Funding arb · Price arb /

GOOGL

RWAall GOOGL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h −0.052%

Price spread now: Phemex against Injective−0.067%7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$670.673% of the position

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.080%−$8 on $10k

Price spread, last 3 days (all we have)+0.119%+$12 · spread now −0.067%, 7d avg −0.031%

Together, before fees+0.039%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.036% cheaper against Injective than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.031%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective GOOGL/USDC PERP	357.12	0.0033	pay 0.0004% / 1h	7m 13s	$128K	$45K	30x
Short	Phemex GOOGLUSDT	356.88	0	get 0.0000% / 4h	1h 07m	$2.7M	$64K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now −0.067%Rate

Funding earned: −$7
Price spread: −0.067% → −0.031%: −$3.58
Slippage, 4 orders: −$55.24
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$77.84
Costs to cover: 0.673%
Break-even: never at this rate

Slippage from Injective: live order book, 11 min ago; Phemex: live order book, 1 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 Injective live order book, 11 min ago	10.24 bp	10.2 bp −$10	10.2 bp −$102	57280.7 bp −$5.73M	326403.2 bp −$163.20M
Sell Phemex live order book, 1 min ago	0.84 bp	22.8 bp −$23	doesn't fit	doesn't fit	doesn't fit

GOOGL on 36 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
Coinbase International GOOGL-PERP-INTX	−0.0024%	1h	356.38	−0.207%	$530K	$1.1M	10x	as long as short
Gate GOOGL_USDT	0.0000%	8h	356.66	−0.129%	$3.6M	$7.5M	100x	as long as short
SunX GOOGL-USDT	0.0000%	8h	356.81	−0.087%	$1K	$4.2M	20x	as long as short
Deribit GOOGL_USDC-PERPETUAL	0.0000%	1h	356.55	−0.160%	$23K	$151K	10x	as long as short
HTX GOOGL-USDT	0.0000%	8h	356.98	−0.039%	$115K	$224K	30x	as long as short
Phemex GOOGLUSDTshort	0.0000%	4h	356.88	−0.067%	$2.7M	$64K	10x
Hotstuff GOOGL-PERP	+0.0008%	1h	356.53	−0.165%	$33K	—	20x	as long as short
Aftermath Perps GOOGLUSD	+0.0013%	1h	356.34	−0.219%	$144K	$54K	10x	as long as short
edgeX GOOGLUSDC	+0.0014%	4h	356.65	−0.131%	$208K	$1.2M	10x	as long as short
Variational Omni GOOGL	+0.0032%	8h	356.66	−0.130%	$4.6M	$2.5M	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH GOOGL	+0.0032%	1h	356.84	−0.078%	$1.4M	$2.5M	20x	as long as short
Injective GOOGL/USDC PERPlong	+0.0033%	1h	357.12	long leg	$128K	$45K	30x
GRVT GOOGL_USDT_Perp	+0.0042%	8h	356.65	−0.131%	$23K	$475K	10x	as long as short
QFEX GOOGL-USD	+0.0045%	1h	356.71	−0.115%	$1.3M	$4.8M	10x	as long as short
Vest GOOGL-USD-PERP	+0.0046%	1h	356.72	−0.112%	—	$5K	25x	as long as short
tradeXYZ xyz:GOOGL	+0.0050%	1h	356.54	−0.162%	$98.1M	$24.6M	20x	as long as short
Polymarket Perps GOOG-USD	+0.0050%	1h	356.52	−0.168%	$683K	$437K	10x	as long as short
SoDEX GOOGL-USD	+0.0050%	1h	356.56	−0.157%	$184	$46K	10x	as long as short
Ondo Perps GOOGL-USD.P	+0.0050%	1h	356.40	−0.202%	$2.3M	$4.9M	15x	as long as short
Bybit GOOGLUSDT	+0.0071%	8h	356.86	−0.073%	$11.5M	$7.7M	100x	as long as short
Paradex GOOGL-USD-PERP	+0.0090%	8h	356.73	−0.110%	$293	$253	5x	as long as short
Bitget GOOGLUSDT	+0.0095%	8h	356.84	−0.078%	$16.9M	$9.2M	100x	as long as short
Aster GOOGLUSDT	+0.0096%	8h	356.83	−0.081%	$362K	$455K	20x	as long as short
Pacifica GOOGL	+0.0100%	1h	356.70	−0.118%	$42K	$45K	10x	as long as short
KuCoin GOOGLUSDTM	+0.0100%	8h	356.36	−0.213%	$3.0M	$65K	20x	as long as short
ApeX Omni GOOGLUSDT	+0.0100%	1h	356.45	−0.188%	$21K	$9K	50x	as long as short
Orderly PERP_GOOGL_USDC	+0.0100%	8h	356.66	−0.129%	$10K	$10K	20x	as long as short
Aevo GOOGL-PERP	+0.0104%	1h	356.66	−0.129%	$25K	—	10x	as long as short
OKX GOOGL-USDT-SWAP	+0.0108%	8h	356.82	−0.084%	$13.9M	$12.9M	50x	as long as short
Binance GOOGLUSDT	+0.0117%	8h	356.85	−0.074%	$73.0M	$142.2M	50x	as long as short
Extended GOOGL-USD	+0.0120%	1h	356.75	−0.103%	$421K	$1.6M	20x	as long as short
Nado GOOGL-PERP	+0.0129%	1h	356.47	−0.183%	$559K	$82K	20x	as long as short
Phoenix GOOGL	+0.0135%	1h	356.64	−0.134%	$137K	$48K	20x	as long as short
Arcus GOOGL-USD	+0.0169%	1h	356.56	−0.157%	$202K	$271K	10x	as long as short
BloFin GOOGL-USDT	+0.0237%	8h	356.66	−0.129%	$689K	$235K	20x	as long as short
Lighter GOOGL	+0.0280%	1h	356.84	−0.078%	$2.0M	$1.0M	20x	as long as short