Funding you earn now, next payment 05:00 UTC+0.0082%/8h= +8.9% APRpaid last 24h +0.049%
Price spread now: Phoenix against Binance−0.204%7-day average +0.018% · you buy dearer than you sell
Net, funding: paid 7d − costs−$17as in the Funding arb table
Net, price: spread back to 7d avg − costs−$64as in the Price arb table
costs, in and out, $10k−$420.423% of the position
Funding, last 7 days+0.252%+$25 on $10k
+Price spread, last 4 days (all we have)+0.102%+$10 · spread now −0.204%, 7d avg +0.018%
=Funding pays, the price is against you. Phoenix is 0.222% cheaper against Binance than usual: you would sell low and buy high (spread −0.204% now, against its 7-day average of +0.018%). If the spread goes back, that is −$22 on $10k: about 9.1 days of funding at the current rate (+$2 a day).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Binance COINUSDT | 196.23 | 0 | get 0.0000% / 8h | 2h 13m | $15.1M | $82.6M | 20x |
| Short | Phoenix COIN | 195.83 | 0.0082 | get 0.0010% / 1h | 13m 07s | $4K | $283K | 10x |
Binance COINUSDT
Phoenix COINFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Binance. 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
- $17.13
- Price spread: −0.204% → +0.018%
- −$22.17
- Slippage, 4 orders
- −$25.26
- Fee Binance: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$47.3
- Costs to cover
- 0.423%
- Break-even
- 26.3 days
Slippage from Binance: live order book, 14 min ago; Phoenix: live order book, 30 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 Binance live order book, 14 min ago | 0.51 bp | 9.1 bp −$9 | 18.7 bp −$187 | 65.1 bp −$6,510 | doesn't fit |
| Sell Phoenix live order book, 30 min ago | 3.57 bp | 12.0 bp −$12 | 26.0 bp −$260 | doesn't fit | doesn't fit |
COIN on 26 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 | |
|---|---|---|---|---|---|---|---|---|
| Bitget COINUSDT | −0.0853% | 8h | 196.40 | +0.087% | $6.4M | $10.7M | 20x | as long as short |
| Injective COIN/USDC PERP | −0.0440% | 1h | 195.88 | −0.178% | $43K | $48K | 30x | as long as short |
| Vest COIN-USD-PERP | −0.0112% | 1h | 195.53 | −0.357% | — | $289K | 25x | as long as short |
| Gate COIN_USDT | −0.0080% | 8h | 196.24 | +0.005% | $1.2M | $7.4M | 50x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 195.98 | −0.129% | $342K | $890K | 20x | as long as short |
| Extended COIN_24_5-USD | 0.0000% | 1h | 196.21 | −0.012% | $112K | $854K | 10x | as long as short |
| Binance COINUSDTlong | 0.0000% | 8h | 196.23 | long leg | $15.1M | $82.6M | 20x | |
| Bybit COINUSDT | 0.0000% | 8h | 196.20 | −0.015% | $4.7M | $6.2M | 50x | as long as short |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 196.21 | −0.010% | $3.0M | $4.7M | 20x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 195.78 | −0.228% | $711K | $961K | — | as long as short |
Bitget COINUSDT
Injective COIN/USDC PERP
Vest COIN-USD-PERP
Gate COIN_USDT
Aster COINUSDT
Extended COIN_24_5-USD
Bybit COINUSDT
OKX COIN-USDT-SWAP
Variational Omni COINShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT COIN_USDT_Perp | 0.0000% | 8h | 195.99 | −0.122% | $11K | $2.6M | 10x | as long as short |
| Lighter RH COIN | +0.0032% | 1h | 196.16 | −0.036% | $458K | $1.5M | 10x | as long as short |
| QFEX COIN-USD | +0.0038% | 1h | 196.18 | −0.025% | $1.3M | $3.0M | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 195.97 | −0.132% | $15K | $54K | 5x | as long as short |
| tradeXYZ xyz:COIN | +0.0050% | 1h | 196.13 | −0.051% | $15.2M | $13.8M | 10x | as long as short |
| Polymarket Perps COIN-USD | +0.0050% | 1h | 196.12 | −0.056% | $128K | $1.4M | 10x | as long as short |
| SoDEX COIN-USD | +0.0050% | 1h | 196.19 | −0.020% | $96 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 195.74 | −0.250% | $449K | $2.9M | 10x | as long as short |
| Phoenix COINshort | +0.0082% | 1h | 195.83 | −0.204% | $4K | $283K | 10x | |
| KuCoin COINUSDTM | +0.0100% | 8h | 195.88 | −0.178% | $987K | $143K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 195.80 | −0.219% | $88K | $287K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 196.15 | −0.041% | $567 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 196.23 | +0.001% | $116 | — | 10x | as long as short |
| Lighter COIN | +0.0120% | 1h | 196.20 | −0.017% | $379K | $2.3M | 10x | as long as short |
| BloFin COIN-USDT | +0.0120% | 8h | 196.26 | +0.015% | $187K | $421K | 20x | as long as short |
| edgeX COINUSDC | +0.0146% | 4h | 195.88 | −0.181% | $51K | $296K | 10x | as long as short |
GRVT COIN_USDT_Perp
Lighter RH COIN
QFEX COIN-USD
Arcus COIN-USD
tradeXYZ xyz:COIN
Polymarket Perps COIN-USD
SoDEX COIN-USD
Ondo Perps COIN-USD.P
KuCoin COINUSDTM
ApeX Omni COINUSDT
Orderly PERP_COIN_USDC_mythos
Aevo COIN-PERP
Lighter COIN
BloFin COIN-USDT
edgeX COINUSDC