Funding arb · Price arb /

GOOGL

RWAall GOOGL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0025%/8h= −2.7% APRpaid last 24h +0.026%

Price spread now: OKX against Phoenix+0.008%46s7-day average +0.070% · 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−$310.307% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.095%−$9 on $10k

Price spread, last 3 days (all we have)+0.118%+$12 · spread now +0.008%, 7d avg +0.070%

Together, before fees+0.024%+$2 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 OKX is 0.061% cheaper against Phoenix than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.070%). Swap the legs. The two prices were read 46 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	356.70	0.0135	pay 0.0017% / 1h	4m 46s	$137K	$48K	20x
Short	OKX GOOGL-USDT-SWAP	356.73	0.0110	get 0.0110% / 8h	1h 04m	$13.9M	$12.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$5.15
Price spread: +0.008% → +0.070%: −$6.14
Slippage, 4 orders: −$13.75
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$42.04
Costs to cover: 0.307%
Break-even: never at this rate

Slippage from Phoenix: live order book, 6 min ago; OKX: live order book, 4 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, 6 min ago	3.09 bp	9.1 bp −$9	19.2 bp −$192	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.14 bp	5.6 bp −$6	10.6 bp −$106	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	−0.090%	$530K	$1.1M	10x	as long as short
Gate GOOGL_USDT	0.0000%	8h	356.68	−0.006%	$3.6M	$7.5M	100x	as long as short
SunX GOOGL-USDT	0.0000%	8h	356.90	+0.056%	$1K	$4.2M	20x	as long as short
HTX GOOGL-USDT	0.0000%	8h	357.00	+0.084%	$115K	$224K	30x	as long as short
Phemex GOOGLUSDT	0.0000%	4h	356.88	+0.050%	$2.7M	$63K	10x	as long as short
Deribit GOOGL_USDC-PERPETUAL	+0.0002%	1h	356.58	−0.034%	$22K	$151K	10x	as long as short
Aftermath Perps GOOGLUSD	+0.0012%	1h	356.38	−0.090%	$144K	$54K	10x	as long as short
Lighter RH GOOGL	+0.0032%	1h	356.77	+0.020%	$1.4M	$2.5M	20x	as long as short
Injective GOOGL/USDC PERP	+0.0033%	1h	357.12	+0.118%	$128K	$45K	30x	as long as short
Variational Omni GOOGL	+0.0040%	8h	356.86	+0.044%	$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
GRVT GOOGL_USDT_Perp	+0.0042%	8h	356.65	−0.014%	$23K	$475K	10x	as long as short
QFEX GOOGL-USD	+0.0045%	1h	356.81	+0.031%	$1.3M	$4.8M	10x	as long as short
Vest GOOGL-USD-PERP	+0.0046%	1h	356.79	+0.025%	—	$5K	25x	as long as short
tradeXYZ xyz:GOOGL	+0.0050%	1h	356.45	−0.070%	$98.0M	$24.6M	20x	as long as short
Polymarket Perps GOOG-USD	+0.0050%	1h	356.60	−0.028%	$684K	$437K	10x	as long as short
SoDEX GOOGL-USD	+0.0050%	1h	356.60	−0.028%	$182	$46K	10x	as long as short
Ondo Perps GOOGL-USD.P	+0.0050%	1h	356.57	−0.036%	$2.3M	$4.9M	15x	as long as short
Bybit GOOGLUSDT	+0.0074%	8h	356.77	+0.020%	$11.5M	$7.7M	100x	as long as short
Hotstuff GOOGL-PERP	+0.0088%	1h	356.62	−0.022%	$33K	—	20x	as long as short
Paradex GOOGL-USD-PERP	+0.0091%	8h	356.65	−0.013%	$292	$253	5x	as long as short
Bitget GOOGLUSDT	+0.0096%	8h	356.76	+0.017%	$16.9M	$9.2M	100x	as long as short
Pacifica GOOGL	+0.0100%	1h	356.64	−0.017%	$42K	$45K	10x	as long as short
KuCoin GOOGLUSDTM	+0.0100%	8h	356.35	−0.098%	$3.0M	$65K	20x	as long as short
ApeX Omni GOOGLUSDT	+0.0100%	1h	356.45	−0.070%	$21K	$9K	50x	as long as short
Orderly PERP_GOOGL_USDC	+0.0100%	8h	356.75	+0.014%	$10K	$10K	20x	as long as short
Aster GOOGLUSDT	+0.0100%	8h	356.83	+0.036%	$362K	$455K	20x	as long as short
Aevo GOOGL-PERP	+0.0104%	1h	356.75	+0.014%	$25K	—	10x	as long as short
OKX GOOGL-USDT-SWAPshort	+0.0110%	8h	356.73	+0.008%	$13.9M	$12.9M	50x
Extended GOOGL-USD	+0.0120%	1h	356.74	+0.012%	$421K	$1.6M	20x	as long as short
Binance GOOGLUSDT	+0.0122%	8h	356.74	+0.011%	$73.0M	$142.3M	50x	as long as short
Nado GOOGL-PERP	+0.0128%	1h	356.60	−0.029%	$560K	$82K	20x	as long as short
Phoenix GOOGLlong	+0.0135%	1h	356.70	long leg	$137K	$48K	20x
Arcus GOOGL-USD	+0.0169%	1h	356.65	−0.014%	$202K	$271K	10x	as long as short
BloFin GOOGL-USDT	+0.0240%	8h	356.83	+0.036%	$690K	$235K	20x	as long as short
Lighter GOOGL	+0.0280%	1h	356.77	+0.020%	$2.0M	$1.0M	20x	as long as short
edgeX GOOGLUSDC	+0.0568%	4h	356.77	+0.021%	$208K	$1.2M	10x	as long as short