Funding you earn now, next payment 00:00 UTC+0.0345%/8h= +37.8% APRpaid last 24h −0.025%
Price spread now: Phemex against Injective+0.051%65s7-day average −1.671% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.056%+$6 on $10k
+Price spread, last 3 days (all we have)+1.647%+$165 · spread now +0.051%, 7d avg −1.671%
=Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Phemex is 1.722% dearer against Injective than usual: you sell high and buy low: +$172 more if the spread goes back to its 7-day average of −1.671%. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.056% in total (about 2.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Injective FIL/USDC PERP | 0.9855 | −0.0245 | get 0.0031% / 1h | 59m 56s | $2K | $240K | 12x |
| Short | Phemex FILUSDT | 0.9860 | 0.0100 | get 0.0100% / 8h | 7h 59m | $1.1M | $2.4M | 50x |
Injective FIL/USDC PERP
Phemex FILUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Injective. 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
- $72.44
- Price spread: +0.051% → −1.671%
- $172.21
- Slippage, 4 orders
- no order book: not counted
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- $232.63
- Costs to cover
- 0.120%
- Break-even
- from the start
Slippage unknown: Injective: no order-book sample; Phemex: live order book, 4 min ago. Net counts fees only.
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 Injective no order-book sample | — | — | — | — | — |
| Sell Phemex live order book, 4 min ago | 5.07 bp | 32.6 bp −$33 | 114.4 bp −$1,144 | doesn't fit | doesn't fit |
Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | −0.0661% | 1h | 0.9867 | +0.122% | $170K | $23K | 25x | as long as short |
| Kraken Futures PF_FILUSD | −0.0394% | 1h | 0.9865 | +0.103% | $1.3M | $2.4M | 50x | as long as short |
| Coinbase International FIL-PERP-INTX | −0.0352% | 1h | 0.9866 | +0.112% | $318K | $1.8M | 50x | as long as short |
| Injective FIL/USDC PERPlong | −0.0245% | 1h | 0.9855 | long leg | $2K | $240K | 12x | |
| KuCoin FILUSDTM | −0.0033% | 8h | 0.9857 | +0.020% | $7.4M | $7.1M | 50x | as long as short |
| OKX FIL-USDT-SWAP | −0.0020% | 8h | 0.9853 | −0.020% | $18.1M | $98.8M | 50x | as long as short |
| gTrade (Gains Network) FIL/USD | L −0.0004% / S +0.0006% | 1h | 0.9865 | +0.104% | $25K | — | 150x | as long as short |
| dYdX FIL-USD | 0.0000% | 1h | 0.9865 | +0.105% | $58K | $2K | 10x | as long as short |
| Binance FILUSDT | +0.0036% | 8h | 0.9854 | −0.009% | $57.1M | $179.5M | 75x | as long as short |
| Extended FIL-USD | +0.0040% | 1h | 0.9852 | −0.035% | $689K | $2.3M | 10x | as long as short |
Deribit FIL_USDC-PERPETUAL
Kraken Futures PF_FILUSD
Coinbase International FIL-PERP-INTX
KuCoin FILUSDTM
OKX FIL-USDT-SWAP
gTrade (Gains Network) FIL/USD
dYdX FIL-USD
Binance FILUSDT
Extended FIL-USDShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget FILUSDT | +0.0045% | 8h | 0.9862 | +0.071% | $10.9M | $21.6M | 75x | as long as short |
| BingX FIL-USDT | +0.0048% | 8h | 0.9856 | +0.010% | — | $11.9M | — | as long as short |
| Bybit FILUSDT | +0.0051% | 8h | 0.9857 | +0.020% | $15.4M | $18.4M | 25x | as long as short |
| MEXC FIL_USDC | +0.0053% | 8h | 0.9856 | +0.010% | $247K | $106K | 50x | as long as short |
| Gate FIL_USDT | +0.0070% | 8h | 0.9854 | −0.010% | $8.2M | $16.5M | 50x | as long as short |
| Lighter FIL | +0.0096% | 1h | 0.9854 | −0.013% | $158K | $348K | 5x | as long as short |
| Hyperliquid FIL | +0.0100% | 1h | 0.9857 | +0.024% | $8.5M | $9.5M | 5x | as long as short |
| Aster FILUSDT | +0.0100% | 8h | 0.9857 | +0.025% | $493K | $546K | 20x | as long as short |
| Variational Omni FIL | +0.0100% | 8h | 0.9846 | −0.090% | $440K | $278K | — | as long as short |
| edgeX FILUSDC | +0.0100% | 4h | 0.9849 | −0.058% | $45K | $295K | 10x | as long as short |
| GRVT FIL_USDT_Perp | +0.0100% | 8h | 0.9830 | −0.254% | $293K | $805K | 10x | as long as short |
| ApeX Omni FILUSDT | +0.0100% | 1h | 0.9860 | +0.051% | $30K | $196K | 50x | as long as short |
| Orderly PERP_FIL_USDC_mythos | +0.0100% | 4h | 0.9870 | +0.157% | $5K | — | 10x | as long as short |
| SunX FIL-USDT | +0.0100% | 8h | 0.9860 | +0.051% | $3K | $1.1M | 20x | as long as short |
| SoDEX FIL-USD | +0.0100% | 1h | 0.9858 | +0.030% | $485 | $11K | 5x | as long as short |
| HTX FIL-USDT | +0.0100% | 8h | 0.9866 | +0.112% | $625K | $5.7M | 75x | as long as short |
| Phemex FILUSDTshort | +0.0100% | 8h | 0.9860 | +0.051% | $1.1M | $2.4M | 50x | |
| BloFin FIL-USDT | +0.0145% | 8h | 0.9854 | −0.010% | $2.7M | $568K | 75x | as long as short |
| GMX FIL/USD [WBTC.b-USDC] | L +0.0538% / S −0.0538% | 1h | 0.9865 | +0.097% | $196K | — | 100x | as long as short |
Bitget FILUSDT
BingX FIL-USDT
Bybit FILUSDT
MEXC FIL_USDC
Gate FIL_USDT
Lighter FIL
Hyperliquid FIL
Aster FILUSDT
Variational Omni FIL
edgeX FILUSDC
GRVT FIL_USDT_Perp
ApeX Omni FILUSDT
Orderly PERP_FIL_USDC_mythos
SunX FIL-USDT
SoDEX FIL-USD
HTX FIL-USDT
BloFin FIL-USDT
GMX FIL/USD [WBTC.b-USDC]