Funding arb · Price arb / RWA

ANTHROPIC

RWAAll ANTHROPIC markets →

LONGPhoenix▾Bybit 0.0000%OKX 0.0000%QFEX 0.0000%Gate 0.0000%Deribit 0.0000%Phemex 0.0000%Lighter RH +0.0016%Extended +0.0048%Aster +0.0050%Binance +0.0050%MEXC +0.0050%KuCoin +0.0050%Variational Omni +0.0050%GRVT +0.0050%SunX +0.0050%HTX +0.0050%Kraken Futures +0.0050%BloFin +0.0066%TxFlow +0.0100%Aevo +0.0104%Entropy +0.0113%AZverse +0.0208%Phoenix +0.0371%BingX +0.0494%Bitget +0.0500%

⇄⇅

SHORTLighter▾Bitget +0.0500%BingX +0.0494%AZverse +0.0208%Entropy +0.0113%Aevo +0.0104%TxFlow +0.0100%BloFin +0.0066%Kraken Futures +0.0050%Aster +0.0050%Binance +0.0050%MEXC +0.0050%KuCoin +0.0050%Variational Omni +0.0050%GRVT +0.0050%SunX +0.0050%HTX +0.0050%Extended +0.0048%Lighter +0.0016%Lighter RH +0.0016%Bybit 0.0000%OKX 0.0000%QFEX 0.0000%Gate 0.0000%Deribit 0.0000%Phemex 0.0000%

Backtest 30d☆

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	PhoenixANTHROPIC	1,942.4	+0.0371	pay 0.0046% / 1h	45m 50s	$1.1M	$44K	6x	Long Phoenix
SHORT	LighterANTHROPIC	1,974.4	+0.0016	get 0.0002% / 1h	45m 50s	$2.4M	$3.2M	5x	Short Lighter7d free

Price gap+1.647%

Funding gap−0.0355% /8h

Both sides work against this direction now: funding costs $11 a day on $10k and the gap is 0.164% under its 7d average. Swap the legs.

The current funding rate is far below what this pair has been paying: over the last 7 days it paid −0.005% in total, about −0.0002%/8h on average.

Price and funding

Entry / ExitPrice spreadPricesFundingLeg ratesP&L

1m5m15m1h

1h · history

24H3D7D14D30D90D

Entry / Exit?

Price spread?

Prices?

Funding?per 8h

ENTRY / EXIT · 7D

Entry now—

Entry average—

Best entry—

Exit now—

Exit average—

Best exit—

Exit free—

PRICE SPREAD · 7D

Now+1.647%

Average—

Range—

Wider than now—

FUNDING SPREAD · 7D

Average /8h—

Highest—

Lowest—

Paid you—

Where the spread has been, last 7D▾

share of time at each level

Funding on every exchange

/8h

24H3D7D14D30D90D

PhoenixLighter

ANTHROPIC on 26 exchanges

lowest funding first

Before you open

3 ok · 2 to watch

• !
  Watch: Thin at this size43.7 / 1.8 bp

  At $10k entering Phoenix costs 43.7 bp, fee and slippage, 25.0× Lighter’s.
• i
  Note: Margin at max leverage$1,667 + $2,000

  Phoenix 6x, Lighter 5x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
• ✓
  OK: Same payment interval1h / 1h

  Both legs pay at the same time.

  Long Phoenix · 1h−$11.12

  Short Lighter · 1h+$0.48

  now+6h+12h+18h+24h

  Next 24h at the current rates, on $10k a leg: −$10.64Long Phoenix: 24 payments, −$11.12; short Lighter: 24 payments, +$0.48.
• !
  Watch: Gap narrower than usual+1.647% vs +1.811%

  Less room for the price leg to pay you. If it goes back to average, the short loses.
• i
  Note: Long leg is thinner$1.1M vs $2.4M OI

  Both legs are deep; Phoenix is the smaller one.
• ✓
  OK: Points on a legLighter Season 3

  Volume here counts toward the points program.
• ✓
  OK: No KYC on either legPhoenix No · Lighter No

  Both exchanges let you trade without ID.

Profit calculator

both legs, in and out

Position, each leg

$10k$100k$1M

Hold for

1 day7 days30 days

Orders

takermaker

Price spread

to 7d avgclosesnot counted

Funding rate

range avgcurrent

Funding earned−0.0002%/8h × 21 periods−$0.46

Price spread+1.647% → +1.811% (7d avg)−$16.40

Slippage, 4 orderslive order books−$85.92

Fee Phoenix bp × 2 orders−$7.00

Fee Lighter bp × 2 orders$0.00

Net · 7 days · $10k−$109.78

Costs to cover0.929%Break-evennever at this rate

Slippage: Phoenix: live order book, 2 min ago; Lighter: live order book, 6 min ago

Cost to enter

taker + slippage from mid, one side

Leg½ spr$10k$100k$1M$5M

BUY · LONGPhoenix3.0943.7 bp−$44252.4 bp−$2,524doesn’t fitdoesn’t fit

SELL · SHORTLighter1.261.8 bp−$298.7 bp−$987doesn’t fitdoesn’t fit

Closing costs about the same again.

Alert

FundingSpread

Tell me when it goes above%/8hNot more often than everymin

Create alert

FundingPrice spread

I'm in

ANTHROPIC news

posts that mention ANTHROPIC or Anthropic, from every exchangeSearch all news →

10-25 07:00	MEXC	Other	Everyone wants a slice. When Anthropic goes public, who deserves the biggest piece of the pie? 🥧 Drop your split below. 👇 @MEXC on X ↗
10-25 07:00	MEXC	Other	Our Anthropic Pre-IPO Launchpad is coming. Complete missions first for a chance to win ANTHROPIC(PRE), an NVIDIA H200 GPU, and more! Win now. 👉 @MEXC on X ↗
10-24 20:00	Kalshi	Other	BREAKING: Anthropic's highest ranking executives have pledged to give away 80% of their personal wealth @Kalshi on X ↗
10-24 19:20	Kalshi	Other	JUST IN: UK partners with OpenAI, Anthropic, and Google to launch AI lab focused on preventing biological threats @Kalshi on X ↗
10-23 22:30	Markets by Kinetiq	Other	OpenAI's pre-IPO price is down 10% this month while Anthropic's is down 7%. China's Moonshot says its Kimi K3.1 Pro matches Claude Opus 5.5 on Terminal-Bench for about a third of the cost. @Markets_xyz on X ↗
10-23 13:00	MEXC	Other	Get ready for our Anthropic Pre-IPO Launchpad. 👀 Complete missions and enter our lucky draw to win exclusive rewards! Prizes include ANTHROPIC(PRE), NVIDIA H200 GPU, and more! Be part of the Pre-IPO hype and get in on the action now. 👉 @MEXC on X ↗