Funding arb · Price arb / Crypto
| Leg | Exchange | Price | Fund. /8h | Each payment | Next in | OI | Vol 24h | Lev | |
|---|---|---|---|---|---|---|---|---|---|
| LONG | 8.9472 | −0.0045 | get 0.0006% / 1h | 7m 32s | $4K | $246K | 10x | Long Phoenix | |
| SHORT | 8.9670 | +0.0320 | get 0.0040% / 1h | 7m 32s | $1.5M | $1.7M | 50x | Short Coinbase International |
Price gap+0.221%72s
Funding gap+0.0365% /8h
Both sides work: funding pays +$11 a day on $10k, and the gap is 0.219% above its 7d average: +$22 more if it goes back.
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+$48+0.0365% /8h now · paid +0.475% over the last 7D
Price—spread +0.221%72s now · prices read too far apart to compare
Costs−$500.502% 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
Coinbase International price against Phoenixnow
RANGE STATS · 7D
Now+0.221%
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 interest13.2 / 12.6 bp$10k is over 10% of Phoenix’s open interest.
- Note: Margin at max leverage$1,000 + $200Phoenix 10x, Coinbase International 50x. 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: +$10.94Long Phoenix: 24 payments, +$1.34; short Coinbase International: 24 payments, +$9.60.
- Watch: Prices read 72 s apart+0.221% vs +0.002%Part of this gap may be the market moving.
- Watch: Long leg is thinner$4K vs $1.5M OIPhoenix sets your exit cost. Check its book before closing.
- Note: No points program—Neither exchange runs points right now.
- Watch: KYCPhoenix No · Coinbase International YesID and a suitability check; perps are for eligible non-US countries, not for US or UK retail.
Profit calculator
both legs, in and outPosition, each legHold forOrdersPrice spreadFunding rate
Funding earned+0.0226%/8h × 21 periods+$47.53
Price spreadprices read too far apart to compare—
Slippage, 4 orderslive order books−$33.20
Fee Phoenix bp × 2 orders−$7.00
Fee Coinbase International bp × 2 orders−$10.00
Net · 7 days · $10k−$2.66
price spread not counted: prices read too far apartCosts to cover0.502%Break-even7.4 days
Slippage: Phoenix: live order book, 44 min ago; Coinbase International: live order book, 1 min agoCost to enter
taker + slippage from mid, one sideBUY · LONGPhoenix1.1213.2 bp−$1355.2 bp−$552doesn’t fitdoesn’t fit
SELL · SHORTCoinbase International6.1612.6 bp−$1316.5 bp−$16549.2 bp−$4,920doesn’t fit
Closing costs about the same again.
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