Funding arb · Price arb / Crypto
| Leg | Exchange | Price | Fund. /8h | Each payment | Next in | OI | Vol 24h | Lev | |
|---|---|---|---|---|---|---|---|---|---|
| LONG | 8.8543 | +0.0100 | pay 0.0100% / 8h | 3h 27m | $799K | $1.9M | 75x | Long HTX | |
| SHORT | 8.8522 | −0.0036 | pay 0.0005% / 1h | 27m 59s | $3K | $253K | 10x | Short Phoenix |
Price gap−0.024%72s
Funding gap−0.0136% /8h
The gap pays +$5 on $10k if it goes back to its 7d average, but funding costs $4 a day and eats that in about 30 hours. At the last 7 days' pace that is about 11 hours.
The two prices were read 72 s apart: part of this gap may be the market moving.
If you open now and hold
on $10k a leg · figures of the last 7D, not a forecastFunding−$76−0.0136% /8h now · paid −0.764% over the last 7D
Price—spread −0.024%72s now · prices read too far apart to compare
Costs−$610.608% of $10k · taker + slippage, in and out
Result—no pointsneeds both prices read together
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 HTXnow
RANGE STATS · 7D
Now−0.024%
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 interest12.9 / 13.8 bp$10k is over 10% of Phoenix’s open interest.
- Note: Margin at max leverage$133 + $1,000HTX 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 HTX: 3 payments, −$3.00; short Phoenix: 24 payments, −$1.09.
- Watch: Prices read 72 s apart−0.024% vs −0.074%Part of this gap may be the market moving.
- Watch: Short leg is thinner$3K vs $799K OIPhoenix sets your exit cost. Check its book before closing.
- Note: No points program—Neither exchange runs points right now.
- Watch: KYCHTX Limited · Phoenix NoNo ID for accounts opened since 2026-03-30: futures up to 5x and no API trading; more leverage and the API need level-2 KYC.
Profit calculator
both legs, in and outPosition, each legHold forOrdersPrice spreadFunding rate
Funding earned−0.0364%/8h × 21 periods−$76.37
Price spreadprices read too far apart to compare—
Slippage, 4 orderslive order books−$41.76
Fee HTX bp × 2 orders−$12.00
Fee Phoenix bp × 2 orders−$7.00
Net · 7 days · $10k−$137.13
price spread not counted: prices read too far apartCosts to cover0.608%Break-evennever at this rate
Slippage: HTX: live order book, 6 min ago; Phoenix: live order book, 59 min agoCost to enter
taker + slippage from mid, one sideBUY · LONGHTX5.3512.9 bp−$13114.8 bp−$1,148doesn’t fitdoesn’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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