Funding you earn now, next payment 04:00 UTC−0.0122%/8h= −13.3% APRpaid last 24h −0.051%
Price spread now: Binance against Phoenix+0.122%7-day average −0.020% · you sell dearer than you buy
Net, funding: paid 7d − costs−$64as in the Funding arb table
Net, price: spread back to 7d avg − costs−$24as in the Price arb table
costs, in and out, $10k−$380.384% of the position
Funding, last 7 days−0.251%−$25 on $10k
+Price spread, last 4 days (all we have)−0.024%−$2 · spread now +0.122%, 7d avg −0.020%
=The price spread pays, funding is against you. Binance is 0.142% dearer against Phoenix than usual: you sell high and buy low (spread +0.122% now, against its 7-day average of −0.020%): +$14 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 3.9 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix COIN | 197.22 | 0.0122 | pay 0.0015% / 1h | 52m 40s | $5K | $283K | 10x |
| Short | Binance COINUSDT | 197.46 | 0 | get 0.0000% / 8h | 3h 52m | $14.8M | $79.8M | 20x |
Phoenix COIN
Binance COINUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Binance 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
- −$25.54
- Price spread: +0.122% → −0.020%
- $14.21
- Slippage, 4 orders
- −$21.42
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Binance: 5 bp × 2 orders
- −$10
- Net
- −$49.75
- Costs to cover
- 0.384%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 60 min ago; Binance: live order book, 5 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 Phoenix live order book, 60 min ago | 3.55 bp | 11.7 bp −$12 | 24.8 bp −$248 | doesn't fit | doesn't fit |
| Sell Binance live order book, 5 min ago | 0.25 bp | 7.8 bp −$8 | 16.3 bp −$163 | 47.9 bp −$4,785 | 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 | −0.0689% | 8h | 197.51 | +0.147% | $6.3M | $10.4M | 20x | as long as short |
| Injective COIN/USDC PERP | −0.0440% | 1h | 197.28 | +0.030% | $43K | $48K | 30x | as long as short |
| Gate COIN_USDT | −0.0215% | 8h | 197.49 | +0.137% | $1.2M | $7.2M | 50x | as long as short |
| Vest COIN-USD-PERP | −0.0109% | 1h | 196.68 | −0.274% | — | $266K | 25x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 197.52 | +0.150% | $345K | $890K | 20x | as long as short |
| Extended COIN_24_5-USD | 0.0000% | 1h | 197.42 | +0.099% | $117K | $692K | 10x | as long as short |
| Binance COINUSDTshort | 0.0000% | 8h | 197.46 | +0.122% | $14.8M | $79.8M | 20x | |
| Bybit COINUSDT | 0.0000% | 8h | 197.49 | +0.137% | $4.9M | $6.0M | 50x | as long as short |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 197.47 | +0.127% | $3.1M | $4.7M | 20x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 197.30 | +0.041% | $681K | $935K | — | as long as short |
Bitget COINUSDT
Injective COIN/USDC PERP
Gate COIN_USDT
Vest COIN-USD-PERP
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 | 197.26 | +0.023% | $12K | $2.3M | 10x | as long as short |
| QFEX COIN-USD | +0.0020% | 1h | 197.39 | +0.086% | $1.3M | $3.2M | 10x | as long as short |
| Lighter RH COIN | +0.0032% | 1h | 197.39 | +0.086% | $450K | $1.4M | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 197.44 | +0.112% | $15K | $55K | 5x | as long as short |
| tradeXYZ xyz:COIN | +0.0050% | 1h | 197.32 | +0.051% | $15.5M | $13.5M | 10x | as long as short |
| Polymarket Perps COIN-USD | +0.0050% | 1h | 197.31 | +0.046% | $134K | $1.2M | 10x | as long as short |
| SoDEX COIN-USD | +0.0050% | 1h | 197.40 | +0.091% | $81 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 197.18 | −0.020% | $350K | $2.7M | 10x | as long as short |
| KuCoin COINUSDTM | +0.0100% | 8h | 197.33 | +0.056% | $995K | $143K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 197.23 | +0.005% | $89K | $287K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 197.39 | +0.086% | $571 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 197.46 | +0.124% | $117 | — | 10x | as long as short |
| BloFin COIN-USDT | +0.0120% | 8h | 197.54 | +0.162% | $188K | $394K | 20x | as long as short |
| Phoenix COINlong | +0.0122% | 1h | 197.22 | long leg | $5K | $283K | 10x | |
| Lighter COIN | +0.0240% | 1h | 197.41 | +0.099% | $341K | $2.0M | 10x | as long as short |
| edgeX COINUSDC | +0.0851% | 4h | 197.27 | +0.026% | $51K | $294K | 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