Funding you earn now, next payment 03:00 UTC+0.0832%/8h= +91.2% APRpaid last 24h +0.069%
Price spread now: Phoenix against Bitget−0.056%79s7-day average −0.009% · you buy dearer than you sell
Net, funding: paid 7d − costs−$20as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$460.455% of the position
Funding, last 7 days+0.257%+$26 on $10k
+Price spread, last 4 days (all we have)−0.023%−$2 · spread now −0.056%, 7d avg −0.009%
=Funding pays, the price is against you. Phoenix is 0.046% cheaper against Bitget than usual: you would sell low and buy high (spread −0.056% now, against its 7-day average of −0.009%). If the spread goes back, that is −$5 on $10k: about 4 hours of funding at the current rate (+$25 a day). At the pace of the last 7 days (+0.257% in total) that is about 30 hours. The two prices were read 79 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.257% in total (about 13.4% 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.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bitget COINUSDT | 197.36 | −0.0711 | get 0.0711% / 8h | 3h 56m | $6.3M | $10.4M | 20x |
| Short | Phoenix COIN | 197.25 | 0.0121 | get 0.0015% / 1h | 56m 10s | $5K | $283K | 10x |
Bitget COINUSDT
Phoenix COINFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Bitget. 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
- $174.81
- Price spread: −0.056% → −0.009%
- −$4.65
- Slippage, 4 orders
- −$26.53
- Fee Bitget: 6 bp × 2 orders
- −$12
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $124.63
- Costs to cover
- 0.455%
- Break-even
- 2.0 days
Slippage from Bitget: live order book, 2 min ago; Phoenix: live order book, 57 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 Bitget live order book, 2 min ago | 2.28 bp | 11.3 bp −$11 | 21.3 bp −$213 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 57 min ago | 3.55 bp | 11.7 bp −$12 | 24.9 bp −$249 | 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 COINUSDTlong | −0.0711% | 8h | 197.36 | long leg | $6.3M | $10.4M | 20x | |
| Injective COIN/USDC PERP | −0.0440% | 1h | 197.36 | 0.000% | $44K | $48K | 30x | as long as short |
| Gate COIN_USDT | −0.0217% | 8h | 197.32 | −0.020% | $1.2M | $7.2M | 50x | as long as short |
| Vest COIN-USD-PERP | −0.0111% | 1h | 196.57 | −0.400% | — | $266K | 25x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 197.33 | −0.016% | $344K | $890K | 20x | as long as short |
| Extended COIN_24_5-USD | 0.0000% | 1h | 197.22 | −0.069% | $117K | $692K | 10x | as long as short |
| Binance COINUSDT | 0.0000% | 8h | 197.28 | −0.042% | $14.8M | $79.7M | 20x | as long as short |
| Bybit COINUSDT | 0.0000% | 8h | 197.27 | −0.046% | $4.9M | $6.0M | 50x | as long as short |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 197.31 | −0.025% | $3.1M | $4.7M | 20x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 197.30 | −0.030% | $681K | $935K | — | as long as short |
Injective COIN/USDC PERP
Gate COIN_USDT
Vest COIN-USD-PERP
Aster COINUSDT
Extended COIN_24_5-USD
Binance COINUSDT
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 | 197.40 | +0.022% | $21K | $2.3M | 10x | as long as short |
| QFEX COIN-USD | +0.0020% | 1h | 197.23 | −0.066% | $1.3M | $3.2M | 10x | as long as short |
| Lighter RH COIN | +0.0032% | 1h | 197.19 | −0.086% | $449K | $1.4M | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 197.35 | −0.005% | $15K | $55K | 5x | as long as short |
| tradeXYZ xyz:COIN | +0.0050% | 1h | 197.19 | −0.086% | $15.5M | $13.5M | 10x | as long as short |
| Polymarket Perps COIN-USD | +0.0050% | 1h | 197.07 | −0.147% | $134K | $1.2M | 10x | as long as short |
| SoDEX COIN-USD | +0.0050% | 1h | 197.27 | −0.046% | $79 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 197.03 | −0.167% | $350K | $2.7M | 10x | as long as short |
| KuCoin COINUSDTM | +0.0100% | 8h | 197.16 | −0.101% | $993K | $143K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 197.12 | −0.122% | $89K | $287K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 197.19 | −0.086% | $570 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 197.21 | −0.076% | $116 | — | 10x | as long as short |
| BloFin COIN-USDT | +0.0120% | 8h | 197.32 | −0.020% | $188K | $393K | 20x | as long as short |
| Phoenix COINshort | +0.0121% | 1h | 197.25 | −0.056% | $5K | $283K | 10x | |
| Lighter COIN | +0.0264% | 1h | 197.22 | −0.070% | $347K | $2.0M | 10x | as long as short |
| edgeX COINUSDC | +0.0617% | 4h | 197.35 | −0.005% | $51K | $293K | 10x | as long as short |
GRVT COIN_USDT_Perp
QFEX COIN-USD
Lighter RH COIN
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
BloFin COIN-USDT
Lighter COIN
edgeX COINUSDC