Funding arb · Price arb /

GOOGL

RWAall GOOGL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0134%/8h= +14.7% APRpaid last 24h +0.006%

Price spread now: Phoenix against Bybit+0.131%45s7-day average −0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as 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−$350.350% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.060%+$6 on $10k

Price spread, last 4 days (all we have)−0.278%−$28 · spread now +0.131%, 7d avg −0.075%

Together, before fees−0.218%−$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phoenix is 0.206% dearer against Bybit than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of −0.075%. The two prices were read 45 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	Bybit GOOGLUSDT	358.48	0	get 0.0000% / 8h	5h 56m	$11.6M	$7.7M	100x
Short	Phoenix GOOGL	358.95	0.0134	get 0.0017% / 1h	56m 37s	$138K	$36K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now +0.131%Rate

Funding earned: $28.13
Price spread: +0.131% → −0.075%: $20.61
Slippage, 4 orders: −$16.98
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $13.76
Costs to cover: 0.350%
Break-even: 3.6 days

Slippage from Bybit: live order book, 5 min ago; Phoenix: live order book, 48 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 Bybit live order book, 5 min ago	0.28 bp	8.8 bp −$9	12.4 bp −$124	doesn't fit	doesn't fit
Sell Phoenix live order book, 48 min ago	3.07 bp	8.9 bp −$9	19.1 bp −$191	doesn't fit	doesn't fit

GOOGL on 36 exchanges

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
Hotstuff GOOGL-PERP	−0.1600%	1h	357.90	−0.162%	$33K	—	20x	as long as short
Coinbase International GOOGL-PERP-INTX	−0.0040%	1h	358.38	−0.028%	$530K	$1.2M	10x	as long as short
Bybit GOOGLUSDTlong	0.0000%	8h	358.48	long leg	$11.6M	$7.7M	100x
OKX GOOGL-USDT-SWAP	0.0000%	8h	358.56	+0.022%	$13.6M	$13.6M	50x	as long as short
Gate GOOGL_USDT	0.0000%	8h	358.39	−0.025%	$3.7M	$6.7M	100x	as long as short
Bitget GOOGLUSDT	0.0000%	8h	358.51	+0.008%	$17.4M	$9.7M	100x	as long as short
SunX GOOGL-USDT	0.0000%	8h	358.67	+0.053%	$1K	$3.7M	20x	as long as short
HTX GOOGL-USDT	0.0000%	8h	358.78	+0.084%	$115K	$211K	30x	as long as short
Phemex GOOGLUSDT	0.0000%	4h	358.89	+0.114%	$2.7M	$114K	10x	as long as short
Variational Omni GOOGL	+0.0011%	8h	359.14	+0.184%	$5.0M	$2.3M	—	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps GOOGLUSD	+0.0027%	1h	358.71	+0.064%	$145K	$42K	10x	as long as short
Deribit GOOGL_USDC-PERPETUAL	+0.0029%	1h	358.47	−0.003%	$29K	$152K	10x	as long as short
Lighter RH GOOGL	+0.0032%	1h	358.38	−0.028%	$1.3M	$1.7M	20x	as long as short
Injective GOOGL/USDC PERP	+0.0033%	1h	357.12	−0.379%	$128K	$45K	30x	as long as short
Vest GOOGL-USD-PERP	+0.0046%	1h	358.75	+0.075%	—	$5K	25x	as long as short
tradeXYZ xyz:GOOGL	+0.0050%	1h	358.24	−0.067%	$98.0M	$21.8M	20x	as long as short
Polymarket Perps GOOG-USD	+0.0050%	1h	358.43	−0.014%	$686K	$413K	10x	as long as short
SoDEX GOOGL-USD	+0.0050%	1h	358.45	−0.008%	$113	$46K	10x	as long as short
Ondo Perps GOOGL-USD.P	+0.0050%	1h	358.08	−0.112%	$2.3M	$3.9M	15x	as long as short
QFEX GOOGL-USD	+0.0060%	1h	358.64	+0.045%	$1.3M	$4.1M	10x	as long as short
Paradex GOOGL-USD-PERP	+0.0061%	8h	358.35	−0.037%	$294	$253	5x	as long as short
Aster GOOGLUSDT	+0.0065%	8h	358.46	−0.005%	$368K	$420K	20x	as long as short
Nado GOOGL-PERP	+0.0067%	1h	358.45	−0.009%	$553K	$82K	20x	as long as short
Binance GOOGLUSDT	+0.0085%	8h	358.48	0.000%	$73.2M	$144.5M	50x	as long as short
Extended GOOGL-USD	+0.0088%	1h	358.38	−0.027%	$426K	$2.4M	20x	as long as short
Pacifica GOOGL	+0.0100%	1h	358.12	−0.099%	$42K	$20K	10x	as long as short
KuCoin GOOGLUSDTM	+0.0100%	8h	358.30	−0.050%	$3.0M	$242K	20x	as long as short
ApeX Omni GOOGLUSDT	+0.0100%	1h	358.70	+0.061%	$27K	$13K	50x	as long as short
Orderly PERP_GOOGL_USDC	+0.0100%	8h	358.54	+0.017%	$10K	$11K	20x	as long as short
Aevo GOOGL-PERP	+0.0104%	1h	358.53	+0.015%	$25K	—	10x	as long as short
Lighter GOOGL	+0.0120%	1h	358.37	−0.031%	$2.0M	$2.1M	20x	as long as short
Phoenix GOOGLshort	+0.0134%	1h	358.95	+0.131%	$138K	$36K	20x
GRVT GOOGL_USDT_Perp	+0.0172%	8h	359.28	+0.223%	$24K	$450K	10x	as long as short
Arcus GOOGL-USD	+0.0199%	1h	358.30	−0.050%	$211K	$245K	10x	as long as short
BloFin GOOGL-USDT	+0.0205%	8h	358.74	+0.073%	$690K	$242K	20x	as long as short
edgeX GOOGLUSDC	+0.0388%	4h	359.09	+0.171%	$210K	$1.2M	10x	as long as short