Funding you earn now, next payment 21:00 UTC−0.0096%/8h= −10.5% APRnext payment −$0.12 per $10,000 · paid last 24h −0.065%
Price spread now: Phoenix against Lighter−0.392%74s7-day average −0.009% · you buy dearer than you sell
Net, funding: paid 7d − costs−$91as 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−$430.428% of the position
Funding, last 7 days−0.487%−$49 on $10k
+Price spread, last 3 days (all we have)+0.870%+$87 · spread now −0.392%, 7d avg −0.009%
=Together, before fees+0.383%+ Points / potential airdropLighter: Season 3 · farm board+$38 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.382% cheaper against Lighter than usual: you would sell low and buy high (−$38 if the spread goes back to its 7-day average of −0.009%). Swap the legs. The two prices were read 74 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 | Lighter CRV | 0.3651 | 0.0096 | pay 0.0012% / 1h | 31m 55s | $415K | $695K | 10x |
| Short | Phoenix CRV | 0.3636 | 0 | get 0.0000% / 1h | 31m 55s | $26K | $193K | 10x |
Lighter CRV
Phoenix CRVFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Lighter. 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
- −$20.16
- Price spread: −0.392% → −0.009%
- −$38.22
- Slippage, 4 orders
- −$35.75
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$101.14
- Costs to cover
- 0.428%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 53 min ago; Phoenix: live order book, 51 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 Lighter live order book, 53 min ago | 2.88 bp | 8.6 bp −$9 | 23.9 bp −$239 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 51 min ago | 1.37 bp | 15.1 bp −$15 | 54.5 bp −$545 | doesn't fit | doesn't fit |
CRV on 30 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit CRV_USDC-PERPETUAL | −0.0298% | 1h | 0.3650 | −0.022% | $57K | $48K | 25x | as long as short |
| Injective CRV/USDC PERP | −0.0103% | 1h | 0.3630 | −0.570% | $78 | $265K | 12x | as long as short |
| Reya CRVRUSDPERP | −0.0049% | 1h | 0.3649 | −0.053% | $16 | — | 15x | as long as short |
| dYdX CRV-USD | 0.0000% | 1h | 0.3647 | −0.095% | $38K | $4K | 10x | as long as short |
| Phoenix CRVshort | 0.0000% | 1h | 0.3636 | −0.392% | $26K | $193K | 10x | |
| Orderly PERP_CRV_USDC | +0.0095% | 8h | 0.3650 | −0.022% | $24K | $701 | 10x | as long as short |
| Lighter CRVlong | +0.0096% | 1h | 0.3651 | long leg | $415K | $695K | 10x | |
| Aster CRVUSDT | +0.0100% | 8h | 0.3651 | −0.007% | $130K | $186K | 10x | as long as short |
| Pacifica CRV | +0.0100% | 1h | 0.3646 | −0.125% | $369K | $166K | 10x | as long as short |
| Binance CRVUSDT | +0.0100% | 8h | 0.3654 | +0.084% | $25.6M | $58.4M | 75x | as long as short |
Deribit CRV_USDC-PERPETUAL
Injective CRV/USDC PERP
Reya CRVRUSDPERP
dYdX CRV-USD
Orderly PERP_CRV_USDC
Aster CRVUSDT
Pacifica CRV
Binance CRVUSDTShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit CRVUSDT | +0.0100% | 8h | 0.3654 | +0.088% | $27.8M | $17.3M | 75x | as long as short |
| OKX CRV-USDT-SWAP | +0.0100% | 8h | 0.3655 | +0.115% | $8.6M | $22.5M | 50x | as long as short |
| Gate CRV_USDT | +0.0100% | 8h | 0.3655 | +0.115% | $2.0M | $1.3M | 50x | as long as short |
| MEXC CRV_USDT | +0.0100% | 8h | 0.3653 | +0.060% | $14.5M | $5.7M | 125x | as long as short |
| KuCoin CRVUSDTM | +0.0100% | 8h | 0.3653 | +0.060% | $7.1M | $9.2M | 50x | as long as short |
| Bitget CRVUSDT | +0.0100% | 8h | 0.3657 | +0.170% | $6.9M | $5.8M | 75x | as long as short |
| BingX CRV-USDT | +0.0100% | 8h | 0.3655 | +0.115% | — | $21.6M | — | as long as short |
| Variational Omni CRV | +0.0100% | 8h | 0.3631 | −0.532% | $1.1M | $151K | — | as long as short |
| edgeX CRVUSDC | +0.0100% | 4h | 0.3636 | −0.406% | $38K | $172K | 20x | as long as short |
| GRVT CRV_USDT_Perp | +0.0100% | 8h | 0.3640 | −0.305% | $513K | $462K | 10x | as long as short |
| ApeX Omni CRVUSDT | +0.0100% | 1h | 0.3630 | −0.570% | $60K | $695K | 50x | as long as short |
| SunX CRV-USDT | +0.0100% | 8h | 0.3688 | +1.019% | $2K | $1.3M | 20x | as long as short |
| Extended CRV-USD | +0.0104% | 1h | 0.3650 | −0.019% | $242K | $886K | 25x | as long as short |
| Aevo CRV-PERP | +0.0104% | 1h | 0.3650 | −0.033% | $19K | $9K | 3x | as long as short |
| Kraken Futures PF_CRVUSD | +0.0163% | 1h | 0.3652 | +0.042% | $3.1M | $3.5M | 50x | as long as short |
| BloFin CRV-USDT | +0.0220% | 8h | 0.3638 | −0.351% | $1.4M | $4.8M | 75x | as long as short |
| Hyperliquid CRV | +0.0337% | 1h | 0.3657 | +0.167% | $22.5M | $17.0M | 10x | as long as short |
| Coinbase International CRV-PERP-INTX | +0.0384% | 1h | 0.3642 | −0.241% | $389K | $4.9M | 50x | as long as short |
| GMX CRV/USD [ETH-USDC] | L +0.0402% / S −0.0160% | 1h | 0.3652 | +0.022% | $217K | — | 100x | as long as short |
| Backpack CRV_USDC_PERP | +0.0492% | 1h | 0.3656 | +0.131% | $105K | $362K | 10x | as long as short |
Bybit CRVUSDT
OKX CRV-USDT-SWAP
Gate CRV_USDT
MEXC CRV_USDT
KuCoin CRVUSDTM
Bitget CRVUSDT
BingX CRV-USDT
Variational Omni CRV
edgeX CRVUSDC
GRVT CRV_USDT_Perp
ApeX Omni CRVUSDT
SunX CRV-USDT
Extended CRV-USD
Aevo CRV-PERP
Kraken Futures PF_CRVUSD
BloFin CRV-USDT
Hyperliquid CRV
Coinbase International CRV-PERP-INTX
GMX CRV/USD [ETH-USDC]
Backpack CRV_USDC_PERP