Funding arb · Price arb / Crypto
| Leg | Exchange | Price | Fund. /8h | Each payment | Next in | OI | Vol 24h | Lev | |
|---|---|---|---|---|---|---|---|---|---|
| LONG | 0.4599 | +0.0100 | pay 0.0100% / 8h | 7h 33m | $1.3M | $2.0M | 50x | Long Phemex | |
| SHORT | 0.4537 | −0.6440 | pay 0.0805% / 1h | 33m 53s | $119K | $15K | 50x | Short Coinbase International |
Price gap−1.348%
Funding gap−0.6540% /8h
Both sides work against this direction now: funding costs $196 a day on $10k and the gap is 1.262% under its 7d average. Swap the legs.
If you open now and hold
on $10k a leg · figures of the last 7D, not a forecastFunding−$157−0.6540% /8h now · paid −1.574% over the last 6 days (all we have)
Price−$126spread −1.348% now, avg −0.086% → −1.262% if it goes back
Costsdoesn’t fit$10k a leg is deeper than the books hold
Result, before costs−$284−2.84%no pointscosts unknown: book too thin at $10k · What the last 7D really paid, hour by hour → backtest
The current funding rate is far below what this pair has been paying: over the last 6 days it paid −1.574% in total, about −0.0923%/8h on average.
Funding history
you earnyou payavg
RANGE STATS · 7D
Average /8h—
Highest—
Lowest—
Paid you—
Short leg rate minus long leg rate, per 8h. Above zero: the pair pays you.
Price spread between the two exchanges
Coinbase International price against Phemexnow
RANGE STATS · 7D
Now−1.348%
Average—
Range—
Wider than now—
Where the spread has been, last 7D▾
share of time at each level
Funding on every exchange
/8hLDO on 29 exchanges
lowest funding firstBefore you open
0 ok · 5 to watch- Problem: Doesn’t fit the books—$10k a leg is deeper than Coinbase International’s order book right now.
- Note: Margin at max leverage$200 + $200Phemex 50x, Coinbase International 50x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
- Watch: Payment intervals differ8h / 1hPayments land at different times. Close right after the slower leg pays.Next 24h at the current rates, on $10k a leg: −$196.20Long Phemex: 3 payments, −$3.00; short Coinbase International: 24 payments, −$193.20.
- Watch: Gap narrower than usual−1.348% vs −0.086%Less room for the price leg to pay you. If it goes back to average, the short loses.
- Watch: Short leg is thinner$119K vs $1.3M OICoinbase International sets your exit cost. Check its book before closing.
- Note: No points program—Neither exchange runs points right now.
- Watch: KYCPhemex Yes · Coinbase International YesKYC unlocks spot and futures trading; an unverified account cannot withdraw at all.
Profit calculator
both legs, in and outPosition, each legHold forOrdersPrice spreadFunding rate
Funding earned−0.0923%/8h × 21 periods−$193.79
Price spread−1.348% → −0.086% (7d avg)−$126.20
Slippage, 4 ordersdoesn’t fit the book at $10k—
Fee Phemex bp × 2 orders−$12.00
Fee Coinbase International bp × 2 orders−$10.00
Net · 7 days · $10k—
doesn’t fit the books at $10kCosts to cover—Break-even—
Slippage: Phemex: live order book, 4 min ago; Coinbase International: live order book, 40 min agoCost to enter
taker + slippage from mid, one sideBUY · LONGPhemex2.1733.2 bp−$33doesn’t fitdoesn’t fitdoesn’t fit
SELL · SHORTCoinbase International375.91doesn’t fitdoesn’t fitdoesn’t fitdoesn’t fit
Closing costs about the same again.