Funding arb · Price arb /

ARM

RWAall ARM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0198%/8h= −21.7% APRpaid last 24h 0.000%

Price spread now: Bybit against Phoenix−0.052%95s7-day average +0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$87as 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−$640.643% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.226%−$23 on $10k

Price spread, last 3 days (all we have)+0.038%+$4 · spread now −0.052%, 7d avg +0.022%

Together, before fees−0.189%−$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bybit is 0.075% cheaper against Phoenix than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.022%). Swap the legs. The two prices were read 95 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	Phoenix ARM	323.90	0.0198	pay 0.0025% / 1h	35m 52s	$5K	$460K	10x
Short	Bybit ARMUSDT	323.73	0	get 0.0000% / 8h	1h 35m	$2.0M	$2.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.052%Rate

Funding earned: −$41.65
Price spread: −0.052% → +0.022%: −$7.47
Slippage, 4 orders: −$46.33
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$113.46
Costs to cover: 0.643%
Break-even: never at this rate

Slippage from Phoenix: live order book, 46 min ago; Bybit: live order book, 1 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, 46 min ago	6.50 bp	18.9 bp −$19	40.7 bp −$407	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	2.63 bp	15.9 bp −$16	99.3 bp −$993	doesn't fit	doesn't fit

ARM on 24 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 ARMUSDC	−0.0148%	4h	323.69	−0.066%	$34K	$348K	10x	as long as short
Aster ARMUSDT	0.0000%	8h	323.42	−0.148%	$7K	$126K	20x	as long as short
Extended ARM-USD	0.0000%	1h	323.55	−0.109%	$39K	$188K	10x	as long as short
Bybit ARMUSDTshort	0.0000%	8h	323.73	−0.052%	$2.0M	$2.5M	25x
OKX ARM-USDT-SWAP	0.0000%	8h	323.44	−0.142%	$1.7M	$6.8M	20x	as long as short
Bitget ARMUSDT	0.0000%	8h	323.55	−0.108%	$1.7M	$4.2M	20x	as long as short
Variational Omni ARM	0.0000%	8h	323.51	−0.120%	$276K	$459K	—	as long as short
SunX ARM-USDT	0.0000%	8h	323.22	−0.210%	$1K	$3.2M	10x	as long as short
HTX ARM-USDT	0.0000%	8h	323.69	−0.065%	$18K	$16K	20x	as long as short
Binance ARMUSDT	+0.0003%	8h	323.61	−0.089%	$8.6M	$51.1M	20x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin ARM-USDT	+0.0017%	8h	323.55	−0.108%	$123K	$44K	20x	as long as short
Lighter ARM	+0.0032%	1h	323.39	−0.157%	—	—	10x	as long as short
QFEX ARM-USD	+0.0043%	1h	323.62	−0.086%	$1.1M	$4.7M	10x	as long as short
Gate ARM_USDT	+0.0045%	8h	323.76	−0.043%	$1.5M	$4.1M	50x	as long as short
Vest ARM-USD-PERP	+0.0046%	1h	323.67	−0.071%	—	—	10x	as long as short
Polymarket Perps ARM-USD	+0.0050%	1h	323.48	−0.130%	$365K	$1.5M	10x	as long as short
Ondo Perps ARM-USD.P	+0.0050%	1h	323.30	−0.185%	$214K	$553K	10x	as long as short
Coinbase International ARM-PERP-INTX	+0.0088%	1h	323.28	−0.191%	$83K	$289K	10x	as long as short
Deribit ARM_USDC-PERPETUAL	+0.0121%	1h	323.61	−0.090%	$12K	$145K	10x	as long as short
GRVT ARM_USDT_Perp	+0.0123%	8h	323.59	−0.097%	$799	$210K	10x	as long as short
Phoenix ARMlong	+0.0198%	1h	323.90	long leg	$5K	$460K	10x
Injective ARM/USDC PERP	+0.0220%	1h	326.88	+0.920%	$5K	$52K	12x	as long as short
tradeXYZ xyz:ARM	+0.0256%	1h	323.57	−0.102%	$7.7M	$10.0M	10x	as long as short
KuCoin ARMUSDTM	+0.0281%	8h	323.69	−0.065%	$2.3M	$117K	20x	as long as short