Funding you earn now, next payment 08:00 UTC−0.0193%/8h= −21.2% APRnext payment −$0.24 per $10,000 · paid last 24h −0.056%
Price spread now: QFEX against Phoenix+0.314%112s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 4 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. QFEX is 0.314% dearer against Phoenix than usual: you sell high and buy low (spread +0.314% now, against zero (this spread has no 7-day history yet)): +$31 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 5.4 days. The two prices were read 112 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 BABA | 117.75 | 0.0273 | pay 0.0034% / 1h | 3m 43s | $66K | $89K | 10x |
| Short | QFEX BABA-USD | 118.12 | 0.0080 | get 0.0010% / 1h | 3m 43s | $1.2M | $2.8M | 10x |
Phoenix BABA
QFEX BABA-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
QFEX against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$40.56
- Price spread: +0.314% → 0.000%
- $31.42
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee QFEX: 5 bp × 2 orders
- −$10
- Net
- −$26.14
- Costs to cover
- 0.170%
- Break-even
- from the start
Slippage unknown: Phoenix: no order-book sample; QFEX: live order book, 4 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 Phoenix no order-book sample | — | — | — | — | — |
| Sell QFEX live order book, 4 min ago | 1.70 bp | 6.9 bp −$7 | 9.2 bp −$92 | doesn't fit | doesn't fit |
Phoenix: 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 | 117.98 | +0.197% | $69K | $39K | 20x | as long as short |
| Bybit BABAUSDT | 0.0000% | 8h | 118.15 | +0.340% | $2.1M | $707K | 25x | as long as short |
| Gate BABA_USDT | 0.0000% | 8h | 118.18 | +0.365% | $1.5M | $2.0M | 50x | as long as short |
| Bitget BABAUSDT | 0.0000% | 8h | 118.09 | +0.289% | $2.4M | $2.0M | 20x | as long as short |
| SunX BABA-USDT | 0.0000% | 8h | 118.25 | +0.425% | $823 | $2.6M | 20x | as long as short |
| Lighter BABA | +0.0032% | 1h | 118.24 | +0.416% | $376K | $72K | 10x | as long as short |
| Lighter RH BABA | +0.0032% | 1h | 118.16 | +0.348% | $440K | $495K | 10x | as long as short |
| Injective BABA/USDC PERP | +0.0033% | 1h | 115.84 | −1.622% | $11K | $26K | 12x | as long as short |
| Arcus BABA-USD | +0.0040% | 1h | 118.05 | +0.255% | $71K | $136K | 10x | as long as short |
| Vest BABA-USD-PERP | +0.0046% | 1h | 118.24 | +0.416% | — | $19K | 10x | as long as short |
Aster BABAUSDT
Bybit BABAUSDT
Gate BABA_USDT
Bitget BABAUSDT
SunX BABA-USDT
Lighter BABA
Lighter RH BABA
Injective BABA/USDC PERP
Arcus BABA-USD
Vest BABA-USD-PERPShow all 22 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Polymarket Perps BABA-USD | +0.0050% | 1h | 118.22 | +0.399% | $8K | $280K | 10x | as long as short |
| Ondo Perps BABA-USD.P | +0.0050% | 1h | 117.72 | −0.025% | $232K | $400K | 10x | as long as short |
| QFEX BABA-USDshort | +0.0080% | 1h | 118.12 | +0.314% | $1.2M | $2.8M | 10x | |
| tradeXYZ xyz:BABA | +0.0092% | 1h | 118.15 | +0.340% | $12.1M | $4.6M | 10x | as long as short |
| KuCoin BABAUSDTM | +0.0100% | 8h | 118.05 | +0.255% | $617K | $443K | 20x | as long as short |
| Orderly PERP_BABA_USDC_mythos | +0.0100% | 8h | 118.24 | +0.416% | $2K | $798 | 10x | as long as short |
| HTX BABA-USDT | +0.0120% | 8h | 117.93 | +0.153% | $30K | $19K | 20x | as long as short |
| Variational Omni BABA | +0.0179% | 8h | 117.93 | +0.149% | $339K | $664K | — | as long as short |
| Extended BABA_24_5-USD | +0.0232% | 1h | 118.08 | +0.282% | $45K | $311K | 10x | as long as short |
| Binance BABAUSDT | +0.0241% | 8h | 118.11 | +0.308% | $15.5M | $31.0M | 20x | as long as short |
| Phoenix BABAlong | +0.0273% | 1h | 117.75 | long leg | $66K | $89K | 10x | |
| GRVT BABA_USDT_Perp | +0.0407% | 8h | 117.87 | +0.101% | $3K | $180K | 10x | as long as short |
Polymarket Perps BABA-USD
Ondo Perps BABA-USD.P
tradeXYZ xyz:BABA
KuCoin BABAUSDTM
Orderly PERP_BABA_USDC_mythos
HTX BABA-USDT
Variational Omni BABA
Extended BABA_24_5-USD
Binance BABAUSDT
GRVT BABA_USDT_Perp