Funding you earn now, next payment 03:00 UTC−0.0832%/8h= −91.2% APRpaid last 24h −0.069%
Price spread now: Bitget against Phoenix+0.056%79s7-day average +0.009% · you sell dearer than you buy
Net, funding: paid 7d − costs−$71as 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%
=The price spread pays, funding is against you. Bitget is 0.047% dearer against Phoenix than usual: you sell high and buy low (spread +0.056% now, against its 7-day average of +0.009%): +$5 on $10k if it goes back. Holding the pair costs −$25 a day in funding at the current rate, which eats that in about 4 hours. 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 | Phoenix COIN | 197.25 | 0.0121 | pay 0.0015% / 1h | 56m 07s | $5K | $283K | 10x |
| Short | Bitget COINUSDT | 197.36 | −0.0711 | pay 0.0711% / 8h | 3h 56m | $6.3M | $10.4M | 20x |
Phoenix COIN
Bitget COINUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bitget 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
- −$174.81
- Price spread: +0.056% → +0.009%
- $4.65
- Slippage, 4 orders
- −$26.53
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Bitget: 6 bp × 2 orders
- −$12
- Net
- −$215.69
- Costs to cover
- 0.455%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 57 min ago; Bitget: live order book, 2 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, 57 min ago | 3.55 bp | 11.7 bp −$12 | 24.8 bp −$248 | doesn't fit | doesn't fit |
| Sell Bitget live order book, 2 min ago | 2.28 bp | 10.8 bp −$11 | 18.8 bp −$188 | 91.0 bp −$9,102 | 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 COINUSDTshort | −0.0711% | 8h | 197.36 | +0.056% | $6.3M | $10.4M | 20x | |
| Injective COIN/USDC PERP | −0.0440% | 1h | 197.36 | +0.056% | $44K | $48K | 30x | as long as short |
| Gate COIN_USDT | −0.0217% | 8h | 197.32 | +0.035% | $1.2M | $7.2M | 50x | as long as short |
| Vest COIN-USD-PERP | −0.0111% | 1h | 196.57 | −0.345% | — | $266K | 25x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 197.33 | +0.040% | $344K | $890K | 20x | as long as short |
| Extended COIN_24_5-USD | 0.0000% | 1h | 197.22 | −0.013% | $117K | $692K | 10x | as long as short |
| Binance COINUSDT | 0.0000% | 8h | 197.28 | +0.014% | $14.8M | $79.7M | 20x | as long as short |
| Bybit COINUSDT | 0.0000% | 8h | 197.27 | +0.010% | $4.9M | $6.0M | 50x | as long as short |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 197.31 | +0.030% | $3.1M | $4.7M | 20x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 197.30 | +0.026% | $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 | +0.078% | $21K | $2.3M | 10x | as long as short |
| QFEX COIN-USD | +0.0020% | 1h | 197.23 | −0.010% | $1.3M | $3.2M | 10x | as long as short |
| Lighter RH COIN | +0.0032% | 1h | 197.19 | −0.030% | $449K | $1.4M | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 197.35 | +0.051% | $15K | $55K | 5x | as long as short |
| tradeXYZ xyz:COIN | +0.0050% | 1h | 197.19 | −0.030% | $15.5M | $13.5M | 10x | as long as short |
| Polymarket Perps COIN-USD | +0.0050% | 1h | 197.07 | −0.091% | $134K | $1.2M | 10x | as long as short |
| SoDEX COIN-USD | +0.0050% | 1h | 197.27 | +0.010% | $79 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 197.03 | −0.112% | $350K | $2.7M | 10x | as long as short |
| KuCoin COINUSDTM | +0.0100% | 8h | 197.16 | −0.046% | $993K | $143K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 197.12 | −0.066% | $89K | $287K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 197.19 | −0.030% | $570 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 197.21 | −0.020% | $116 | — | 10x | as long as short |
| BloFin COIN-USDT | +0.0120% | 8h | 197.32 | +0.035% | $188K | $393K | 20x | as long as short |
| Phoenix COINlong | +0.0121% | 1h | 197.25 | long leg | $5K | $283K | 10x | |
| Lighter COIN | +0.0264% | 1h | 197.22 | −0.015% | $347K | $2.0M | 10x | as long as short |
| edgeX COINUSDC | +0.0617% | 4h | 197.35 | +0.051% | $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