Funding arb · Price arb /

CRWD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.015%

Price spread now: Bybit against Phemex−0.092%7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$246as in the Funding arb table

Net, price: spread back to 7d avg − costs−$236as in the Price arb table

costs, in and out, $10k−$2282.283% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.173%−$17 on $10k

Price spread, last 4 days (all we have)+0.090%+$9 · spread now −0.092%, 7d avg −0.020%

Together, before fees−0.083%−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.073% cheaper against Phemex than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRWDUSDT	249.17	0	get 0.0000% / 8h	4h 17m	$1.5M	$192K	10x
Short	Bybit CRWDUSDT	248.94	0	get 0.0000% / 8h	4h 17m	$1.1M	$531K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhemexbpFee BybitbpOrdersPrice spread, now −0.092%Rate

Funding earned: $0
Price spread: −0.092% → −0.020%: −$7.27
Slippage, 4 orders: −$205.35
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$235.62
Costs to cover: 2.283%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Bybit: live order book, 3 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 Phemex live order book, 5 min ago	2.61 bp	50.4 bp −$50	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	4.22 bp	72.7 bp −$73	208.7 bp −$2,087	doesn't fit	doesn't fit

CRWD on 18 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 CRWD/USDC PERP	−0.0220%	1h	245.61	−1.429%	$22K	$20K	12x	as long as short
Aster CRWDUSDT	0.0000%	8h	249.02	−0.060%	$4K	$37K	20x	as long as short
Binance CRWDUSDT	0.0000%	8h	249.17	0.000%	$2.4M	$6.7M	25x	as long as short
Bybit CRWDUSDTshort	0.0000%	8h	248.94	−0.092%	$1.1M	$531K	25x
OKX CRWD-USDT-SWAP	0.0000%	8h	249.30	+0.052%	$599K	$658K	25x	as long as short
Bitget CRWDUSDT	0.0000%	8h	249.14	−0.012%	$292K	$416K	20x	as long as short
Variational Omni CRWD	0.0000%	8h	249.34	+0.070%	$67K	$60K	—	as long as short
GRVT CRWD_USDT_Perp	0.0000%	8h	249.32	+0.060%	$539	$113K	10x	as long as short
SunX CRWD-USDT	0.0000%	8h	249.10	−0.028%	$2K	$1.2M	10x	as long as short
HTX CRWD-USDT	0.0000%	8h	249.31	+0.056%	$6K	$7K	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRWDUSDTlong	0.0000%	8h	249.17	long leg	$1.5M	$192K	10x
BloFin CRWD-USDT	+0.0012%	8h	249.20	+0.012%	$72K	$24K	25x	as long as short
QFEX CRWD-USD	+0.0040%	1h	249.07	−0.040%	$1.2M	$2.7M	10x	as long as short
Extended CRWD_24_5-USD	+0.0048%	1h	248.94	−0.092%	$99K	—	10x	as long as short
tradeXYZ xyz:CRWD	+0.0050%	1h	249.06	−0.044%	$864K	$626K	10x	as long as short
KuCoin CRWDUSDTM	+0.0100%	8h	249.04	−0.052%	$34K	$380K	20x	as long as short
Phoenix CRWD	+0.0225%	1h	249.48	+0.124%	$3	$106K	10x	as long as short
Paragon para:CRWD	+0.0366%	1h	248.83	−0.136%	$84K	$108K	10x	as long as short