Funding arb · Price arb /

BABA

RWAall BABA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0103%/8h= +11.3% APRpaid last 24h +0.046%

Price spread now: Phoenix against Orderly−0.811%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.811% cheaper against Orderly than usual: you would sell low and buy high (spread −0.811% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$81 on $10k: about 26 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_BABA_USDC_mythos	119.54	0.0100	pay 0.0100% / 8h	5h 34m	$2K	$798	10x
Short	Phoenix BABA	118.57	0.0203	get 0.0025% / 1h	34m 47s	$66K	$68K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Orderly. 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 OrderlybpFee PhoenixbpOrdersPrice spread, now −0.811%Rate

Funding earned: $21.72
Price spread: −0.811% → 0.000%: −$81.14
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$72.43
Costs to cover: 0.130%
Break-even: 30.3 days

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 86 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 86 min ago	4.27 bp	12.9 bp −$13	28.7 bp −$287	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BABA on 22 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 BABAUSDT	0.0000%	8h	119.48	−0.046%	$78K	$28K	20x	as long as short
Bybit BABAUSDT	0.0000%	8h	119.76	+0.184%	$2.2M	$628K	25x	as long as short
Gate BABA_USDT	0.0000%	8h	119.71	+0.142%	$1.5M	$1.7M	50x	as long as short
GRVT BABA_USDT_Perp	0.0000%	8h	119.45	−0.075%	$3K	$219K	10x	as long as short
SunX BABA-USDT	0.0000%	8h	119.55	+0.008%	$973	$3.5M	20x	as long as short
HTX BABA-USDT	0.0000%	8h	119.67	+0.109%	$35K	$8K	20x	as long as short
Lighter BABA	+0.0032%	1h	119.61	+0.059%	$381K	$69K	10x	as long as short
Lighter RH BABA	+0.0032%	1h	119.50	−0.033%	$432K	$496K	10x	as long as short
Injective BABA/USDC PERP	+0.0033%	1h	115.84	−3.095%	$11K	$26K	12x	as long as short
Arcus BABA-USD	+0.0040%	1h	119.03	−0.427%	$72K	$109K	10x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest BABA-USD-PERP	+0.0046%	1h	119.43	−0.092%	—	$19K	10x	as long as short
tradeXYZ xyz:BABA	+0.0050%	1h	119.47	−0.059%	$12.2M	$3.7M	10x	as long as short
Polymarket Perps BABA-USD	+0.0050%	1h	119.37	−0.142%	$10K	$264K	10x	as long as short
Ondo Perps BABA-USD.P	+0.0050%	1h	119.37	−0.142%	$244K	$384K	10x	as long as short
QFEX BABA-USD	+0.0061%	1h	119.40	−0.117%	$1.2M	$4.4M	10x	as long as short
Variational Omni BABA	+0.0095%	8h	119.43	−0.095%	$268K	$658K	—	as long as short
KuCoin BABAUSDTM	+0.0100%	8h	119.64	+0.084%	$623K	$515K	20x	as long as short
Orderly PERP_BABA_USDC_mythoslong	+0.0100%	8h	119.54	long leg	$2K	$798	10x
Binance BABAUSDT	+0.0160%	8h	119.74	+0.167%	$16.1M	$25.4M	20x	as long as short
Extended BABA_24_5-USD	+0.0160%	1h	119.67	+0.106%	$44K	$368K	10x	as long as short
Phoenix BABAshort	+0.0203%	1h	118.57	−0.811%	$66K	$68K	10x
Bitget BABAUSDT	+0.0532%	8h	119.70	+0.134%	$2.5M	$1.4M	20x	as long as short