Funding arb · Price arb /

GOOGL

RWAall GOOGL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0134%/8h= +14.7% APRpaid last 24h +0.039%

Price spread now: Phoenix against SunX−0.042%7-day average −0.064% · you buy dearer than you sell

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$115as in the Price arb table

costs, in and out, $10k−$1171.173% of the position

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.186%+$19 on $10k

Price spread, last 4 days (all we have)−0.111%−$11 · spread now −0.042%, 7d avg −0.064%

Together, before fees+0.075%+$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phoenix is 0.022% dearer against SunX than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.064%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX GOOGL-USDT	357.39	0	get 0.0000% / 8h	2h 51m	$1K	$4.1M	20x
Short	Phoenix GOOGL	357.24	0.0134	get 0.0017% / 1h	51m 21s	$137K	$36K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. 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 SunXbpFee PhoenixbpOrdersPrice spread, now −0.042%Rate

Funding earned: $28.19
Price spread: −0.042% → −0.064%: $2.23
Slippage, 4 orders: −$102.34
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$86.92
Costs to cover: 1.173%
Break-even: 28.6 days

Slippage from SunX: live order book, 7 min ago; Phoenix: live order book, 54 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 SunX live order book, 7 min ago	44.88 bp	49.3 bp −$49	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 54 min ago	3.08 bp	9.3 bp −$9	20.1 bp −$201	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	−0.0048%	1h	357.14	−0.070%	$33K	—	20x	as long as short
Gate GOOGL_USDT	0.0000%	8h	357.26	−0.036%	$3.6M	$7.4M	100x	as long as short
Bitget GOOGLUSDT	0.0000%	8h	357.47	+0.022%	$17.5M	$9.7M	100x	as long as short
SunX GOOGL-USDTlong	0.0000%	8h	357.39	long leg	$1K	$4.1M	20x
Deribit GOOGL_USDC-PERPETUAL	0.0000%	1h	357.15	−0.067%	$24K	$156K	10x	as long as short
HTX GOOGL-USDT	0.0000%	8h	357.54	+0.042%	$115K	$216K	30x	as long as short
Phemex GOOGLUSDT	0.0000%	4h	357.45	+0.017%	$2.7M	$87K	10x	as long as short
Nado GOOGL-PERP	+0.0001%	1h	357.10	−0.082%	$557K	$86K	20x	as long as short
GRVT GOOGL_USDT_Perp	+0.0006%	8h	357.34	−0.013%	$23K	$446K	10x	as long as short
Coinbase International GOOGL-PERP-INTX	+0.0016%	1h	357.19	−0.056%	$521K	$1.1M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni GOOGL	+0.0017%	8h	357.50	+0.031%	$4.8M	$2.4M	—	as long as short
Aftermath Perps GOOGLUSD	+0.0022%	1h	357.26	−0.038%	$144K	$47K	10x	as long as short
Lighter RH GOOGL	+0.0032%	1h	357.28	−0.031%	$1.3M	$2.1M	20x	as long as short
Injective GOOGL/USDC PERP	+0.0033%	1h	357.12	−0.076%	$128K	$45K	30x	as long as short
Arcus GOOGL-USD	+0.0040%	1h	357.19	−0.056%	$207K	$279K	10x	as long as short
Vest GOOGL-USD-PERP	+0.0046%	1h	357.35	−0.011%	—	$5K	25x	as long as short
QFEX GOOGL-USD	+0.0047%	1h	357.30	−0.025%	$1.3M	$4.3M	10x	as long as short
OKX GOOGL-USDT-SWAP	+0.0048%	8h	357.33	−0.017%	$13.7M	$12.5M	50x	as long as short
tradeXYZ xyz:GOOGL	+0.0050%	1h	357.14	−0.070%	$99.1M	$20.7M	20x	as long as short
Polymarket Perps GOOG-USD	+0.0050%	1h	357.15	−0.067%	$685K	$429K	10x	as long as short
SoDEX GOOGL-USD	+0.0050%	1h	357.12	−0.076%	$149	$46K	10x	as long as short
Ondo Perps GOOGL-USD.P	+0.0050%	1h	357.04	−0.098%	$2.3M	$4.9M	15x	as long as short
Paradex GOOGL-USD-PERP	+0.0063%	8h	357.27	−0.034%	$293	$253	5x	as long as short
Aster GOOGLUSDT	+0.0071%	8h	357.48	+0.024%	$366K	$426K	20x	as long as short
Extended GOOGL-USD	+0.0088%	1h	357.29	−0.028%	$424K	$1.2M	20x	as long as short
Binance GOOGLUSDT	+0.0091%	8h	357.39	−0.001%	$72.3M	$143.0M	50x	as long as short
Pacifica GOOGL	+0.0100%	1h	357.12	−0.076%	$42K	$41K	10x	as long as short
KuCoin GOOGLUSDTM	+0.0100%	8h	357.15	−0.067%	$3.0M	$106K	20x	as long as short
ApeX Omni GOOGLUSDT	+0.0100%	1h	357.18	−0.059%	$22K	$10K	50x	as long as short
Orderly PERP_GOOGL_USDC	+0.0100%	8h	357.22	−0.048%	$10K	$11K	20x	as long as short
Lighter GOOGL	+0.0104%	1h	357.29	−0.028%	$2.0M	$1.3M	20x	as long as short
Aevo GOOGL-PERP	+0.0104%	1h	357.22	−0.048%	$25K	—	10x	as long as short
Phoenix GOOGLshort	+0.0134%	1h	357.24	−0.042%	$137K	$36K	20x
BloFin GOOGL-USDT	+0.0210%	8h	357.41	+0.006%	$693K	$235K	20x	as long as short
Bybit GOOGLUSDT	+0.0225%	8h	357.45	+0.017%	$12.0M	$7.5M	100x	as long as short
edgeX GOOGLUSDC	+0.0992%	4h	357.35	−0.012%	$208K	$1.2M	10x	as long as short