Funding arb · Price arb /

AMAT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0225%/8h= −24.7% APRpaid last 24h −0.073%

Price spread now: OKX against Phoenix−0.024%86s7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as 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−$580.583% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.129%−$13 on $10k

Price spread, last 4 days (all we have)−0.133%−$13 · spread now −0.024%, 7d avg −0.012%

Together, before fees−0.262%−$26 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.012%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate. The two prices were read 86 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.129% in total (about -6.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AMAT	460.67	0.0225	pay 0.0028% / 1h	30m 10s	$18K	$110K	10x
Short	OKX AMAT-USDT-SWAP	460.56	0	get 0.0000% / 8h	2h 30m	$1.4M	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Phoenix. 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 PhoenixbpFee OKXbpOrdersPrice spread, now −0.024%Rate

Funding earned: −$47.32
Price spread: −0.024% → −0.012%: −$1.14
Slippage, 4 orders: −$41.31
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$106.77
Costs to cover: 0.583%
Break-even: never at this rate

Slippage from Phoenix: live order book, 10 min ago; OKX: live order book, 2 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 Phoenix live order book, 10 min ago	3.91 bp	12.2 bp −$12	26.0 bp −$260	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	2.61 bp	13.8 bp −$14	doesn't fit	doesn't fit	doesn't fit

AMAT on 16 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
Bitget AMATUSDT	−0.0363%	8h	460.79	+0.026%	$1.9M	$1.8M	20x	as long as short
Aster AMATUSDT	0.0000%	8h	461.13	+0.099%	$10K	$11K	20x	as long as short
Extended AMAT-USD	0.0000%	1h	460.23	−0.096%	$5K	$27K	10x	as long as short
Binance AMATUSDT	0.0000%	8h	461.03	+0.078%	$8.5M	$13.7M	20x	as long as short
Bybit AMATUSDT	0.0000%	8h	460.75	+0.017%	$852K	$689K	25x	as long as short
OKX AMAT-USDT-SWAPshort	0.0000%	8h	460.56	−0.024%	$1.4M	$1.6M	20x
Gate AMAT_USDT	0.0000%	8h	460.70	+0.007%	$1.5M	$6.6M	50x	as long as short
Variational Omni AMAT	0.0000%	8h	459.93	−0.161%	$64K	$44K	—	as long as short
GRVT AMAT_USDT_Perp	0.0000%	8h	460.24	−0.093%	$262	$108K	10x	as long as short
BloFin AMAT-USDT	+0.0017%	8h	460.04	−0.137%	$109K	$109K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest AMAT-USD-PERP	+0.0046%	1h	460.32	−0.076%	—	—	10x	as long as short
tradeXYZ xyz:AMAT	+0.0050%	1h	460.74	+0.015%	$2.5M	$2.3M	10x	as long as short
KuCoin AMATUSDTM	+0.0100%	8h	460.07	−0.130%	$399K	$550K	20x	as long as short
SunX AMAT-USDT	+0.0100%	8h	461.02	+0.076%	$1K	$378K	10x	as long as short
HTX AMAT-USDT	+0.0100%	8h	461.12	+0.098%	$168K	$39K	20x	as long as short
Phoenix AMATlong	+0.0225%	1h	460.67	long leg	$18K	$110K	10x