Funding you earn now, next payment 08:00 UTC−0.2180%/8h= −238.7% APRnext payment −$21.80 per $10,000 · paid last 24h +0.025%
Price spread now: Bybit against Phemex−0.612%7-day average −0.157% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$407as in the Price arb table
costs, in and out, $10k−$3623.618% of the position
Funding, last 1 day (all we have)+0.025%+$2 on $10k
+Price spread, last 18 hours (all we have)−0.002%$0 · spread now −0.612%, 7d avg −0.157%
=Both sides work against this trade now: funding costs −$65 a day on $10k at the current rate, and Bybit is 0.455% cheaper against Phemex than usual: you would sell low and buy high (−$45 if the spread goes back to its 7-day average of −0.157%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 1 day it paid 0.025% in total (about 8.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$21.80 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex CYPHUSDT | 3.4320 | 0 | get 0.0000% / 8h | 7h 37m | $129K | $244K | 10x |
| Short | Bybit CYPHUSDT | 3.4110 | −0.2180 | pay 0.2180% / 8h | 7h 37m | $18K | $229K | 25x |
Phemex CYPHUSDT
Bybit CYPHUSDTFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$457.7
- Price spread: −0.612% → −0.157%
- −$45.45
- Slippage, 4 orders
- −$338.76
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$864.91
- Costs to cover
- 3.618%
- Break-even
- never at this rate
Slippage from Phemex: live order book, 35 min ago; Bybit: live order book, 18 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, 35 min ago | 14.45 bp | 54.5 bp −$54 | doesn't fit | doesn't fit | doesn't fit |
| Sell Bybit live order book, 18 min ago | 11.73 bp | 110.8 bp −$111 | doesn't fit | doesn't fit | doesn't fit |
CYPH on 9 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 | |
|---|---|---|---|---|---|---|---|---|
| Bybit CYPHUSDTshort | −0.2180% | 8h | 3.4110 | −0.612% | $18K | $229K | 25x | |
| QFEX CYPH-USD | 0.0000% | 1h | 3.4400 | +0.233% | $2.1M | $436K | 10x | as long as short |
| Gate CYPH_USDT | 0.0000% | 8h | 3.4330 | +0.029% | $37K | $73K | 20x | as long as short |
| Bitget CYPHUSDT | 0.0000% | 8h | 3.4206 | −0.332% | $56K | $553K | 20x | as long as short |
| SunX CYPH-USDT | 0.0000% | 8h | 3.4260 | −0.175% | — | $5.6M | 10x | as long as short |
| HTX CYPH-USDT | 0.0000% | 8h | 3.4270 | −0.146% | $5K | $359K | 20x | as long as short |
| Phemex CYPHUSDTlong | 0.0000% | 8h | 3.4320 | long leg | $129K | $244K | 10x | |
| Binance CYPHUSDT | +0.0819% | 8h | 3.4320 | 0.000% | $221K | $2.9M | 20x | as long as short |
| Aftermath Perps CYPHUSD | +0.1354% | 1h | 3.5406 | +3.163% | $526 | $22K | 3x | as long as short |
QFEX CYPH-USD
Gate CYPH_USDT
Bitget CYPHUSDT
SunX CYPH-USDT
HTX CYPH-USDT
Binance CYPHUSDT
Aftermath Perps CYPHUSD