Funding arb · Price arb / Crypto
| Leg | Exchange | Price | Fund. /8h | Each payment | Next in | OI | Vol 24h | Lev | |
|---|---|---|---|---|---|---|---|---|---|
| LONG | 8.8338 | +0.0104 | pay 0.0013% / 1h | 37m 30s | $283K | $656K | 25x | Long Extended10% off | |
| SHORT | 8.8308 | −0.0072 | pay 0.0009% / 1h | 37m 30s | $5K | $224K | 10x | Short Phoenix |
Price gap−0.034%
Funding gap−0.0176% /8h
Both sides work against this direction now: funding costs $5 a day on $10k and the gap is 0.122% 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−$60−0.0176% /8h now · paid −0.597% over the last 7D
Price−$12spread −0.034% now, avg +0.087% → −0.122% if it goes back
Costs−$370.372% of $10k · taker + slippage, in and out
Result−$109−1.09%+ Points / potential airdropExtended: points · farm boardWhat the last 7D really paid, hour by hour → backtest
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 Extendednow
RANGE STATS · 7D
Now−0.034%
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
3 ok · 3 to watch- Watch: Large against open interest4.7 / 12.7 bp$10k is over 10% of Phoenix’s open interest.
- Note: Margin at max leverage$400 + $1,000Extended 25x, 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: −$5.29Long Extended: 24 payments, −$3.12; short Phoenix: 24 payments, −$2.17.
- Watch: Gap narrower than usual−0.034% vs +0.087%Less room for the price leg to pay you. If it goes back to average, the short loses.
- Watch: Short leg is thinner$5K vs $283K OIPhoenix sets your exit cost. Check its book before closing.
- OK: Points on a legExtended pointsVolume here counts toward the points program.
- OK: No KYC on either legExtended No · Phoenix NoBoth exchanges let you trade without ID.
Profit calculator
both legs, in and outPosition, each legHold forOrdersPrice spreadFunding rate
Funding earned−0.0284%/8h × 21 periods−$59.67
Price spread−0.034% → +0.087% (7d avg)−$12.19
Slippage, 4 orderslive order books−$25.18
Fee Extended bp × 2 orders−$5.00
Fee Phoenix bp × 2 orders−$7.00
Net · 7 days · $10k−$109.04
Costs to cover0.372%Break-evennever at this rate
Slippage: Extended: live order book, 65 min ago; Phoenix: live order book, 59 min agoCost to enter
taker + slippage from mid, one sideBUY · LONGExtended2.204.7 bp−$59.3 bp−$93doesn’t fitdoesn’t fit
SELL · SHORTPhoenix1.0112.7 bp−$1344.9 bp−$449doesn’t fitdoesn’t fit
Closing costs about the same again.
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