Funding arb · Price arb /

FIL

all FIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0761%/8h= −83.3% APRpaid last 24h −0.152%

Price spread now: Deribit against Phemex+0.112%7-day average +0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs−$142as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$990.987% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.433%−$43 on $10k

Price spread, last 3 days (all we have)−0.086%−$9 · spread now +0.112%, 7d avg +0.066%

Together, before fees−0.519%−$52 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.045% dearer against Phemex than usual: you sell high and buy low (spread +0.112% now, against its 7-day average of +0.066%): +$5 on $10k if it goes back. Holding the pair costs −$23 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 7 days (−0.433% in total) that is about 18 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.433% in total (about -22.6% 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	Phemex FILUSDT	0.9860	0.0100	pay 0.0100% / 8h	1h 34m	$1.1M	$2.3M	50x
Short	Deribit FIL_USDC-PERPETUAL	0.9871	−0.0661	pay 0.0083% / 1h	34m 01s	$170K	$23K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phemex. 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 PhemexbpFee DeribitbpOrdersPrice spread, now +0.112%Rate

Funding earned: −$159.81
Price spread: +0.112% → +0.066%: $4.52
Slippage, 4 orders: −$79.68
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$253.97
Costs to cover: 0.987%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Deribit: 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 Phemex live order book, 4 min ago	5.06 bp	37.9 bp −$38	111.5 bp −$1,115	doesn't fit	doesn't fit
Sell Deribit live order book, 49 min ago	6.59 bp	10.1 bp −$10	doesn't fit	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
Kraken Futures PF_FILUSD	−0.0695%	1h	0.9873	+0.133%	$1.4M	$2.3M	50x	as long as short
Deribit FIL_USDC-PERPETUALshort	−0.0661%	1h	0.9871	+0.112%	$170K	$23K	25x
Coinbase International FIL-PERP-INTX	−0.0376%	1h	0.9855	−0.051%	$317K	$1.9M	50x	as long as short
Injective FIL/USDC PERP	−0.0252%	1h	0.9855	−0.051%	$2K	$240K	12x	as long as short
Bitget FILUSDT	−0.0017%	8h	0.9882	+0.223%	$11.0M	$21.4M	75x	as long as short
Lighter FIL	−0.0016%	1h	0.9862	+0.019%	$158K	$349K	5x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9863	+0.026%	$25K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9865	+0.054%	$58K	$2K	10x	as long as short
Bybit FILUSDT	+0.0003%	8h	0.9876	+0.162%	$15.5M	$18.0M	25x	as long as short
KuCoin FILUSDTM	+0.0012%	8h	0.9873	+0.132%	$7.4M	$7.0M	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX FIL-USDT-SWAP	+0.0029%	8h	0.9878	+0.183%	$18.1M	$97.2M	50x	as long as short
MEXC FIL_USDC	+0.0074%	8h	0.9877	+0.172%	$251K	$104K	50x	as long as short
Binance FILUSDT	+0.0077%	8h	0.9885	+0.254%	$56.8M	$175.0M	75x	as long as short
Extended FIL-USD	+0.0080%	1h	0.9872	+0.122%	$689K	$2.3M	10x	as long as short
BingX FIL-USDT	+0.0080%	8h	0.9881	+0.213%	—	$11.9M	—	as long as short
Variational Omni FIL	+0.0099%	8h	0.9875	+0.156%	$439K	$277K	—	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9870	+0.104%	$8.6M	$9.4M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9872	+0.118%	$496K	$525K	20x	as long as short
Gate FIL_USDT	+0.0100%	8h	0.9868	+0.081%	$7.8M	$16.2M	50x	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9867	+0.070%	$45K	$293K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9869	+0.088%	$287K	$803K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9890	+0.304%	$30K	$198K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9867	+0.073%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9850	−0.101%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9866	+0.061%	$483	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9853	−0.071%	$623K	$5.6M	75x	as long as short
Phemex FILUSDTlong	+0.0100%	8h	0.9860	long leg	$1.1M	$2.3M	50x
BloFin FIL-USDT	+0.0198%	8h	0.9869	+0.091%	$2.6M	$655K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0597% / S −0.0709%	1h	0.9859	−0.013%	$206K	—	100x	as long as short