Funding arb · Price arb /

GOOGL

RWAall GOOGL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h +0.010%

Price spread now: Lighter against Phoenix+0.098%74s7-day average +0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as 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−$180.177% of the position

Long on Phoenix Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.035%+$3 on $10k

Price spread, last 4 days (all we have)+0.027%+$3 · spread now +0.098%, 7d avg +0.053%

Together, before fees+0.062%+ Points / potential airdropLighter: Season 3 · farm board+$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.045% dearer against Phoenix than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.053%. The two prices were read 74 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	357.32	0.0112	pay 0.0014% / 1h	15m 57s	$137K	$36K	20x
Short	Lighter GOOGL	357.67	0.0112	get 0.0014% / 1h	15m 57s	$2.0M	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.098%Rate

Funding earned: −$0.01
Price spread: +0.098% → +0.053%: $4.52
Slippage, 4 orders: −$10.72
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: −$13.2
Costs to cover: 0.177%
Break-even: never at this rate

Slippage from Phoenix: live order book, 15 min ago; Lighter: live order book, 6 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, 15 min ago	2.52 bp	8.4 bp −$8	17.2 bp −$172	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	0.42 bp	0.6 bp −$1	3.2 bp −$32	78.1 bp −$7,808	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
Deribit GOOGL_USDC-PERPETUAL	−0.0281%	1h	357.31	−0.003%	$24K	$157K	10x	as long as short
Coinbase International GOOGL-PERP-INTX	−0.0048%	1h	357.09	−0.064%	$512K	$1.1M	10x	as long as short
Nado GOOGL-PERP	−0.0008%	1h	357.49	+0.048%	$550K	$88K	20x	as long as short
OKX GOOGL-USDT-SWAP	0.0000%	8h	357.62	+0.084%	$13.6M	$12.8M	50x	as long as short
Gate GOOGL_USDT	0.0000%	8h	357.51	+0.053%	$3.6M	$7.5M	100x	as long as short
Bitget GOOGLUSDT	0.0000%	8h	357.67	+0.098%	$17.4M	$9.8M	100x	as long as short
Variational Omni GOOGL	0.0000%	8h	357.51	+0.054%	$4.8M	$2.4M	—	as long as short
GRVT GOOGL_USDT_Perp	0.0000%	8h	357.56	+0.067%	$23K	$449K	10x	as long as short
SunX GOOGL-USDT	0.0000%	8h	357.67	+0.098%	$1K	$4.0M	20x	as long as short
HTX GOOGL-USDT	0.0000%	8h	357.77	+0.126%	$115K	$210K	30x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex GOOGLUSDT	0.0000%	4h	357.69	+0.104%	$2.7M	$88K	10x	as long as short
Aster GOOGLUSDT	+0.0006%	8h	357.81	+0.138%	$366K	$422K	20x	as long as short
Aftermath Perps GOOGLUSD	+0.0022%	1h	357.42	+0.027%	$144K	$44K	10x	as long as short
Hotstuff GOOGL-PERP	+0.0024%	1h	357.45	+0.036%	$33K	—	20x	as long as short
Binance GOOGLUSDT	+0.0028%	8h	357.67	+0.098%	$72.1M	$143.3M	50x	as long as short
Lighter RH GOOGL	+0.0032%	1h	357.59	+0.076%	$1.4M	$1.9M	20x	as long as short
Extended GOOGL-USD	+0.0032%	1h	357.59	+0.074%	$427K	$2.5M	20x	as long as short
Injective GOOGL/USDC PERP	+0.0033%	1h	357.12	−0.056%	$128K	$45K	30x	as long as short
QFEX GOOGL-USD	+0.0035%	1h	357.58	+0.073%	$1.3M	$4.1M	10x	as long as short
Arcus GOOGL-USD	+0.0040%	1h	357.33	+0.003%	$208K	$279K	10x	as long as short
Vest GOOGL-USD-PERP	+0.0046%	1h	357.78	+0.129%	—	$5K	25x	as long as short
tradeXYZ xyz:GOOGL	+0.0050%	1h	357.50	+0.050%	$98.2M	$21.4M	20x	as long as short
KuCoin GOOGLUSDTM	+0.0050%	8h	357.15	−0.048%	$3.0M	$106K	20x	as long as short
Polymarket Perps GOOG-USD	+0.0050%	1h	357.41	+0.025%	$686K	$430K	10x	as long as short
SoDEX GOOGL-USD	+0.0050%	1h	357.43	+0.031%	$134	$46K	10x	as long as short
Ondo Perps GOOGL-USD.P	+0.0050%	1h	357.19	−0.036%	$2.3M	$4.6M	15x	as long as short
Paradex GOOGL-USD-PERP	+0.0051%	8h	357.62	+0.084%	$293	$253	5x	as long as short
Bybit GOOGLUSDT	+0.0084%	8h	357.67	+0.098%	$11.5M	$7.9M	100x	as long as short
Pacifica GOOGL	+0.0100%	1h	357.41	+0.025%	$42K	$26K	10x	as long as short
ApeX Omni GOOGLUSDT	+0.0100%	1h	357.36	+0.011%	$22K	$10K	50x	as long as short
Orderly PERP_GOOGL_USDC	+0.0100%	8h	357.49	+0.048%	$10K	$11K	20x	as long as short
Aevo GOOGL-PERP	+0.0104%	1h	357.54	+0.061%	$25K	—	10x	as long as short
Lighter GOOGLshort	+0.0112%	1h	357.67	+0.098%	$2.0M	$1.4M	20x
Phoenix GOOGLlong	+0.0112%	1h	357.32	long leg	$137K	$36K	20x
BloFin GOOGL-USDT	+0.0113%	8h	357.61	+0.081%	$688K	$236K	20x	as long as short
edgeX GOOGLUSDC	+0.0159%	4h	357.53	+0.058%	$208K	$1.2M	10x	as long as short