Funding arb · Price arb /

CRWD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0255%/8h= −27.9% APRpaid last 24h −0.074%

Price spread now: Phemex against Phoenix−0.016%7-day average −0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs−$148as in the Funding arb table

Net, price: spread back to 7d avg − costs−$124as in the Price arb table

costs, in and out, $10k−$1291.293% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.190%−$19 on $10k

Price spread, last 4 days (all we have)−0.060%−$6 · spread now −0.016%, 7d avg −0.072%

Together, before fees−0.250%−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.056% dearer against Phoenix than usual: you sell high and buy low (spread −0.016% now, against its 7-day average of −0.072%): +$6 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 18 hours. At the pace of the last 7 days (−0.190% in total) that is about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix CRWD	250.54	0.0255	pay 0.0032% / 1h	42m 33s	$6	$120K	10x
Short	Phemex CRWDUSDT	250.50	0	get 0.0000% / 8h	7h 42m	$1.5M	$225K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

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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 PhemexbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$53.59
Price spread: −0.016% → −0.072%: $5.61
Slippage, 4 orders: −$110.33
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$177.31
Costs to cover: 1.293%
Break-even: never at this rate

Slippage from Phoenix: live order book, 48 min ago; Phemex: 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, 48 min ago	3.19 bp	18.2 bp −$18	72.4 bp −$724	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	3.59 bp	46.5 bp −$47	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	247.18	−1.341%	$22K	$20K	12x	as long as short
Paragon para:CRWD	−0.0147%	1h	250.44	−0.040%	$84K	$108K	10x	as long as short
Bybit CRWDUSDT	−0.0047%	8h	250.26	−0.112%	$1.1M	$438K	25x	as long as short
BloFin CRWD-USDT	−0.0013%	8h	250.41	−0.052%	$70K	$24K	25x	as long as short
Aster CRWDUSDT	0.0000%	8h	250.32	−0.088%	$4K	$36K	20x	as long as short
Binance CRWDUSDT	0.0000%	8h	250.56	+0.010%	$2.5M	$7.3M	25x	as long as short
OKX CRWD-USDT-SWAP	0.0000%	8h	250.54	0.000%	$542K	$773K	25x	as long as short
Bitget CRWDUSDT	0.0000%	8h	250.47	−0.028%	$305K	$411K	20x	as long as short
Variational Omni CRWD	0.0000%	8h	250.43	−0.044%	$68K	$56K	—	as long as short
GRVT CRWD_USDT_Perp	0.0000%	8h	250.54	−0.002%	$641	$123K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX CRWD-USDT	0.0000%	8h	250.42	−0.048%	$2K	$1.1M	10x	as long as short
HTX CRWD-USDT	0.0000%	8h	250.78	+0.096%	$6K	$7K	20x	as long as short
Phemex CRWDUSDTshort	0.0000%	8h	250.50	−0.016%	$1.5M	$225K	10x
QFEX CRWD-USD	+0.0030%	1h	250.58	+0.016%	$1.2M	$2.7M	10x	as long as short
Extended CRWD_24_5-USD	+0.0048%	1h	250.37	−0.069%	$100K	—	10x	as long as short
tradeXYZ xyz:CRWD	+0.0050%	1h	250.40	−0.056%	$892K	$677K	10x	as long as short
KuCoin CRWDUSDTM	+0.0100%	8h	250.47	−0.028%	$34K	$259K	20x	as long as short
Phoenix CRWDlong	+0.0255%	1h	250.54	long leg	$6	$120K	10x