Funding arb · Price arb /

AAPL

RWAall AAPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0144%/8h= −15.8% APRpaid last 24h −0.010%

Price spread now: Phemex against Coinbase International+0.006%7-day average +0.081% · you sell dearer than you buy

Net, funding: paid 7d − costs−$106as in the Funding arb table

Net, price: spread back to 7d avg − costs−$110as in the Price arb table

costs, in and out, $10k−$1031.026% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.037%−$4 on $10k

Price spread, last 3 days (all we have)+0.024%+$2 · spread now +0.006%, 7d avg +0.081%

Together, before fees−0.013%−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phemex is 0.075% cheaper against Coinbase International than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.081%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International AAPL-PERP-INTX	339.00	0.0144	pay 0.0018% / 1h	14m 17s	$661K	$675K	10x
Short	Phemex AAPLUSDT	339.02	0	get 0.0000% / 4h	2h 14m	$2.1M	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.006%Rate

Funding earned: −$30.24
Price spread: +0.006% → +0.081%: −$7.53
Slippage, 4 orders: −$80.57
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$140.34
Costs to cover: 1.026%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 9 min ago; Phemex: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Coinbase International live order book, 9 min ago	2.21 bp	9.8 bp −$10	13.1 bp −$131	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	1.92 bp	39.8 bp −$40	doesn't fit	doesn't fit	doesn't fit

AAPL on 33 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX AAPLUSDC	−0.0194%	4h	339.00	0.000%	$81K	$327K	20x	as long as short
Aster AAPLUSDT	0.0000%	8h	339.07	+0.022%	$122K	$291K	20x	as long as short
Extended AAPL_24_5-USD	0.0000%	1h	338.93	−0.022%	$284K	$1.5M	10x	as long as short
Binance AAPLUSDT	0.0000%	8h	338.98	−0.005%	$22.3M	$67.2M	25x	as long as short
Bybit AAPLUSDT	0.0000%	8h	339.01	+0.003%	$6.2M	$24.9M	100x	as long as short
OKX AAPL-USDT-SWAP	0.0000%	8h	339.03	+0.009%	$6.6M	$6.9M	25x	as long as short
Gate AAPL_USDT	0.0000%	8h	338.82	−0.053%	$3.0M	$4.2M	100x	as long as short
Bitget AAPLUSDT	0.0000%	8h	338.92	−0.024%	$6.2M	$3.3M	100x	as long as short
Variational Omni AAPL	0.0000%	8h	339.01	+0.004%	$2.5M	$1.4M	—	as long as short
GRVT AAPL_USDT_Perp	0.0000%	8h	338.98	−0.006%	$14K	$510K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX AAPL-USDT	0.0000%	8h	339.01	+0.003%	$651	$4.8M	20x	as long as short
Deribit AAPL_USDC-PERPETUAL	0.0000%	1h	338.78	−0.065%	$28K	$65K	10x	as long as short
HTX AAPL-USDT	0.0000%	8h	339.17	+0.050%	$53K	$223K	30x	as long as short
Phemex AAPLUSDTshort	0.0000%	4h	339.02	+0.006%	$2.1M	$7K	10x
BloFin AAPL-USDT	+0.0001%	8h	339.04	+0.012%	$353K	$165K	20x	as long as short
Lighter AAPL	+0.0032%	1h	338.90	−0.030%	$761K	$2.5M	20x	as long as short
Lighter RH AAPL	+0.0032%	1h	338.94	−0.018%	$976K	$3.8M	20x	as long as short
Vest AAPL-USD-PERP	+0.0046%	1h	338.68	−0.094%	—	$43K	25x	as long as short
QFEX AAPL-USD	+0.0049%	1h	339.01	+0.003%	$3.2M	$4.9M	10x	as long as short
Polymarket Perps AAPL-USD	+0.0050%	1h	338.68	−0.094%	$271K	$384K	10x	as long as short
SoDEX AAPL-USD	+0.0050%	1h	338.97	−0.009%	$75K	$3K	10x	as long as short
Ondo Perps AAPL-USD.P	+0.0050%	1h	338.59	−0.121%	$1.4M	$2.3M	20x	as long as short
Nado AAPL-PERP	+0.0078%	1h	338.75	−0.074%	$556K	$34K	20x	as long as short
KuCoin AAPLUSDTM	+0.0100%	8h	338.80	−0.059%	$1.4M	$28K	20x	as long as short
ApeX Omni AAPLUSDT	+0.0100%	1h	338.68	−0.094%	$946K	$10.9M	50x	as long as short
Orderly PERP_AAPL_USDC_mythos	+0.0100%	8h	338.86	−0.041%	$4K	—	10x	as long as short
Aevo AAPL-PERP	+0.0104%	1h	338.92	−0.024%	$11K	—	10x	as long as short
Hotstuff AAPL-PERP	+0.0112%	1h	338.95	−0.015%	$36K	—	20x	as long as short
Coinbase International AAPL-PERP-INTXlong	+0.0144%	1h	339.00	long leg	$661K	$675K	10x
tradeXYZ xyz:AAPL	+0.0210%	1h	338.97	−0.009%	$41.0M	$77.1M	20x	as long as short
Injective AAPL/USDC PERP	+0.0220%	1h	338.70	−0.088%	$191K	$44K	30x	as long as short
Phoenix AAPL	+0.0283%	1h	339.04	+0.012%	$2K	$12K	20x	as long as short
Arcus AAPL-USD	+0.0310%	1h	338.90	−0.029%	$270K	$69K	20x	as long as short