Funding arb · Price arb / Crypto
| Leg | Exchange | Price | Fund. /8h | Each payment | Next in | OI | Vol 24h | Lev | |
|---|---|---|---|---|---|---|---|---|---|
| LONG | 8.8620 | +0.0100 | pay 0.0100% / 8h | 3h 31m | $32.3M | $34.9M | 75x | Long Bitget | |
| SHORT | 8.8438 | −0.0036 | pay 0.0005% / 1h | 31m 36s | $3K | $253K | 10x | Short Phoenix |
Price gap−0.205%
Funding gap−0.0136% /8h
Both sides work against this direction now: funding costs $4 a day on $10k and the gap is 0.233% 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−$62−0.0136% /8h now · paid −0.622% over the last 7D
Price−$23spread −0.205% now, avg +0.027% → −0.233% if it goes back
Costs−$480.483% of $10k · taker + slippage, in and out
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
Phoenix price against Bitgetnow
RANGE STATS · 7D
Now−0.205%
Average—
Range—
Wider than now—
Where the spread has been, last 7D▾
share of time at each level
Funding on every exchange
/8hUNI on 41 exchanges
lowest funding firstBefore you open
0 ok · 5 to watch- Watch: Large against open interest11.7 / 13.8 bp$10k is over 10% of Phoenix’s open interest.
- Note: Margin at max leverage$133 + $1,000Bitget 75x, Phoenix 10x. 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: −$4.09Long Bitget: 3 payments, −$3.00; short Phoenix: 24 payments, −$1.09.
- Watch: Gap narrower than usual−0.205% vs +0.027%Less room for the price leg to pay you. If it goes back to average, the short loses.
- Watch: Short leg is thinner$3K vs $32.3M OIPhoenix sets your exit cost. Check its book before closing.
- Note: No points program—Neither exchange runs points right now.
- Watch: KYCBitget Yes · Phoenix NoKYC mandatory since Sep 2023; unverified accounts can only withdraw and close positions.
Profit calculator
both legs, in and outPosition, each legHold forOrdersPrice spreadFunding rate
Funding earned−0.0296%/8h × 21 periods−$62.23
Price spread−0.205% → +0.027% (7d avg)−$23.26
Slippage, 4 orderslive order books−$29.28
Fee Bitget bp × 2 orders−$12.00
Fee Phoenix bp × 2 orders−$7.00
Net · 7 days · $10k−$133.78
Costs to cover0.483%Break-evennever at this rate
Slippage: Bitget: live order book, 2 min ago; Phoenix: live order book, 55 min agoCost to enter
taker + slippage from mid, one sideBUY · LONGBitget0.5611.7 bp−$1217.3 bp−$17328.4 bp−$2,842doesn’t fit
SELL · SHORTPhoenix1.1413.8 bp−$1449.5 bp−$495doesn’t fitdoesn’t fit
Closing costs about the same again.
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