Funding arb · Price arb / Crypto
| Leg | Exchange | Price | Fund. /8h | Each payment | Next in | OI | Vol 24h | Lev | |
|---|---|---|---|---|---|---|---|---|---|
| LONG | 8.7642 | +0.0206 | pay 0.0026% / 1h | 4m 17s | $2.9M | $4.8M | 50x | Long Kraken Futures | |
| SHORT | 8.7436 | −0.0054 | pay 0.0007% / 1h | 4m 17s | $3K | $252K | 10x | Short Phoenix |
Price gap−0.235%71s
Funding gap−0.0260% /8h
Both sides work against this direction now: funding costs $8 a day on $10k and the gap is 0.230% under its 7d average. Swap the legs.
The two prices were read 71 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−$64−0.0260% /8h now · paid −0.640% over the last 7D
Price—spread −0.235%71s now · prices read too far apart to compare
Costs−$490.494% 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 Kraken Futuresnow
RANGE STATS · 7D
Now−0.235%
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
1 ok · 4 to watch- Watch: Large against open interest11.6 / 13.1 bp$10k is over 10% of Phoenix’s open interest.
- Note: Margin at max leverage$200 + $1,000Kraken Futures 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: −$7.81Long Kraken Futures: 24 payments, −$6.18; short Phoenix: 24 payments, −$1.63.
- Watch: Prices read 71 s apart−0.235% vs −0.004%Part of this gap may be the market moving.
- Watch: Short leg is thinner$3K vs $2.9M OIPhoenix sets your exit cost. Check its book before closing.
- Note: No points program—Neither exchange runs points right now.
- Watch: KYCKraken Futures Yes · Phoenix NoFull verification; not offered in the US (a separate US product), Canada, Australia (wholesale only) or to retail UK clients.
Profit calculator
both legs, in and outPosition, each legHold forOrdersPrice spreadFunding rate
Funding earned−0.0305%/8h × 21 periods−$64.00
Price spreadprices read too far apart to compare—
Slippage, 4 orderslive order books−$32.35
Fee Kraken Futures bp × 2 orders−$10.00
Fee Phoenix bp × 2 orders−$7.00
Net · 7 days · $10k−$113.35
price spread not counted: prices read too far apartCosts to cover0.494%Break-evennever at this rate
Slippage: Kraken Futures: live order book, 5 min ago; Phoenix: live order book, 8 min agoCost to enter
taker + slippage from mid, one sideBUY · LONGKraken Futures2.2911.6 bp−$1213.9 bp−$13929.0 bp−$2,902doesn’t fit
SELL · SHORTPhoenix1.0313.1 bp−$1346.5 bp−$465doesn’t fitdoesn’t fit
Closing costs about the same again.
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