Funding you earn now, next payment 23:00 UTC−0.0238%/8h= −26.0% APRpaid last 24h +0.023%
Price spread now: Gate against Phoenix+0.094%62s7-day average +0.004% · you sell dearer than you buy
Net, funding: paid 7d − costs−$59as 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−$510.505% of the position
Funding, last 7 days−0.088%−$9 on $10k
+Price spread, last 3 days (all we have)0.000%$0 · spread now +0.094%, 7d avg +0.004%
=The price spread pays, funding is against you. Gate is 0.090% dearer against Phoenix than usual: you sell high and buy low (spread +0.094% now, against its 7-day average of +0.004%): +$9 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 30 hours. At the pace of the last 7 days (−0.088% in total) that is about 7.2 days. The two prices were read 62 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 -0.088% in total (about -4.6% 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 | 202.08 | 0.0238 | pay 0.0030% / 1h | 58m 15s | $5K | $278K | 10x |
| Short | Gate COIN_USDT | 202.27 | 0 | get 0.0000% / 8h | 7h 58m | $1.3M | $6.8M | 50x |
Phoenix COIN
Gate COIN_USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Gate 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
- −$49.92
- Price spread: +0.094% → +0.004%
- $8.99
- Slippage, 4 orders
- −$28.51
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Gate: 7.5 bp × 2 orders
- −$15
- Net
- −$91.44
- Costs to cover
- 0.505%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 10 min ago; Gate: 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, 10 min ago | 3.46 bp | 12.0 bp −$12 | 25.7 bp −$257 | doesn't fit | doesn't fit |
| Sell Gate live order book, 5 min ago | 4.70 bp | 12.6 bp −$13 | 104.3 bp −$1,043 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective COIN/USDC PERP | −0.0440% | 1h | 202.21 | +0.064% | $45K | $48K | 30x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 202.10 | +0.010% | $371K | $839K | 20x | as long as short |
| Extended COIN_24_5-USD | 0.0000% | 1h | 202.28 | +0.100% | $119K | $445K | 10x | as long as short |
| Binance COINUSDT | 0.0000% | 8h | 202.31 | +0.115% | $15.8M | $76.5M | 20x | as long as short |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 202.34 | +0.129% | $3.3M | $4.7M | 20x | as long as short |
| Gate COIN_USDTshort | 0.0000% | 8h | 202.27 | +0.094% | $1.3M | $6.8M | 50x | |
| Bitget COINUSDT | 0.0000% | 8h | 202.29 | +0.104% | $6.9M | $9.7M | 20x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 202.04 | −0.018% | $840K | $1.1M | — | as long as short |
| GRVT COIN_USDT_Perp | 0.0000% | 8h | 202.07 | −0.005% | $22K | $2.0M | 10x | as long as short |
| QFEX COIN-USD | +0.0032% | 1h | 202.27 | +0.094% | $1.4M | $4.0M | 10x | as long as short |
Injective COIN/USDC PERP
Aster COINUSDT
Extended COIN_24_5-USD
Binance COINUSDT
OKX COIN-USDT-SWAP
Bitget COINUSDT
Variational Omni COIN
GRVT COIN_USDT_Perp
QFEX COIN-USDShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Arcus COIN-USD | +0.0040% | 1h | 202.23 | +0.074% | $16K | $55K | 5x | as long as short |
| Vest COIN-USD-PERP | +0.0046% | 1h | 202.19 | +0.054% | — | $513K | 25x | as long as short |
| Polymarket Perps COIN-USD | +0.0050% | 1h | 202.18 | +0.049% | $129K | $1.2M | 10x | as long as short |
| SoDEX COIN-USD | +0.0050% | 1h | 202.24 | +0.079% | $91 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 201.83 | −0.124% | $360K | $3.3M | 10x | as long as short |
| KuCoin COINUSDTM | +0.0100% | 8h | 202.05 | −0.015% | $1.0M | $138K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 202.00 | −0.040% | $91K | $287K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 202.14 | +0.030% | $585 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 202.11 | +0.017% | $119 | — | 10x | as long as short |
| BloFin COIN-USDT | +0.0120% | 8h | 202.36 | +0.139% | $200K | $343K | 20x | as long as short |
| Phoenix COINlong | +0.0238% | 1h | 202.08 | long leg | $5K | $278K | 10x | |
| edgeX COINUSDC | +0.0262% | 4h | 202.04 | −0.018% | $52K | $295K | 10x | as long as short |
| tradeXYZ xyz:COIN | +0.0471% | 1h | 202.24 | +0.079% | $16.6M | $13.1M | 10x | as long as short |
| Lighter RH COIN | +0.0496% | 1h | 201.81 | −0.134% | $434K | $1.5M | 10x | as long as short |
| Bybit COINUSDT | +0.0867% | 8h | 202.26 | +0.089% | $5.1M | $6.0M | 50x | as long as short |
| Lighter COIN | +0.0896% | 1h | 201.82 | −0.126% | $377K | $1.8M | 10x | as long as short |
Arcus COIN-USD
Vest COIN-USD-PERP
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
edgeX COINUSDC
tradeXYZ xyz:COIN
Lighter RH COIN
Bybit COINUSDT
Lighter COIN