Funding arb · Price arb / Crypto
| Leg | Exchange | Price | Fund. /8h | Each payment | Next in | OI | Vol 24h | Lev | |
|---|---|---|---|---|---|---|---|---|---|
| LONG | 8.8561 | 0 | 0.0000% / 1h | 55m 08s | $552K | $286K | 50x | Long Deribit | |
| SHORT | 8.8590 | −0.0018 | pay 0.0002% / 1h | 55m 08s | $3K | $207K | 10x | Short Phoenix |
Price gap+0.033%
Funding gap−0.0018% /8h
The gap pays +$4 on $10k if it goes back to its 7d average, but funding costs $1 a day and eats that in about 7.3 days. At the last 7 days' pace that is about 13 hours.
If you open now and hold
on $10k a leg · figures of the last 7D, not a forecastFunding−$52−0.0018% /8h now · paid −0.524% over the last 7D
Price+$4spread +0.033% now, avg −0.006% → +0.039% if it goes back
Costs−$590.589% of $10k · taker + slippage, in and out
Price and funding
1h · loading 5m…Price spread
Prices
Fundingper 8h
P&L
PRICE SPREAD · 7D
Now+0.033%
Average—
Range—
Wider than now—
FUNDING SPREAD · 7D
Average /8h—
Highest—
Lowest—
Paid you—
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
2 ok · 3 to watch- Watch: Thin at this size11.4 / 15.4 bpAt $10k entering Phoenix costs 15.4 bp, fee and slippage, 1.3× Deribit’s.
- Note: Margin at max leverage$200 + $1,000Deribit 50x, Phoenix 10x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
- OK: Same payment interval1h / 1hBoth legs pay at the same time.Next 24h at the current rates, on $10k a leg: −$0.54Long Deribit: 24 payments, $0.00; short Phoenix: 24 payments, −$0.54.
- OK: Entry gap works for you+0.033% vs −0.006%You short the dearer leg. If the gap goes back to average, the short gains.
- Watch: Short leg is thinner$3K vs $552K OIPhoenix sets your exit cost. Check its book before closing.
- Note: No points program—Neither exchange runs points right now.
- Watch: KYCDeribit Yes · Phoenix NoID, proof of address and a financial profile before any deposit; not for the US, Canada, Japan or retail UK clients.
Profit calculator
both legs, in and outPosition, each legHold forOrdersPrice spreadFunding rate
Funding earned−0.0250%/8h × 21 periods−$52.42
Price spread+0.033% → −0.006% (7d avg)+$3.93
Slippage, 4 orderslive order books−$44.91
Fee Deribit bp × 2 orders−$7.00
Fee Phoenix bp × 2 orders−$7.00
Net · 7 days · $10k−$107.40
Costs to cover0.589%Break-evennever at this rate
Slippage: Deribit: live order book, 22 min ago; Phoenix: live order book, 15 min agoCost to enter
taker + slippage from mid, one sideBUY · LONGDeribit7.3011.4 bp−$1120.7 bp−$207doesn’t fitdoesn’t fit
SELL · SHORTPhoenix1.3515.4 bp−$1556.8 bp−$568doesn’t fitdoesn’t fit
Closing costs about the same again.
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