Funding you earn now, next payment 01:00 UTC+0.0160%/8h= +17.5% APRpaid last 24h +0.057%
Price spread now: Phoenix against Bybit−0.030%7-day average −0.004% · you buy dearer than you sell
Net, funding: paid 7d − costs−$35as in the Funding arb table
Net, price: spread back to 7d avg − costs−$54as in the Price arb table
costs, in and out, $10k−$510.514% of the position
Funding, last 7 days+0.160%+$16 on $10k
+Price spread, last 4 days (all we have)−0.299%−$30 · spread now −0.030%, 7d avg −0.004%
=Funding pays, the price is against you. Phoenix is 0.026% cheaper against Bybit than usual: you would sell low and buy high (spread −0.030% now, against its 7-day average of −0.004%). If the spread goes back, that is −$3 on $10k: about 13 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.160% in total) that is about 27 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit COINUSDT | 197.93 | 0 | get 0.0000% / 8h | 6h 02m | $4.9M | $5.9M | 50x |
| Short | Phoenix COIN | 197.87 | 0.0160 | get 0.0020% / 1h | 2m 52s | $5K | $251K | 10x |
Bybit COINUSDT
Phoenix COINFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Bybit. 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
- $33.59
- Price spread: −0.030% → −0.004%
- −$2.59
- Slippage, 4 orders
- −$33.4
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$20.39
- Costs to cover
- 0.514%
- Break-even
- 11.2 days
Slippage from Bybit: live order book, 5 min ago; Phoenix: live order book, 60 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 Bybit live order book, 5 min ago | 2.27 bp | 14.0 bp −$14 | 48.7 bp −$487 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 60 min ago | 2.99 bp | 10.9 bp −$11 | 22.9 bp −$229 | doesn't fit | doesn't fit |
COIN on 25 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 | −0.0643% | 8h | 198.03 | +0.051% | $6.4M | $10.2M | 20x | as long as short |
| Injective COIN/USDC PERP | −0.0440% | 1h | 197.93 | 0.000% | $44K | $48K | 30x | as long as short |
| Gate COIN_USDT | −0.0114% | 8h | 197.93 | 0.000% | $1.2M | $7.1M | 50x | as long as short |
| Vest COIN-USD-PERP | −0.0075% | 1h | 197.43 | −0.253% | — | $290K | 25x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 198.05 | +0.062% | $366K | $877K | 20x | as long as short |
| Extended COIN_24_5-USD | 0.0000% | 1h | 197.89 | −0.020% | $119K | $697K | 10x | as long as short |
| Binance COINUSDT | 0.0000% | 8h | 197.97 | +0.020% | $15.2M | $78.4M | 20x | as long as short |
| Bybit COINUSDTlong | 0.0000% | 8h | 197.93 | long leg | $4.9M | $5.9M | 50x | |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 197.96 | +0.015% | $3.1M | $4.6M | 20x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 197.97 | +0.020% | $819K | $906K | — | as long as short |
Bitget COINUSDT
Injective COIN/USDC PERP
Gate COIN_USDT
Vest COIN-USD-PERP
Aster COINUSDT
Extended COIN_24_5-USD
Binance COINUSDT
OKX COIN-USDT-SWAP
Variational Omni COINShow all 25 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT COIN_USDT_Perp | 0.0000% | 8h | 198.02 | +0.047% | $20K | $2.1M | 10x | as long as short |
| QFEX COIN-USD | +0.0028% | 1h | 197.89 | −0.020% | $1.3M | $3.6M | 10x | as long as short |
| Lighter COIN | +0.0032% | 1h | 197.93 | −0.002% | $374K | $2.0M | 10x | as long as short |
| Lighter RH COIN | +0.0032% | 1h | 197.89 | −0.020% | $449K | $1.5M | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 198.04 | +0.056% | $16K | $53K | 5x | as long as short |
| tradeXYZ xyz:COIN | +0.0050% | 1h | 197.82 | −0.056% | $15.8M | $13.3M | 10x | as long as short |
| Polymarket Perps COIN-USD | +0.0050% | 1h | 197.84 | −0.045% | $124K | $1.2M | 10x | as long as short |
| SoDEX COIN-USD | +0.0050% | 1h | 197.94 | +0.005% | $89 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 197.77 | −0.081% | $354K | $3.0M | 10x | as long as short |
| KuCoin COINUSDTM | +0.0100% | 8h | 197.86 | −0.035% | $996K | $143K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 197.99 | +0.030% | $89K | $286K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 197.96 | +0.015% | $573 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 197.97 | +0.020% | $117 | — | 10x | as long as short |
| edgeX COINUSDC | +0.0141% | 4h | 197.92 | −0.004% | $51K | $295K | 10x | as long as short |
| Phoenix COINshort | +0.0160% | 1h | 197.87 | −0.030% | $5K | $251K | 10x |
GRVT COIN_USDT_Perp
QFEX COIN-USD
Lighter COIN
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
edgeX COINUSDC