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: Injective against Phemex+0.067%65s7-day average +0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as 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−$670.673% of the position

Long on Phemex Short on Injective

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 for this trade now. Funding pays +$1 a day on $10k at the current rate, and Injective is 0.036% dearer against Phemex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.031%. The two prices were read 65 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	Phemex GOOGLUSDT	356.88	0	get 0.0000% / 4h	1h 06m	$2.7M	$64K	10x
Short	Injective GOOGL/USDC PERP	357.12	0.0033	get 0.0004% / 1h	6m 08s	$128K	$45K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.067%Rate

Funding earned: $7
Price spread: +0.067% → +0.031%: $3.59
Slippage, 4 orders: −$55.24
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$56.67
Costs to cover: 0.673%
Break-even: 63.7 days

Slippage from Phemex: live order book, 2 min ago; Injective: live order book, 13 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	0.84 bp	24.0 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Injective live order book, 13 min ago	10.24 bp	10.2 bp −$10	10.2 bp −$102	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	−0.140%	$530K	$1.1M	10x	as long as short
Gate GOOGL_USDT	0.0000%	8h	356.74	−0.039%	$3.6M	$7.5M	100x	as long as short
SunX GOOGL-USDT	0.0000%	8h	356.86	−0.006%	$1K	$4.2M	20x	as long as short
Deribit GOOGL_USDC-PERPETUAL	0.0000%	1h	356.60	−0.078%	$22K	$151K	10x	as long as short
HTX GOOGL-USDT	0.0000%	8h	356.93	+0.014%	$115K	$224K	30x	as long as short
Phemex GOOGLUSDTlong	0.0000%	4h	356.88	long leg	$2.7M	$64K	10x
Hotstuff GOOGL-PERP	+0.0008%	1h	356.57	−0.087%	$33K	—	20x	as long as short
Aftermath Perps GOOGLUSD	+0.0013%	1h	356.35	−0.150%	$144K	$54K	10x	as long as short
edgeX GOOGLUSDC	+0.0014%	4h	356.65	−0.064%	$208K	$1.2M	10x	as long as short
Variational Omni GOOGL	+0.0032%	8h	356.66	−0.063%	$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	356.90	+0.006%	$1.4M	$2.5M	20x	as long as short
Injective GOOGL/USDC PERPshort	+0.0033%	1h	357.12	+0.067%	$128K	$45K	30x
GRVT GOOGL_USDT_Perp	+0.0042%	8h	356.65	−0.064%	$23K	$475K	10x	as long as short
QFEX GOOGL-USD	+0.0045%	1h	356.77	−0.031%	$1.3M	$4.8M	10x	as long as short
Vest GOOGL-USD-PERP	+0.0046%	1h	356.78	−0.028%	—	$5K	25x	as long as short
tradeXYZ xyz:GOOGL	+0.0050%	1h	356.62	−0.073%	$98.1M	$24.6M	20x	as long as short
Polymarket Perps GOOG-USD	+0.0050%	1h	356.62	−0.073%	$684K	$437K	10x	as long as short
SoDEX GOOGL-USD	+0.0050%	1h	356.61	−0.076%	$186	$46K	10x	as long as short
Ondo Perps GOOGL-USD.P	+0.0050%	1h	356.40	−0.134%	$2.3M	$4.9M	15x	as long as short
Bybit GOOGLUSDT	+0.0073%	8h	356.91	+0.008%	$11.5M	$7.7M	100x	as long as short
Paradex GOOGL-USD-PERP	+0.0092%	8h	356.84	−0.011%	$293	$253	5x	as long as short
Bitget GOOGLUSDT	+0.0096%	8h	356.89	+0.003%	$16.9M	$9.2M	100x	as long as short
Aster GOOGLUSDT	+0.0098%	8h	356.83	−0.014%	$362K	$455K	20x	as long as short
Pacifica GOOGL	+0.0100%	1h	356.79	−0.025%	$42K	$45K	10x	as long as short
KuCoin GOOGLUSDTM	+0.0100%	8h	356.44	−0.123%	$3.0M	$65K	20x	as long as short
ApeX Omni GOOGLUSDT	+0.0100%	1h	356.45	−0.120%	$21K	$9K	50x	as long as short
Orderly PERP_GOOGL_USDC	+0.0100%	8h	356.76	−0.034%	$10K	$10K	20x	as long as short
Aevo GOOGL-PERP	+0.0104%	1h	356.76	−0.034%	$25K	—	10x	as long as short
OKX GOOGL-USDT-SWAP	+0.0109%	8h	356.86	−0.006%	$13.9M	$12.9M	50x	as long as short
Binance GOOGLUSDT	+0.0118%	8h	356.87	−0.003%	$73.1M	$142.2M	50x	as long as short
Extended GOOGL-USD	+0.0120%	1h	356.80	−0.023%	$421K	$1.6M	20x	as long as short
Nado GOOGL-PERP	+0.0129%	1h	356.63	−0.070%	$560K	$82K	20x	as long as short
Phoenix GOOGL	+0.0135%	1h	356.64	−0.067%	$137K	$48K	20x	as long as short
Arcus GOOGL-USD	+0.0169%	1h	356.65	−0.064%	$202K	$271K	10x	as long as short
BloFin GOOGL-USDT	+0.0237%	8h	356.66	−0.062%	$689K	$235K	20x	as long as short
Lighter GOOGL	+0.0280%	1h	356.89	+0.003%	$2.0M	$1.0M	20x	as long as short