Funding arb · Price arb /

DELL

RWAall DELL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0810%/8h= −88.7% APRpaid last 24h −0.156%

Price spread now: Bybit against Phoenix+0.107%7-day average −0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$121as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$570.567% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.640%−$64 on $10k

Price spread, last 4 days (all we have)−0.053%−$5 · spread now +0.107%, 7d avg −0.037%

Together, before fees−0.693%−$69 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.144% dearer against Phoenix than usual: you sell high and buy low (spread +0.107% now, against its 7-day average of −0.037%): +$14 on $10k if it goes back. Holding the pair costs −$24 a day in funding at the current rate, which eats that in about 14 hours. At the pace of the last 7 days (−0.640% in total) that is about 38 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix DELL	571.64	0.0810	pay 0.0101% / 1h	10m 52s	$3K	$228K	10x
Short	Bybit DELLUSDT	572.25	0	get 0.0000% / 8h	7h 10m	$6.1M	$3.9M	50x

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 +0.107%Rate

Funding earned: −$170.11
Price spread: +0.107% → −0.037%: $14.4
Slippage, 4 orders: −$38.75
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$212.46
Costs to cover: 0.567%
Break-even: never at this rate

Slippage from Phoenix: live order book, 19 min ago; Bybit: live order book, 2 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, 19 min ago	3.87 bp	11.9 bp −$12	25.2 bp −$252	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.09 bp	13.4 bp −$13	85.9 bp −$859	doesn't fit	doesn't fit

DELL on 20 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
Aster DELLUSDT	0.0000%	8h	571.84	+0.035%	$20K	$49K	20x	as long as short
Bybit DELLUSDTshort	0.0000%	8h	572.25	+0.107%	$6.1M	$3.9M	50x
Gate DELL_USDT	0.0000%	8h	572.37	+0.128%	$4.0M	$6.8M	50x	as long as short
Bitget DELLUSDT	0.0000%	8h	572.26	+0.108%	$3.7M	$4.6M	20x	as long as short
GRVT DELL_USDT_Perp	0.0000%	8h	570.91	−0.129%	$896	$138K	10x	as long as short
Lighter DELL	+0.0032%	1h	572.50	+0.150%	$33K	$12K	10x	as long as short
Injective DELL/USDC PERP	+0.0033%	1h	571.67	+0.005%	$8K	$83K	12x	as long as short
tradeXYZ xyz:DELL	+0.0050%	1h	572.50	+0.150%	$7.5M	$6.8M	10x	as long as short
Polymarket Perps DELL-USD	+0.0050%	1h	571.52	−0.021%	$7K	$55K	10x	as long as short
OKX DELL-USDT-SWAP	+0.0074%	8h	572.13	+0.086%	$5.8M	$6.7M	20x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin DELLUSDTM	+0.0100%	8h	572.01	+0.065%	$937K	$96K	20x	as long as short
Orderly PERP_DELL_USDC_mythos	+0.0100%	8h	572.61	+0.170%	$3K	$336	10x	as long as short
HTX DELL-USDT	+0.0100%	8h	571.95	+0.054%	$18K	$58K	10x	as long as short
Variational Omni DELL	+0.0128%	8h	571.38	−0.046%	$258K	$61K	—	as long as short
Extended DELL-USD	+0.0192%	1h	572.24	+0.104%	$331K	$2.6M	10x	as long as short
Binance DELLUSDT	+0.0193%	8h	572.26	+0.108%	$18.3M	$66.5M	20x	as long as short
BloFin DELL-USDT	+0.0204%	8h	571.93	+0.051%	$322K	$235K	20x	as long as short
edgeX DELLUSDC	+0.0210%	4h	571.06	−0.102%	$5K	$335K	10x	as long as short
Nado DELL-PERP	+0.0586%	1h	571.66	+0.003%	$69K	$20K	10x	as long as short
Phoenix DELLlong	+0.0810%	1h	571.64	long leg	$3K	$228K	10x