Funding arb · Price arb /

GOOGL

RWAall GOOGL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0121%/8h= −13.3% APRpaid last 24h −0.006%

Price spread now: Bybit against Phoenix+0.089%106s7-day average +0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as 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−$340.339% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)+0.058%+$6 · spread now +0.089%, 7d avg +0.075%

Together, before fees−0.002%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.075%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate. The two prices were read 106 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	Phoenix GOOGL	358.51	0.0134	pay 0.0017% / 1h	19m 38s	$138K	$36K	20x
Short	Bybit GOOGLUSDT	358.83	0.0013	get 0.0013% / 8h	6h 19m	$11.5M	$7.5M	100x

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 +0.089%Rate

Funding earned: −$25.5
Price spread: +0.089% → +0.075%: $1.43
Slippage, 4 orders: −$15.92
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$58
Costs to cover: 0.339%
Break-even: never at this rate

Slippage from Phoenix: live order book, 25 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, 25 min ago	3.07 bp	8.9 bp −$9	19.1 bp −$191	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.28 bp	8.5 bp −$9	14.1 bp −$141	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
Coinbase International GOOGL-PERP-INTX	−0.0056%	1h	358.00	−0.142%	$516K	$1.1M	10x	as long as short
OKX GOOGL-USDT-SWAP	0.0000%	8h	358.89	+0.106%	$13.5M	$13.4M	50x	as long as short
Gate GOOGL_USDT	0.0000%	8h	358.71	+0.056%	$3.7M	$6.8M	100x	as long as short
Bitget GOOGLUSDT	0.0000%	8h	358.92	+0.114%	$17.5M	$9.4M	100x	as long as short
Variational Omni GOOGL	0.0000%	8h	358.85	+0.095%	$5.0M	$2.4M	—	as long as short
SunX GOOGL-USDT	0.0000%	8h	358.87	+0.100%	$2K	$3.7M	20x	as long as short
HTX GOOGL-USDT	0.0000%	8h	359.04	+0.148%	$115K	$210K	30x	as long as short
Phemex GOOGLUSDT	0.0000%	4h	359.01	+0.139%	$2.7M	$106K	10x	as long as short
Bybit GOOGLUSDTshort	+0.0013%	8h	358.83	+0.089%	$11.5M	$7.5M	100x
Aftermath Perps GOOGLUSD	+0.0031%	1h	358.62	+0.032%	$145K	$43K	10x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH GOOGL	+0.0032%	1h	358.80	+0.081%	$1.3M	$1.9M	20x	as long as short
Injective GOOGL/USDC PERP	+0.0033%	1h	357.12	−0.388%	$128K	$45K	30x	as long as short
Aster GOOGLUSDT	+0.0041%	8h	358.55	+0.011%	$368K	$420K	20x	as long as short
Vest GOOGL-USD-PERP	+0.0046%	1h	358.92	+0.114%	—	$5K	25x	as long as short
QFEX GOOGL-USD	+0.0048%	1h	358.80	+0.081%	$1.3M	$4.1M	10x	as long as short
tradeXYZ xyz:GOOGL	+0.0050%	1h	358.61	+0.028%	$98.3M	$21.5M	20x	as long as short
Polymarket Perps GOOG-USD	+0.0050%	1h	358.74	+0.064%	$687K	$413K	10x	as long as short
SoDEX GOOGL-USD	+0.0050%	1h	358.65	+0.039%	$114	$46K	10x	as long as short
Ondo Perps GOOGL-USD.P	+0.0050%	1h	358.50	−0.003%	$2.3M	$3.9M	15x	as long as short
Extended GOOGL-USD	+0.0056%	1h	358.81	+0.084%	$424K	$2.4M	20x	as long as short
Binance GOOGLUSDT	+0.0062%	8h	358.89	+0.106%	$73.3M	$141.6M	50x	as long as short
Paradex GOOGL-USD-PERP	+0.0063%	8h	358.77	+0.071%	$294	$253	5x	as long as short
Arcus GOOGL-USD	+0.0081%	1h	358.66	+0.042%	$211K	$279K	10x	as long as short
Nado GOOGL-PERP	+0.0083%	1h	358.64	+0.036%	$552K	$81K	20x	as long as short
Deribit GOOGL_USDC-PERPETUAL	+0.0085%	1h	358.69	+0.050%	$24K	$148K	10x	as long as short
Pacifica GOOGL	+0.0100%	1h	358.55	+0.010%	$42K	$20K	10x	as long as short
KuCoin GOOGLUSDTM	+0.0100%	8h	358.50	−0.003%	$3.0M	$220K	20x	as long as short
ApeX Omni GOOGLUSDT	+0.0100%	1h	358.50	−0.003%	$22K	$10K	50x	as long as short
Orderly PERP_GOOGL_USDC	+0.0100%	8h	358.82	+0.086%	$10K	$11K	20x	as long as short
Aevo GOOGL-PERP	+0.0104%	1h	358.73	+0.063%	$25K	—	10x	as long as short
Hotstuff GOOGL-PERP	+0.0112%	1h	358.63	+0.033%	$33K	—	20x	as long as short
GRVT GOOGL_USDT_Perp	+0.0115%	8h	358.84	+0.093%	$24K	$446K	10x	as long as short
Phoenix GOOGLlong	+0.0134%	1h	358.51	long leg	$138K	$36K	20x
BloFin GOOGL-USDT	+0.0177%	8h	358.74	+0.064%	$687K	$238K	20x	as long as short
Lighter GOOGL	+0.0200%	1h	358.82	+0.086%	$2.0M	$2.2M	20x	as long as short
edgeX GOOGLUSDC	+0.0843%	4h	358.78	+0.076%	$209K	$1.2M	10x	as long as short