Funding arb · Price arb / Crypto
| Leg | Exchange | Price | Fund. /8h | Each payment | Next in | OI | Vol 24h | Lev | |
|---|---|---|---|---|---|---|---|---|---|
| LONG | 8.9402 | −0.0062 | get 0.0008% / 1h | 25m 55s | $4K | $246K | 10x | Long Phoenix | |
| SHORT | 8.9389 | +0.0100 | get 0.0013% / 1h | 25m 55s | $1.1M | $1.3M | 10x | Short Backpack |
Price gap−0.015%80s
Funding gap+0.0162% /8h
Funding pays +$5 a day on $10k, but the gap is 0.027% under its 7d average: −$3 if it goes back, about 14 hours of funding. At the last 7 days' pace that is about 6 hours.
The two prices were read 80 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+$81+0.0162% /8h now · paid +0.814% over the last 7D
Price—spread −0.015%80s now · prices read too far apart to compare
Costs−$410.414% 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
Backpack price against Phoenixnow
RANGE STATS · 7D
Now−0.015%
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 interest12.7 / 8.1 bp$10k is over 10% of Phoenix’s open interest.
- Note: Margin at max leverage$1,000 + $1,000Phoenix 10x, Backpack 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: +$4.87Long Phoenix: 24 payments, +$1.87; short Backpack: 24 payments, +$3.00.
- Watch: Prices read 80 s apart−0.015% vs +0.013%Part of this gap may be the market moving.
- Watch: Long leg is thinner$4K vs $1.1M OIPhoenix sets your exit cost. Check its book before closing.
- Note: No points program—Neither exchange runs points right now.
- Watch: KYCPhoenix No · Backpack YesKYC (ID, face scan, residency and source of income) before any trading.
Profit calculator
both legs, in and outPosition, each legHold forOrdersPrice spreadFunding rate
Funding earned+0.0388%/8h × 21 periods+$81.44
Price spreadprices read too far apart to compare—
Slippage, 4 orderslive order books−$24.43
Fee Phoenix bp × 2 orders−$7.00
Fee Backpack bp × 2 orders−$10.00
Net · 7 days · $10k+$40.02
price spread not counted: prices read too far apartCosts to cover0.414%Break-even3.6 days
Slippage: Phoenix: live order book, 31 min ago; Backpack: live order book, 3 min agoCost to enter
taker + slippage from mid, one sideBUY · LONGPhoenix1.0012.7 bp−$1352.6 bp−$526doesn’t fitdoesn’t fit
SELL · SHORTBackpack0.068.1 bp−$8275.0 bp−$2,750doesn’t fitdoesn’t fit
Closing costs about the same again.
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