Funding arb · Price arb /

GOOGL

RWAall GOOGL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0112%/8h= −12.3% APRpaid last 24h −0.038%

Price spread now: Phemex against Phoenix+0.067%7-day average +0.083% · you sell dearer than you buy

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$730.730% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.184%−$18 on $10k

Price spread, last 4 days (all we have)+0.268%+$27 · spread now +0.067%, 7d avg +0.083%

Together, before fees+0.084%+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.083%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix GOOGL	357.80	0.0112	pay 0.0014% / 1h	4m 44s	$138K	$36K	20x
Short	Phemex GOOGLUSDT	358.04	0	get 0.0000% / 4h	1h 04m	$2.7M	$81K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.067%Rate

Funding earned: −$23.51
Price spread: +0.067% → +0.083%: −$1.57
Slippage, 4 orders: −$54.02
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$98.1
Costs to cover: 0.730%
Break-even: never at this rate

Slippage from Phoenix: live order book, 51 min ago; Phemex: 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, 51 min ago	2.52 bp	8.4 bp −$8	17.2 bp −$172	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	1.68 bp	29.8 bp −$30	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
Hotstuff GOOGL-PERP	−0.0080%	1h	357.69	−0.031%	$33K	—	20x	as long as short
Coinbase International GOOGL-PERP-INTX	−0.0064%	1h	357.46	−0.095%	$524K	$1.1M	10x	as long as short
Nado GOOGL-PERP	−0.0015%	1h	357.63	−0.047%	$558K	$80K	20x	as long as short
Gate GOOGL_USDT	0.0000%	8h	357.84	+0.011%	$3.6M	$7.5M	100x	as long as short
Variational Omni GOOGL	0.0000%	8h	357.92	+0.032%	$4.8M	$2.4M	—	as long as short
GRVT GOOGL_USDT_Perp	0.0000%	8h	357.95	+0.042%	$23K	$435K	10x	as long as short
SunX GOOGL-USDT	0.0000%	8h	357.98	+0.050%	$2K	$4.1M	20x	as long as short
HTX GOOGL-USDT	0.0000%	8h	358.01	+0.059%	$115K	$222K	30x	as long as short
Phemex GOOGLUSDTshort	0.0000%	4h	358.04	+0.067%	$2.7M	$81K	10x
Aftermath Perps GOOGLUSD	+0.0005%	1h	357.63	−0.048%	$144K	$49K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster GOOGLUSDT	+0.0026%	8h	357.66	−0.038%	$366K	$457K	20x	as long as short
QFEX GOOGL-USD	+0.0028%	1h	357.89	+0.025%	$1.3M	$4.3M	10x	as long as short
Lighter RH GOOGL	+0.0032%	1h	357.93	+0.036%	$1.3M	$2.3M	20x	as long as short
Injective GOOGL/USDC PERP	+0.0033%	1h	357.12	−0.190%	$128K	$45K	30x	as long as short
Arcus GOOGL-USD	+0.0040%	1h	357.65	−0.042%	$208K	$277K	10x	as long as short
Vest GOOGL-USD-PERP	+0.0046%	1h	357.87	+0.020%	—	$5K	25x	as long as short
Binance GOOGLUSDT	+0.0047%	8h	357.98	+0.050%	$73.1M	$141.3M	50x	as long as short
Extended GOOGL-USD	+0.0048%	1h	357.88	+0.024%	$426K	$1.8M	20x	as long as short
tradeXYZ xyz:GOOGL	+0.0050%	1h	357.72	−0.022%	$99.1M	$21.1M	20x	as long as short
Polymarket Perps GOOG-USD	+0.0050%	1h	357.68	−0.034%	$686K	$429K	10x	as long as short
SoDEX GOOGL-USD	+0.0050%	1h	357.72	−0.022%	$153	$46K	10x	as long as short
Ondo Perps GOOGL-USD.P	+0.0050%	1h	357.61	−0.053%	$2.3M	$4.9M	15x	as long as short
Bitget GOOGLUSDT	+0.0062%	8h	357.95	+0.042%	$17.5M	$9.6M	100x	as long as short
Paradex GOOGL-USD-PERP	+0.0073%	8h	357.86	+0.017%	$293	$253	5x	as long as short
Pacifica GOOGL	+0.0100%	1h	357.84	+0.011%	$42K	$41K	10x	as long as short
KuCoin GOOGLUSDTM	+0.0100%	8h	357.47	−0.092%	$3.0M	$67K	20x	as long as short
ApeX Omni GOOGLUSDT	+0.0100%	1h	357.65	−0.042%	$22K	$10K	50x	as long as short
Orderly PERP_GOOGL_USDC	+0.0100%	8h	357.86	+0.017%	$10K	$10K	20x	as long as short
Bybit GOOGLUSDT	+0.0101%	8h	358.13	+0.092%	$12.0M	$7.6M	100x	as long as short
Aevo GOOGL-PERP	+0.0104%	1h	357.79	−0.003%	$25K	—	10x	as long as short
OKX GOOGL-USDT-SWAP	+0.0106%	8h	357.95	+0.042%	$13.8M	$12.4M	50x	as long as short
Phoenix GOOGLlong	+0.0112%	1h	357.80	long leg	$138K	$36K	20x
BloFin GOOGL-USDT	+0.0166%	8h	357.99	+0.053%	$697K	$234K	20x	as long as short
Lighter GOOGL	+0.0168%	1h	357.97	+0.048%	$2.1M	$1.2M	20x	as long as short
Deribit GOOGL_USDC-PERPETUAL	+0.0365%	1h	357.83	+0.008%	$24K	$154K	10x	as long as short
edgeX GOOGLUSDC	+0.0853%	4h	357.90	+0.027%	$209K	$1.2M	10x	as long as short