Funding arb · Price arb /

CRWD

RWAall CRWD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0160%/8h= −17.5% APRpaid last 24h −0.087%

Price spread now: Bybit against Phoenix−0.160%75s7-day average −0.092% · you buy dearer than you sell

Net, funding: paid 7d − costs−$166as 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−$1301.304% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.360%−$36 on $10k

Price spread, last 4 days (all we have)+0.214%+$21 · spread now −0.160%, 7d avg −0.092%

Together, before fees−0.146%−$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bybit is 0.067% cheaper against Phoenix than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.092%). Swap the legs. The two prices were read 75 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 CRWD	250.72	0.0160	pay 0.0020% / 1h	34m 13s	$5	$106K	10x
Short	Bybit CRWDUSDT	250.32	0	get 0.0000% / 8h	2h 34m	$1.2M	$542K	25x

Funding 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 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 PhoenixbpFee BybitbpOrdersPrice spread, now −0.160%Rate

Funding earned: −$33.61
Price spread: −0.160% → −0.092%: −$6.72
Slippage, 4 orders: −$112.43
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$170.76
Costs to cover: 1.304%
Break-even: never at this rate

Slippage from Phoenix: live order book, 5 min ago; Bybit: live order book, 6 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	3.98 bp	21.8 bp −$22	90.2 bp −$902	doesn't fit	doesn't fit
Sell Bybit live order book, 6 min ago	5.00 bp	36.1 bp −$36	239.2 bp −$2,392	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	246.46	−1.699%	$22K	$20K	12x	as long as short
Aster CRWDUSDT	0.0000%	8h	250.42	−0.120%	$4K	$37K	20x	as long as short
Binance CRWDUSDT	0.0000%	8h	250.45	−0.110%	$2.5M	$7.0M	25x	as long as short
Bybit CRWDUSDTshort	0.0000%	8h	250.32	−0.160%	$1.2M	$542K	25x
OKX CRWD-USDT-SWAP	0.0000%	8h	250.44	−0.112%	$601K	$689K	25x	as long as short
Bitget CRWDUSDT	0.0000%	8h	250.54	−0.072%	$293K	$416K	20x	as long as short
Variational Omni CRWD	0.0000%	8h	250.73	+0.004%	$67K	$60K	—	as long as short
GRVT CRWD_USDT_Perp	0.0000%	8h	250.97	+0.098%	$499	$119K	10x	as long as short
SunX CRWD-USDT	0.0000%	8h	250.34	−0.152%	$3K	$1.2M	10x	as long as short
HTX CRWD-USDT	0.0000%	8h	250.97	+0.100%	$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 CRWDUSDT	0.0000%	8h	250.50	−0.088%	$1.5M	$206K	10x	as long as short
BloFin CRWD-USDT	+0.0013%	8h	250.94	+0.088%	$73K	$24K	25x	as long as short
QFEX CRWD-USD	+0.0044%	1h	250.48	−0.096%	$1.2M	$2.6M	10x	as long as short
Extended CRWD_24_5-USD	+0.0048%	1h	250.16	−0.223%	$100K	—	10x	as long as short
KuCoin CRWDUSDTM	+0.0100%	8h	250.46	−0.104%	$34K	$307K	20x	as long as short
Phoenix CRWDlong	+0.0160%	1h	250.72	long leg	$5	$106K	10x
tradeXYZ xyz:CRWD	+0.0161%	1h	250.41	−0.124%	$877K	$663K	10x	as long as short
Paragon para:CRWD	+0.0183%	1h	250.36	−0.142%	$84K	$108K	10x	as long as short