Funding arb · Price arb /

ANTHROPIC

RWAall ANTHROPIC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0083%/8h= +9.1% APRpaid last 24h +0.041%

Price spread now: Entropy against Bitget+2.310%7-day average +3.656% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$175as in the Price arb table

costs, in and out, $10k−$400.402% of the position

Long on Bitget Short on Entropy

What this pair did over the last

the charts below follow

Funding, last 7 days+0.365%+$37 on $10k

Price spread, last 7 days+1.899%+$190 · spread now +2.310%, 7d avg +3.656%

Together, before fees+2.265%+$226 on $10k · with fees, hour by hour

Funding pays, the price is against you. Entropy is 1.346% cheaper against Bitget than usual: you would sell low and buy high (spread +2.310% now, against its 7-day average of +3.656%). If the spread goes back, that is −$135 on $10k: about 54 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.365% in total) that is about 26 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ANTHROPICUSDT	2,104.9	0	get 0.0000% / 8h	4h 23m	$26.0M	$3.0M	20x
Short	Entropy io:ANTH	2,153.5	0.0083	get 0.0010% / 1h	23m 36s	$34.9M	$7.6M	6x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Entropy against Bitget. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BitgetbpFee EntropybpOrdersPrice spread, now +2.310%Rate

Funding earned: $17.44
Price spread: +2.310% → +3.656%: −$134.6
Slippage, 4 orders: −$10.2
Fee Bitget: 6 bp × 2 orders: −$12
Fee Entropy: 9 bp × 2 orders: −$18
Net: −$157.36
Costs to cover: 0.402%
Break-even: 70.1 days

Slippage from Bitget: live order book, 5 min ago; Entropy: 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 Bitget live order book, 5 min ago	0.83 bp	7.4 bp −$7	11.2 bp −$112	doesn't fit	doesn't fit
Sell Entropy live order book, 2 min ago	0.46 bp	11.9 bp −$12	doesn't fit	doesn't fit	doesn't fit

ANTHROPIC on 21 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
HTX ANTHROPIC-USDT	−0.0426%	8h	2,108.2	+0.156%	$42K	$67K	20x	as long as short
Coinbase International ANTHROPIC-PERP-INTX	−0.0280%	1h	2,123.7	+0.895%	$267K	$25K	5x	as long as short
QFEX ANTHROPIC-USD	−0.0002%	1h	2,107.1	+0.107%	$1.4M	$1.3M	10x	as long as short
Lighter ANTHROPIC	0.0000%	1h	2,166.1	+2.909%	$1.9M	$937K	5x	as long as short
Bybit ANTHROPICUSDT	0.0000%	8h	2,150.7	+2.177%	$2.4M	$351K	25x	as long as short
OKX ANTHROPIC-USDT-SWAP	0.0000%	8h	2,165	+2.857%	$4.8M	$867K	10x	as long as short
Gate ANTHROPIC_USDT	0.0000%	8h	2,153.8	+2.323%	$2.4M	$1.1M	50x	as long as short
Bitget ANTHROPICUSDTlong	0.0000%	8h	2,104.9	long leg	$26.0M	$3.0M	20x
SunX ANTHROPIC-USDT	0.0000%	8h	2,111.7	+0.324%	—	$2.4M	10x	as long as short
Phemex ANTHROPICUSDT	0.0000%	8h	2,108.2	+0.160%	$1.6M	$375K	10x	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH ANTHROPIC	+0.0032%	1h	2,165.6	+2.885%	$6.2M	$15.9M	5x	as long as short
Extended ANTHROP-USD	+0.0048%	1h	2,106.8	+0.091%	$19K	$22K	10x	as long as short
Aster ANTHROPICUSDT	+0.0050%	8h	2,107.6	+0.129%	$122K	$6K	10x	as long as short
Binance ANTHROPICUSDT	+0.0050%	8h	2,107.3	+0.117%	$32.0M	$8.1M	20x	as long as short
MEXC ANTHROPIC_USDT	+0.0050%	8h	2,107.4	+0.118%	$7.8M	$277K	50x	as long as short
KuCoin ANTHROPICUSDTM	+0.0050%	8h	2,110.7	+0.276%	$477K	$20K	20x	as long as short
Variational Omni ANTHROPIC	+0.0050%	8h	2,107.2	+0.111%	$2.4M	$681K	—	as long as short
GRVT ANTHROPIC_USDT_Perp	+0.0050%	8h	2,106.8	+0.093%	$10K	$151K	10x	as long as short
BloFin ANTHROPIC-USDT	+0.0061%	8h	2,107.7	+0.134%	$269K	$256K	20x	as long as short
Entropy io:ANTHshort	+0.0083%	1h	2,153.5	+2.310%	$34.9M	$7.6M	6x
Aevo ANTHROPIC-PERP	+0.0104%	1h	2,107.4	+0.121%	$10K	$63	10x	as long as short