Funding arb · Price arb /

CRWD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0286%/8h= −31.4% APRpaid last 24h −0.073%

Price spread now: OKX against Phoenix−0.024%56s7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$141as 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−$1181.182% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.229%−$23 on $10k

Price spread, last 4 days (all we have)+0.085%+$8 · spread now −0.024%, 7d avg −0.028%

Together, before fees−0.144%−$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.028%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate. The two prices were read 56 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	250.53	0.0286	pay 0.0036% / 1h	28m 32s	$5	$106K	10x
Short	OKX CRWD-USDT-SWAP	250.47	0	get 0.0000% / 8h	1h 28m	$593K	$701K	25x

Funding 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 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 OKXbpOrdersPrice spread, now −0.024%Rate

Funding earned: −$60.16
Price spread: −0.024% → −0.028%: $0.42
Slippage, 4 orders: −$101.2
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$177.94
Costs to cover: 1.182%
Break-even: never at this rate

Slippage from Phoenix: live order book, 6 min ago; OKX: live order book, 12 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, 6 min ago	2.79 bp	16.0 bp −$16	62.5 bp −$625	doesn't fit	doesn't fit
Sell OKX live order book, 12 min ago	6.59 bp	52.8 bp −$53	doesn't fit	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	244.15	−2.547%	$21K	$20K	12x	as long as short
BloFin CRWD-USDT	−0.0006%	8h	250.48	−0.020%	$72K	$24K	25x	as long as short
Aster CRWDUSDT	0.0000%	8h	250.29	−0.096%	$4K	$37K	20x	as long as short
Binance CRWDUSDT	0.0000%	8h	250.39	−0.055%	$2.5M	$7.1M	25x	as long as short
Bybit CRWDUSDT	0.0000%	8h	250.14	−0.156%	$1.1M	$556K	25x	as long as short
OKX CRWD-USDT-SWAPshort	0.0000%	8h	250.47	−0.024%	$593K	$701K	25x
Bitget CRWDUSDT	0.0000%	8h	250.86	+0.132%	$314K	$436K	20x	as long as short
Variational Omni CRWD	0.0000%	8h	250.52	−0.004%	$67K	$60K	—	as long as short
SunX CRWD-USDT	0.0000%	8h	250.58	+0.020%	$2K	$1.1M	10x	as long as short
HTX CRWD-USDT	0.0000%	8h	250.58	+0.020%	$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	250.45	−0.032%	$1.5M	$212K	10x	as long as short
Extended CRWD_24_5-USD	+0.0048%	1h	250.18	−0.140%	$100K	—	10x	as long as short
GRVT CRWD_USDT_Perp	+0.0049%	8h	250.67	+0.056%	$1K	$125K	10x	as long as short
tradeXYZ xyz:CRWD	+0.0050%	1h	250.18	−0.140%	$891K	$676K	10x	as long as short
QFEX CRWD-USD	+0.0064%	1h	250.37	−0.064%	$1.2M	$2.7M	10x	as long as short
KuCoin CRWDUSDTM	+0.0100%	8h	250.22	−0.124%	$34K	$259K	20x	as long as short
Phoenix CRWDlong	+0.0286%	1h	250.53	long leg	$5	$106K	10x
Paragon para:CRWD	+0.0366%	1h	250.03	−0.200%	$84K	$108K	10x	as long as short