Funding arb · Price arb /

PHA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.083%

Price spread now: Bybit against Variational Omni−0.068%7-day average +0.167% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.258%−$26 on $10k

Price spread, last 3 days (all we have)+0.031%+$3 · spread now −0.068%, 7d avg +0.167%

Together, before fees−0.227%+ Points / potential airdropVariational Omni: Active · farm board−$23 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.234% cheaper against Variational Omni than usual: you would sell low and buy high, −$23 on $10k if it goes back to its 7-day average of +0.167%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PHA	0.04989	0.0100	pay 0.0050% / 4h	1h 24m	$156K	$399K	—
Short	Bybit PHAUSDT	0.04986	0.0100	get 0.0050% / 4h	1h 24m	$2.0M	$22.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee BybitbpOrdersPrice spread, now −0.068%Rate

Funding earned: $0
Price spread: −0.068% → +0.167%: −$23.43
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$34.43
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 59 min ago; Bybit: 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 Variational Omni RFQ quote, 59 min ago	7.97 bp	doesn't fit	454.5 bp −$4,545	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	3.01 bp	85.1 bp −$85	266.3 bp −$2,663	doesn't fit	doesn't fit

PHA on 10 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
Aster PHAUSDT	−0.0389%	4h	0.04983	−0.137%	$8K	$765K	5x	as long as short
BloFin PHA-USDT	−0.0163%	4h	0.04979	−0.208%	$349K	$639K	50x	as long as short
KuCoin PHAUSDTM	−0.0158%	4h	0.04979	−0.208%	$418K	$3.9M	30x	as long as short
MEXC PHA_USDT	−0.0102%	4h	0.04984	−0.108%	$1.7M	$8.5M	50x	as long as short
Binance PHAUSDT	−0.0091%	4h	0.04983	−0.127%	$5.3M	$184.2M	50x	as long as short
Bybit PHAUSDTshort	+0.0100%	4h	0.04986	−0.068%	$2.0M	$22.5M	20x
Gate PHA_USDT	+0.0100%	4h	0.04985	−0.088%	$373K	$4.7M	25x	as long as short
Bitget PHAUSDT	+0.0100%	4h	0.04987	−0.048%	$1.5M	$20.0M	50x	as long as short
BingX PHA-USDT	+0.0100%	4h	0.04985	−0.088%	—	$3.4M	—	as long as short
Variational Omni PHAlong	+0.0100%	4h	0.04989	long leg	$156K	$399K	—