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Funding arb · Price arb /

CIEN

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 09:00 UTC−0.1179%/8h= −129.0% APRpaid last 24h −0.107%
Price spread now: Gate against Paragon+0.136%7-day average +0.103% · you sell dearer than you buy
Net, funding: paid 7d − costs−$267as in the Funding arb table
Net, price: spread back to 7d avg − costs−$194as in the Price arb table
costs, in and out, $10k−$1971.967% of the position
Long on ParagonShort on Gate
What this pair did over the last
the charts below follow
Funding, last 7 days−0.700%−$70 on $10k
Price spread, last 4 days (all we have)+0.261%+$26 · spread now +0.136%, 7d avg +0.103%
Together, before fees−0.439%−$44 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Gate is 0.032% dearer against Paragon than usual: you sell high and buy low (spread +0.136% now, against its 7-day average of +0.103%): +$3 on $10k if it goes back. Holding the pair costs −$35 a day in funding at the current rate, which eats that in about 2 hours. At the pace of the last 7 days (−0.700% in total) that is about 8 hours.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.700% in total (about -36.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongParagon para:CIEN364.610.1179pay 0.0147% / 1h3m 10s$66K$139K10x
ShortGate CIEN_USDT365.100get 0.0000% / 8h7h 03m$293K$41K20x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Gate against Paragon. 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

Funding earned
−$247.49
Price spread: +0.136% → +0.103%
$3.22
Slippage, 4 orders
−$171.74
Fee Paragon: 5 bp × 2 orders
−$10
Fee Gate: 7.5 bp × 2 orders
−$15
Net
−$441.01
Costs to cover
1.967%
Break-even
never at this rate
Slippage from Paragon: live order book, 4 min ago; Gate: live order book, 27 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Paragon live order book, 4 min ago51.53 bp56.5 bp −$57119.2 bp −$1,192doesn't fitdoesn't fit
Sell Gate live order book, 27 min ago26.44 bp44.1 bp −$44doesn't fitdoesn't fitdoesn't fit

CIEN on 11 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bitget CIENUSDT−0.0310%8h364.93+0.089%$103K$240K20xas long as short
Binance CIENUSDT0.0000%8h364.98+0.103%$507K$1.4M20xas long as short
Bybit CIENUSDT0.0000%8h364.92+0.086%$173K$189K25xas long as short
OKX CIEN-USDT-SWAP0.0000%8h364.28−0.089%$129K$196K20xas long as short
Gate CIEN_USDTshort0.0000%8h365.10+0.136%$293K$41K20x
Variational Omni CIEN0.0000%8h365.07+0.127%$48K$54K—as long as short
QFEX CIEN-USD+0.0033%1h363.87−0.202%$1.1M$3.3M10xas long as short
KuCoin CIENUSDTM+0.0080%8h364.52−0.023%$97K$283K20xas long as short
SunX CIEN-USDT+0.0100%8h364.08−0.144%$2K$833K10xas long as short
HTX CIEN-USDT+0.0100%8h368.75+1.137%$9K$42K10xas long as short
Show all 11 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Paragon para:CIENlong+0.1179%1h364.61long leg$66K$139K10x