Funding arb · Price arb /

DRAM

RWAall DRAM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.058%

Price spread now: Entropy against Phemex−0.168%7-day average +0.004% · 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−$155as in the Price arb table

costs, in and out, $10k−$1371.375% of the position

Long on Phemex Short on Entropy

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.139%+$14 on $10k

Price spread, last 3 days (all we have)+0.151%+$15 · spread now −0.168%, 7d avg +0.004%

Together, before fees+0.290%+$29 on $10k · with fees, hour by hour

Funding pays, the price is against you. Entropy is 0.172% cheaper against Phemex than usual: you would sell low and buy high (spread −0.168% now, against its 7-day average of +0.004%). If the spread goes back, that is −$17 on $10k: about 11 days of funding at the current rate (+$2 a day). At the pace of the last 4 days (+0.139% in total) that is about 5.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex DRAMUSDT	61.770	0	get 0.0000% / 8h	1h 26m	$1.8M	$1.3M	10x
Short	Entropy io:DRAM	61.666	0.0050	get 0.0006% / 1h	26m 20s	$254K	$505K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Entropy against Phemex. 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 PhemexbpFee EntropybpOrdersPrice spread, now −0.168%Rate

Funding earned: $10.5
Price spread: −0.168% → +0.004%: −$17.23
Slippage, 4 orders: −$107.5
Fee Phemex: 6 bp × 2 orders: −$12
Fee Entropy: 9 bp × 2 orders: −$18
Net: −$144.23
Costs to cover: 1.375%
Break-even: 103.2 days

Slippage from Phemex: live order book, 2 min ago; Entropy: live order book, 49 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, 2 min ago	0.81 bp	46.1 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell Entropy live order book, 49 min ago	3.01 bp	14.8 bp −$15	doesn't fit	doesn't fit	doesn't fit

DRAM on 34 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
Gate DRAM_USDT	0.0000%	8h	61.780	+0.016%	$8.2M	$3.5M	75x	as long as short
SunX DRAM-USDT	0.0000%	8h	61.770	0.000%	$757	$3.3M	10x	as long as short
HTX DRAM-USDT	0.0000%	8h	61.760	−0.016%	$28K	$3K	20x	as long as short
Phemex DRAMUSDTlong	0.0000%	8h	61.770	long leg	$1.8M	$1.3M	10x
Aftermath Perps DRAMUSD	+0.0037%	1h	61.730	−0.064%	$1K	$36K	5x	as long as short
Vest DRAM-USD-PERP	+0.0046%	1h	61.640	−0.210%	—	$797	10x	as long as short
Entropy io:DRAMshort	+0.0050%	1h	61.666	−0.168%	$254K	$505K	25x
Polymarket Perps DRAM-USD	+0.0050%	1h	61.728	−0.068%	$204K	$1.2M	10x	as long as short
SoDEX DRAM-USD	+0.0050%	1h	61.760	−0.016%	$2K	$15K	20x	as long as short
Ondo Perps DRAM-USD.P	+0.0050%	1h	61.720	−0.081%	$1.2M	$1.7M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX DRAM-USD	+0.0052%	1h	61.730	−0.065%	$1.0M	$77K	10x	as long as short
edgeX DRAMUSDC	+0.0055%	4h	61.775	+0.007%	$153K	$288K	20x	as long as short
Pacifica DRAM	+0.0100%	1h	61.707	−0.102%	$75K	$40K	10x	as long as short
KuCoin DRAMUSDTM	+0.0100%	8h	61.760	−0.016%	$3.0M	$476K	20x	as long as short
ApeX Omni DRAMUSDT	+0.0100%	1h	61.830	+0.097%	$22K	$184K	50x	as long as short
Orderly PERP_DRAM_USDC_mythos	+0.0100%	8h	61.760	−0.016%	$8K	—	10x	as long as short
Aster DRAMUSDT	+0.0102%	8h	61.740	−0.049%	$198K	$36K	20x	as long as short
Aevo DRAM-PERP	+0.0104%	1h	61.774	+0.006%	$4K	—	10x	as long as short
Bitget DRAMUSDT	+0.0110%	8h	61.750	−0.032%	$26.0M	$12.5M	20x	as long as short
OKX DRAM-USDT-SWAP	+0.0111%	8h	61.770	0.000%	$5.4M	$4.6M	50x	as long as short
GRVT DRAM_USDT_Perp	+0.0139%	8h	61.790	+0.032%	$36K	$183K	10x	as long as short
Paradex DRAM-USD-PERP	+0.0160%	8h	61.744	−0.042%	—	—	5x	as long as short
Variational Omni DRAM	+0.0187%	8h	61.727	−0.069%	$2.4M	$949K	—	as long as short
Coinbase International DRAM-PERP-INTX	+0.0208%	1h	61.580	−0.308%	$510K	$43K	20x	as long as short
Bybit DRAMUSDT	+0.0229%	8h	61.798	+0.045%	$9.3M	$10.4M	100x	as long as short
Extended DRAM-USD	+0.0232%	1h	61.744	−0.042%	$77K	$765K	10x	as long as short
MEXC DRAM_USDT	+0.0234%	8h	61.740	−0.049%	$11.2M	$6.4M	100x	as long as short
Binance DRAMUSDT	+0.0235%	8h	61.752	−0.029%	$43.8M	$82.6M	50x	as long as short
RISEx DRAM/USDC	+0.0257%	1h	61.760	−0.016%	$455K	$454K	20x	as long as short
tradeXYZ xyz:DRAM	+0.0309%	1h	61.740	−0.049%	$79.3M	$39.6M	20x	as long as short
Lighter DRAM	+0.0312%	1h	61.761	−0.015%	$992K	$1.2M	20x	as long as short
Deribit DRAM_USDC-PERPETUAL	+0.0398%	1h	61.760	−0.016%	$13K	$9K	20x	as long as short
BloFin DRAM-USDT	+0.0439%	8h	61.770	0.000%	$294K	$27K	20x	as long as short
Arcus DRAM-USD	+0.0649%	1h	61.740	−0.049%	$50K	$91K	10x	as long as short