Funding arb · Price arb /

FIL

all FIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0340%/8h= +37.2% APRpaid last 24h +0.150%

Price spread now: Phemex against Coinbase International−0.200%7-day average −0.100% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$105as in the Price arb table

costs, in and out, $10k−$950.954% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.330%+$33 on $10k

Price spread, last 4 days (all we have)+0.221%+$22 · spread now −0.200%, 7d avg −0.100%

Together, before fees+0.551%+$55 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.100% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.200% now, against its 7-day average of −0.100%). If the spread goes back, that is −$10 on $10k: about 24 hours of funding at the current rate (+$10 a day). At the pace of the last 7 days (+0.330% in total) that is about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International FIL-PERP-INTX	1.0010	−0.0240	get 0.0030% / 1h	57m 06s	$366K	$2.1M	50x
Short	Phemex FILUSDT	0.9990	0.0100	get 0.0100% / 8h	3h 57m	$1.2M	$2.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now −0.200%Rate

Funding earned: $71.4
Price spread: −0.200% → −0.100%: −$10.02
Slippage, 4 orders: −$73.37
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$33.98
Costs to cover: 0.954%
Break-even: 10.3 days

Slippage from Coinbase International: live order book, 2 min ago; Phemex: 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 Coinbase International live order book, 2 min ago	6.51 bp	13.5 bp −$13	17.4 bp −$174	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	15.01 bp	36.1 bp −$36	104.1 bp −$1,041	doesn't fit	doesn't fit

FIL on 29 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 FIL_USDC-PERPETUAL	−0.0449%	1h	1.0005	−0.050%	$172K	$23K	25x	as long as short
Coinbase International FIL-PERP-INTXlong	−0.0240%	1h	1.0010	long leg	$366K	$2.1M	50x
OKX FIL-USDT-SWAP	−0.0027%	8h	0.9996	−0.140%	$18.5M	$105.4M	50x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	1.0001	−0.092%	$26K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	1.0010	+0.005%	$58K	$2K	10x	as long as short
KuCoin FILUSDTM	+0.0009%	8h	0.9998	−0.120%	$7.3M	$7.6M	50x	as long as short
Injective FIL/USDC PERP	+0.0033%	1h	0.9855	−1.548%	$2K	$240K	12x	as long as short
Kraken Futures PF_FILUSD	+0.0066%	1h	1.0005	−0.047%	$1.4M	$2.3M	50x	as long as short
Lighter FIL	+0.0096%	1h	0.9999	−0.115%	$154K	$354K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	1.0006	−0.040%	$8.5M	$9.5M	5x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster FILUSDT	+0.0100%	8h	0.9999	−0.115%	$513K	$610K	20x	as long as short
Binance FILUSDT	+0.0100%	8h	0.9999	−0.110%	$57.5M	$183.7M	75x	as long as short
Bybit FILUSDT	+0.0100%	8h	0.9998	−0.120%	$15.8M	$20.2M	25x	as long as short
Gate FIL_USDT	+0.0100%	8h	1.0000	−0.100%	$8.5M	$16.6M	50x	as long as short
MEXC FIL_USDC	+0.0100%	8h	0.9994	−0.160%	$242K	$102K	50x	as long as short
Bitget FILUSDT	+0.0100%	8h	1.0002	−0.080%	$11.2M	$20.3M	75x	as long as short
BingX FIL-USDC	+0.0100%	8h	0.9998	−0.120%	—	$6.5M	—	as long as short
Variational Omni FIL	+0.0100%	8h	1.0019	+0.087%	$451K	$265K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	1.0004	−0.062%	$45K	$294K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9996	−0.136%	$298K	$1.0M	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	1.0010	0.000%	$30K	$181K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	1.0007	−0.026%	$4K	$798	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	1.0000	−0.100%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9998	−0.120%	$487	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	1.0007	−0.030%	$623K	$5.8M	75x	as long as short
Phemex FILUSDTshort	+0.0100%	8h	0.9990	−0.200%	$1.2M	$2.5M	50x
Extended FIL-USD	+0.0104%	1h	0.9994	−0.160%	$707K	$3.3M	10x	as long as short
BloFin FIL-USDT	+0.0220%	8h	0.9992	−0.180%	$2.7M	$666K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0574% / S −0.0237%	1h	0.9999	−0.111%	$267K	—	100x	as long as short