Funding you earn now, next payment 23:00 UTC+0.0487%/8h= +53.4% APRpaid last 24h +0.037%
Price spread now: Phemex against Injective−0.207%65s7-day average +0.023% · you buy dearer than you sell
Net, funding: paid 7d − costs−$191as 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−$2102.096% of the position
Funding, last 7 days+0.181%+$18 on $10k
+Price spread, last 3 days (all we have)+0.764%+$76 · spread now −0.207%, 7d avg +0.023%
=Funding pays, the price is against you. Phemex is 0.230% cheaper against Injective than usual: you would sell low and buy high (spread −0.207% now, against its 7-day average of +0.023%). If the spread goes back, that is −$23 on $10k: about 38 hours of funding at the current rate (+$15 a day). At the pace of the last 7 days (+0.181% in total) that is about 8.9 days. 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 0.181% in total (about 9.5% 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 GRAM/USDC PERP | 1.4490 | −0.0387 | get 0.0048% / 1h | 21m 44s | $4K | $143K | 12x |
| Short | Phemex GRAMUSDT | 1.4460 | 0.0100 | get 0.0050% / 4h | 1h 21m | $1.6M | $1.7M | 20x |
Injective GRAM/USDC PERP
Phemex GRAMUSDTFunding 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
- $102.35
- Price spread: −0.207% → +0.023%
- −$23.03
- Slippage, 4 orders
- −$197.61
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$130.31
- Costs to cover
- 2.096%
- Break-even
- 15.9 days
Slippage from Injective: live order book, 42 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 Injective live order book, 42 min ago | 37.97 bp | 38.0 bp −$38 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phemex live order book, 1 min ago | 10.38 bp | 60.7 bp −$61 | doesn't fit | doesn't fit | doesn't fit |
GRAM on 21 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective GRAM/USDC PERPlong | −0.0387% | 1h | 1.4490 | long leg | $4K | $143K | 12x | |
| Paradex GRAM-USD-PERP | +0.0099% | 8h | 1.4465 | −0.174% | $2K | $30 | 5x | as long as short |
| Binance GRAMUSDT | +0.0100% | 4h | 1.4470 | −0.138% | $20.5M | $26.8M | 50x | as long as short |
| Bybit GRAMUSDT | +0.0100% | 4h | 1.4470 | −0.138% | $30.6M | $14.0M | 50x | as long as short |
| OKX GRAM-USDT-SWAP | +0.0100% | 4h | 1.4460 | −0.207% | $8.6M | $8.5M | 50x | as long as short |
| Gate GRAM_USDT | +0.0100% | 4h | 1.4468 | −0.152% | $3.7M | $3.2M | 75x | as long as short |
| MEXC GRAM_USDT | +0.0100% | 4h | 1.4460 | −0.207% | $15.4M | $2.8M | 20x | as long as short |
| KuCoin GRAMUSDTM | +0.0100% | 4h | 1.4470 | −0.138% | $9.0M | $11.0M | 50x | as long as short |
| Bitget GRAMUSDT | +0.0100% | 4h | 1.4470 | −0.138% | $7.1M | $3.8M | 50x | as long as short |
| Backpack GRAM_USDC_PERP | +0.0100% | 1h | 1.4472 | −0.124% | $45K | $13K | 10x | as long as short |
Paradex GRAM-USD-PERP
Binance GRAMUSDT
Bybit GRAMUSDT
OKX GRAM-USDT-SWAP
Gate GRAM_USDT
MEXC GRAM_USDT
KuCoin GRAMUSDTM
Bitget GRAMUSDT
Backpack GRAM_USDC_PERPShow all 21 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| edgeX GRAMUSDC | +0.0100% | 4h | 1.4446 | −0.303% | $17K | $271K | 10x | as long as short |
| ApeX Omni GRAMUSDT | +0.0100% | 1h | 1.4450 | −0.276% | $13K | $590K | 50x | as long as short |
| Orderly PERP_GRAM_USDC_mythos | +0.0100% | 4h | 1.4470 | −0.138% | $2K | $1K | 10x | as long as short |
| SunX GRAM-USDT | +0.0100% | 4h | 1.4477 | −0.090% | $7K | $593K | 10x | as long as short |
| Phemex GRAMUSDTshort | +0.0100% | 4h | 1.4460 | −0.207% | $1.6M | $1.7M | 20x | |
| Extended GRAM-USD | +0.0104% | 1h | 1.4467 | −0.157% | $169K | $123K | 5x | as long as short |
| Hyperliquid GRAM | +0.0138% | 1h | 1.4480 | −0.069% | $35.6M | $7.0M | 5x | as long as short |
| Aster GRAMUSDT | +0.0195% | 4h | 1.4487 | −0.018% | $964K | $99K | 50x | as long as short |
| BloFin GRAM-USDT | +0.0340% | 4h | 1.4460 | −0.207% | $1.4M | $215K | 50x | as long as short |
| HTX GRAM-USDT | +0.0444% | 4h | 1.4493 | +0.021% | $335K | $624K | 30x | as long as short |
| Lighter GRAM | +0.0584% | 1h | 1.4497 | +0.050% | $2.7M | $2.3M | 20x | as long as short |
edgeX GRAMUSDC
ApeX Omni GRAMUSDT
Orderly PERP_GRAM_USDC_mythos
SunX GRAM-USDT
Extended GRAM-USD
Hyperliquid GRAM
Aster GRAMUSDT
BloFin GRAM-USDT
HTX GRAM-USDT
Lighter GRAM