Funding you earn now, next payment 06:00 UTC−0.0163%/8h= −17.9% APRpaid last 24h −0.050%
Price spread now: Bybit against Phoenix+0.102%7-day average +0.003% · 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−$38as in the Price arb table
costs, in and out, $10k−$480.478% of the position
Funding, last 7 days−0.164%−$16 on $10k
+Price spread, last 4 days (all we have)−0.009%−$1 · spread now +0.102%, 7d avg +0.003%
=The price spread pays, funding is against you. Bybit is 0.100% dearer against Phoenix than usual: you sell high and buy low (spread +0.102% now, against its 7-day average of +0.003%): +$10 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.0 days. At the pace of the last 7 days (−0.164% in total) that is about 4.3 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix COIN | 195.26 | 0.0163 | pay 0.0020% / 1h | 33m 05s | $4K | $283K | 10x |
| Short | Bybit COINUSDT | 195.46 | 0 | get 0.0000% / 8h | 1h 33m | $4.7M | $6.2M | 50x |
Phoenix COIN
Bybit COINUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit 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
- −$34.27
- Price spread: +0.102% → +0.003%
- $9.99
- Slippage, 4 orders
- −$29.79
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$72.07
- Costs to cover
- 0.478%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 5 min ago; Bybit: 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, 5 min ago | 3.07 bp | 10.8 bp −$11 | 22.3 bp −$223 | doesn't fit | doesn't fit |
| Sell Bybit live order book, 5 min ago | 0.51 bp | 12.0 bp −$12 | 24.8 bp −$248 | 160.6 bp −$16.1K | 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 | −0.0727% | 8h | 195.66 | +0.205% | $6.3M | $10.6M | 20x | as long as short |
| Injective COIN/USDC PERP | −0.0440% | 1h | 195.24 | −0.010% | $43K | $48K | 30x | as long as short |
| Vest COIN-USD-PERP | −0.0104% | 1h | 194.75 | −0.261% | — | $289K | 25x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 195.49 | +0.117% | $341K | $890K | 20x | as long as short |
| Extended COIN_24_5-USD | 0.0000% | 1h | 195.41 | +0.078% | $116K | $790K | 10x | as long as short |
| Binance COINUSDT | 0.0000% | 8h | 195.47 | +0.109% | $15.0M | $82.3M | 20x | as long as short |
| Bybit COINUSDTshort | 0.0000% | 8h | 195.46 | +0.102% | $4.7M | $6.2M | 50x | |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 195.48 | +0.113% | $3.0M | $4.7M | 20x | as long as short |
| Gate COIN_USDT | 0.0000% | 8h | 195.49 | +0.118% | $1.2M | $7.4M | 50x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 195.24 | −0.010% | $708K | $955K | — | as long as short |
Bitget COINUSDT
Injective COIN/USDC PERP
Vest COIN-USD-PERP
Aster COINUSDT
Extended COIN_24_5-USD
Binance COINUSDT
OKX COIN-USDT-SWAP
Gate COIN_USDT
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 | 195.36 | +0.051% | $17K | $2.7M | 10x | as long as short |
| Lighter RH COIN | +0.0032% | 1h | 195.38 | +0.061% | $460K | $1.5M | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 195.39 | +0.067% | $15K | $54K | 5x | as long as short |
| QFEX COIN-USD | +0.0045% | 1h | 195.41 | +0.077% | $1.3M | $2.9M | 10x | as long as short |
| Polymarket Perps COIN-USD | +0.0050% | 1h | 195.31 | +0.026% | $129K | $1.4M | 10x | as long as short |
| SoDEX COIN-USD | +0.0050% | 1h | 195.34 | +0.041% | $74 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 195.03 | −0.118% | $445K | $2.8M | 10x | as long as short |
| tradeXYZ xyz:COIN | +0.0057% | 1h | 195.26 | 0.000% | $15.2M | $13.2M | 10x | as long as short |
| KuCoin COINUSDTM | +0.0100% | 8h | 195.32 | +0.031% | $984K | $136K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 195.19 | −0.036% | $88K | $287K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 195.40 | +0.072% | $565 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 195.41 | +0.077% | $115 | — | 10x | as long as short |
| BloFin COIN-USDT | +0.0120% | 8h | 195.50 | +0.123% | $187K | $423K | 20x | as long as short |
| Lighter COIN | +0.0128% | 1h | 195.38 | +0.064% | $363K | $2.3M | 10x | as long as short |
| Phoenix COINlong | +0.0163% | 1h | 195.26 | long leg | $4K | $283K | 10x | |
| edgeX COINUSDC | +0.0553% | 4h | 195.33 | +0.035% | $50K | $295K | 10x | as long as short |
GRVT COIN_USDT_Perp
Lighter RH COIN
Arcus COIN-USD
QFEX COIN-USD
Polymarket Perps COIN-USD
SoDEX COIN-USD
Ondo Perps COIN-USD.P
tradeXYZ xyz:COIN
KuCoin COINUSDTM
ApeX Omni COINUSDT
Orderly PERP_COIN_USDC_mythos
Aevo COIN-PERP
BloFin COIN-USDT
Lighter COIN
edgeX COINUSDC