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: Orderly against Phoenix+0.818%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Orderly

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

The price spread pays, funding is against you. Orderly is 0.818% dearer against Phoenix than usual: you sell high and buy low (spread +0.818% now, against zero (this spread has no 7-day history yet)): +$82 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 26 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BABA	118.57	0.0203	pay 0.0025% / 1h	34m 30s	$66K	$68K	10x
Short	Orderly PERP_BABA_USDC_mythos	119.54	0.0100	get 0.0100% / 8h	5h 34m	$2K	$798	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.818%Rate

Funding earned: −$21.72
Price spread: +0.818% → 0.000%: $81.81
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $47.09
Costs to cover: 0.130%
Break-even: from the start

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

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	119.51	+0.792%	$78K	$28K	20x	as long as short
Bybit BABAUSDT	0.0000%	8h	119.45	+0.742%	$2.2M	$628K	25x	as long as short
Gate BABA_USDT	0.0000%	8h	119.65	+0.911%	$1.5M	$1.7M	50x	as long as short
GRVT BABA_USDT_Perp	0.0000%	8h	119.45	+0.742%	$3K	$219K	10x	as long as short
SunX BABA-USDT	0.0000%	8h	119.55	+0.827%	$973	$3.5M	20x	as long as short
HTX BABA-USDT	0.0000%	8h	119.67	+0.928%	$35K	$8K	20x	as long as short
Lighter BABA	+0.0032%	1h	119.57	+0.843%	$380K	$69K	10x	as long as short
Lighter RH BABA	+0.0032%	1h	119.57	+0.843%	$432K	$497K	10x	as long as short
Injective BABA/USDC PERP	+0.0033%	1h	115.84	−2.302%	$11K	$26K	12x	as long as short
Arcus BABA-USD	+0.0040%	1h	119.20	+0.531%	$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	119.51	+0.793%	—	$19K	10x	as long as short
tradeXYZ xyz:BABA	+0.0050%	1h	119.31	+0.624%	$12.2M	$3.7M	10x	as long as short
Polymarket Perps BABA-USD	+0.0050%	1h	119.31	+0.624%	$10K	$264K	10x	as long as short
Ondo Perps BABA-USD.P	+0.0050%	1h	119.42	+0.717%	$244K	$384K	10x	as long as short
QFEX BABA-USD	+0.0061%	1h	119.49	+0.776%	$1.2M	$4.4M	10x	as long as short
Variational Omni BABA	+0.0095%	8h	119.43	+0.723%	$268K	$658K	—	as long as short
KuCoin BABAUSDTM	+0.0100%	8h	119.30	+0.616%	$621K	$515K	20x	as long as short
Orderly PERP_BABA_USDC_mythosshort	+0.0100%	8h	119.54	+0.818%	$2K	$798	10x
Extended BABA_24_5-USD	+0.0160%	1h	119.53	+0.808%	$44K	$368K	10x	as long as short
Binance BABAUSDT	+0.0161%	8h	119.39	+0.692%	$16.0M	$25.4M	20x	as long as short
Phoenix BABAlong	+0.0203%	1h	118.57	long leg	$66K	$68K	10x
Bitget BABAUSDT	+0.0578%	8h	119.40	+0.700%	$2.5M	$1.4M	20x	as long as short