Funding you earn now, next payment 01:00 UTC−0.0160%/8h= −17.5% APRpaid last 24h −0.058%
Price spread now: OKX against Phoenix−0.232%106s7-day average −0.006% · you buy dearer than you sell
Net, funding: paid 7d − costs−$64as 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−$430.431% of the position
Funding, last 7 days−0.206%−$21 on $10k
+Price spread, last 4 days (all we have)+0.577%+$58 · spread now −0.232%, 7d avg −0.006%
=Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and OKX is 0.227% cheaper against Phoenix than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of −0.006%). Swap the legs. The two prices were read 106 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix COIN | 197.86 | 0.0160 | pay 0.0020% / 1h | 55m 45s | $5K | $250K | 10x |
| Short | OKX COIN-USDT-SWAP | 197.40 | 0 | get 0.0000% / 8h | 5h 55m | $3.1M | $4.6M | 20x |
Phoenix COIN
OKX COIN-USDT-SWAPFunding history
latest
Range statsloading…
Price spread between the two exchanges
OKX 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
- −$33.59
- Price spread: −0.232% → −0.006%
- −$22.68
- Slippage, 4 orders
- −$26.09
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee OKX: 5 bp × 2 orders
- −$10
- Net
- −$99.37
- Costs to cover
- 0.431%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 67 min ago; OKX: 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, 67 min ago | 2.99 bp | 10.9 bp −$11 | 22.8 bp −$228 | doesn't fit | doesn't fit |
| Sell OKX live order book, 2 min ago | 1.27 bp | 11.7 bp −$12 | 24.9 bp −$249 | 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 | −0.0688% | 8h | 197.57 | −0.147% | $6.3M | $10.1M | 20x | as long as short |
| Injective COIN/USDC PERP | −0.0440% | 1h | 197.40 | −0.232% | $44K | $48K | 30x | as long as short |
| Gate COIN_USDT | −0.0122% | 8h | 197.57 | −0.147% | $1.2M | $7.0M | 50x | as long as short |
| Vest COIN-USD-PERP | −0.0084% | 1h | 197.06 | −0.404% | — | $284K | 25x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 197.69 | −0.086% | $349K | $877K | 20x | as long as short |
| Extended COIN_24_5-USD | 0.0000% | 1h | 197.50 | −0.181% | $119K | $697K | 10x | as long as short |
| Binance COINUSDT | 0.0000% | 8h | 197.41 | −0.229% | $15.1M | $78.2M | 20x | as long as short |
| Bybit COINUSDT | 0.0000% | 8h | 197.39 | −0.238% | $4.9M | $5.9M | 50x | as long as short |
| OKX COIN-USDT-SWAPshort | 0.0000% | 8h | 197.40 | −0.232% | $3.1M | $4.6M | 20x | |
| Variational Omni COIN | 0.0000% | 8h | 197.59 | −0.138% | $817K | $905K | — | 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
Bybit COINUSDT
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 | 197.60 | −0.131% | $14K | $2.1M | 10x | as long as short |
| QFEX COIN-USD | +0.0016% | 1h | 197.63 | −0.116% | $1.3M | $3.6M | 10x | as long as short |
| Lighter COIN | +0.0032% | 1h | 197.34 | −0.261% | $365K | $2.0M | 10x | as long as short |
| Lighter RH COIN | +0.0032% | 1h | 197.36 | −0.253% | $449K | $1.5M | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 197.66 | −0.101% | $16K | $53K | 5x | as long as short |
| tradeXYZ xyz:COIN | +0.0050% | 1h | 197.35 | −0.258% | $15.7M | $13.3M | 10x | as long as short |
| Polymarket Perps COIN-USD | +0.0050% | 1h | 197.52 | −0.172% | $125K | $1.2M | 10x | as long as short |
| SoDEX COIN-USD | +0.0050% | 1h | 197.50 | −0.182% | $93 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 197.23 | −0.318% | $350K | $3.0M | 10x | as long as short |
| KuCoin COINUSDTM | +0.0100% | 8h | 197.52 | −0.172% | $994K | $143K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 197.57 | −0.147% | $89K | $286K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 197.56 | −0.152% | $571 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 197.58 | −0.141% | $117 | — | 10x | as long as short |
| Phoenix COINlong | +0.0160% | 1h | 197.86 | long leg | $5K | $250K | 10x | |
| edgeX COINUSDC | +0.0833% | 4h | 197.77 | −0.045% | $51K | $296K | 10x | as long as short |
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