	—	$1.9M	—	as long as short
Variational Omni CHIP	+0.0100%	4h	0.04729	+0.058%	$838K	$529K	—	as long as short
SunX CHIP-USDT	+0.0100%	4h	0.04700	−0.550%	$810	$1.0M	10x	as long as short
BloFin CHIP-USDTshort	+0.0125%	4h	0.04697	−0.614%	$564K	$63K	50x
Aftermath Perps CHIPUSD	+0.0375%	1h	0.04719	−0.152%	$134	$38K	5x	as long as short
Coinbase International CHIP-PERP-INTX	+0.0736%	1h	0.04855	+2.725%	$47K	$42K	50x	as long as short
Deribit CHIP_USDC-PERPETUAL	+0.1175%	1h	0.04709	−0.358%	$10K	$24K	10x	as long as short