Funding arb · Price arb /

AMAT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.085%

Price spread now: Phoenix against Bybit−0.009%75s7-day average +0.068% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$710.707% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.494%+$49 on $10k

Price spread, last 4 days (all we have)+0.771%+$77 · spread now −0.009%, 7d avg +0.068%

Together, before fees+1.264%+$126 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.077% cheaper against Bybit than usual: you would sell low and buy high (spread −0.009% now, against its 7-day average of +0.068%). If the spread goes back, that is −$8 on $10k: about 28 hours of funding at the current rate (+$7 a day). The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit AMATUSDT	469.93	0	get 0.0000% / 8h	6h 04m	$900K	$654K	25x
Short	Phoenix AMAT	469.89	0.0220	get 0.0028% / 1h	4m 05s	$19K	$110K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now −0.009%Rate

Funding earned: $46.29
Price spread: −0.009% → +0.068%: −$7.69
Slippage, 4 orders: −$52.69
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$32.09
Costs to cover: 0.707%
Break-even: 11.9 days

Slippage from Bybit: live order book, 61 min ago; Phoenix: live order book, 56 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 Bybit live order book, 61 min ago	2.86 bp	13.0 bp −$13	102.0 bp −$1,020	doesn't fit	doesn't fit
Sell Phoenix live order book, 56 min ago	3.81 bp	12.2 bp −$12	25.9 bp −$259	doesn't fit	doesn't fit

AMAT on 15 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
Aster AMATUSDT	0.0000%	8h	469.40	−0.112%	$10K	$11K	20x	as long as short
Bybit AMATUSDTlong	0.0000%	8h	469.93	long leg	$900K	$654K	25x
OKX AMAT-USDT-SWAP	0.0000%	8h	470.59	+0.140%	$1.4M	$1.6M	20x	as long as short
Bitget AMATUSDT	0.0000%	8h	470.08	+0.032%	$2.1M	$1.7M	20x	as long as short
GRVT AMAT_USDT_Perp	0.0000%	8h	469.14	−0.169%	$699	$99K	10x	as long as short
Vest AMAT-USD-PERP	+0.0046%	1h	469.83	−0.021%	—	—	10x	as long as short
tradeXYZ xyz:AMAT	+0.0050%	1h	469.68	−0.053%	$2.6M	$2.3M	10x	as long as short
KuCoin AMATUSDTM	+0.0100%	8h	469.29	−0.136%	$412K	$473K	20x	as long as short
SunX AMAT-USDT	+0.0100%	8h	470.21	+0.060%	$1K	$371K	10x	as long as short
HTX AMAT-USDT	+0.0100%	8h	471.15	+0.260%	$171K	$39K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni AMAT	+0.0194%	8h	469.77	−0.033%	$65K	$44K	—	as long as short
Phoenix AMATshort	+0.0220%	1h	469.89	−0.009%	$19K	$110K	10x
Binance AMATUSDT	+0.0248%	8h	470.02	+0.019%	$8.9M	$12.6M	20x	as long as short
Extended AMAT-USD	+0.0248%	1h	469.78	−0.033%	$5K	$27K	10x	as long as short
Gate AMAT_USDT	+0.0328%	8h	469.90	−0.006%	$1.7M	$6.4M	50x	as long as short