Funding arb · Price arb /

HOOD

RWAall HOOD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0323%/8h= +35.3% APRpaid last 24h +0.004%

Price spread now: Phoenix against Bybit+0.016%115s7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as 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−$510.508% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.150%+$15 on $10k

Price spread, last 3 days (all we have)−0.089%−$9 · spread now +0.016%, 7d avg −0.002%

Together, before fees+0.061%+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.002%, so right now this pair is about funding alone: +$10 a day on $10k at the current rate. The two prices were read 115 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.150% in total (about 7.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HOODUSDT	123.58	0	get 0.0000% / 8h	2h 03m	$4.0M	$8.7M	25x
Short	Phoenix HOOD	123.60	0.0323	get 0.0040% / 1h	3m 29s	$28K	$188K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now +0.016%Rate

Funding earned: $67.76
Price spread: +0.016% → −0.002%: $1.8
Slippage, 4 orders: −$32.8
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $18.75
Costs to cover: 0.508%
Break-even: 5.1 days

Slippage from Bybit: live order book, 5 min ago; Phoenix: live order book, 13 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 Bybit live order book, 5 min ago	2.83 bp	11.2 bp −$11	33.7 bp −$337	doesn't fit	doesn't fit
Sell Phoenix live order book, 13 min ago	4.04 bp	12.8 bp −$13	27.9 bp −$279	doesn't fit	doesn't fit

HOOD on 30 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
Polymarket Perps HOOD-USD	−0.0005%	1h	123.41	−0.138%	$263K	$320K	10x	as long as short
Aster HOODUSDT	0.0000%	8h	123.64	+0.050%	$110K	$262K	20x	as long as short
Bybit HOODUSDTlong	0.0000%	8h	123.58	long leg	$4.0M	$8.7M	25x
OKX HOOD-USDT-SWAP	0.0000%	8h	123.60	+0.016%	$3.0M	$5.7M	20x	as long as short
Gate HOOD_USDT	0.0000%	8h	123.58	0.000%	$554K	$7.9M	50x	as long as short
Phemex HOODUSDT	0.0000%	8h	123.63	+0.040%	$1.0M	$8K	10x	as long as short
Injective HOOD/USDC PERP	+0.0004%	1h	123.73	+0.121%	$63K	$50K	30x	as long as short
Bitget HOODUSDT	+0.0006%	8h	123.59	+0.008%	$5.7M	$9.2M	20x	as long as short
Variational Omni HOOD	+0.0015%	8h	123.63	+0.040%	$2.4M	$1.0M	—	as long as short
Lighter HOOD	+0.0032%	1h	123.52	−0.049%	$3.0M	$2.0M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest HOOD-USD-PERP	+0.0046%	1h	123.48	−0.081%	—	$63K	25x	as long as short
SoDEX HOOD-USD	+0.0050%	1h	123.59	+0.012%	$744	$3K	10x	as long as short
Ondo Perps HOOD-USD.P	+0.0050%	1h	123.55	−0.024%	$1.4M	$1.3M	15x	as long as short
QFEX HOOD-USD	+0.0061%	1h	123.59	+0.008%	$1.3M	$4.1M	10x	as long as short
GRVT HOOD_USDT_Perp	+0.0090%	8h	123.60	+0.016%	$870K	$2.2M	10x	as long as short
Pacifica HOOD	+0.0100%	1h	123.46	−0.094%	$80K	$110K	10x	as long as short
KuCoin HOODUSDTM	+0.0100%	8h	123.60	+0.016%	$1.3M	$1.1M	20x	as long as short
ApeX Omni HOODUSDT	+0.0100%	1h	123.50	−0.065%	$45K	$236K	50x	as long as short
Orderly PERP_HOOD_USDC_mythos	+0.0100%	8h	123.58	0.000%	$2K	$2K	10x	as long as short
Aevo HOOD-PERP	+0.0104%	1h	123.60	+0.018%	$16K	—	10x	as long as short
Extended HOOD_24_5-USD	+0.0136%	1h	123.61	+0.024%	$419K	$1.2M	10x	as long as short
Binance HOODUSDT	+0.0138%	8h	123.62	+0.033%	$23.8M	$84.3M	20x	as long as short
Coinbase International HOOD-PERP-INTX	+0.0192%	1h	123.41	−0.138%	$196K	$1.8M	10x	as long as short
edgeX HOODUSDC	+0.0223%	4h	123.63	+0.037%	$372K	$307K	10x	as long as short
BloFin HOOD-USDT	+0.0255%	8h	123.63	+0.040%	$188K	$123K	20x	as long as short
tradeXYZ xyz:HOOD	+0.0265%	1h	123.57	−0.008%	$53.1M	$30.0M	10x	as long as short
Phoenix HOODshort	+0.0323%	1h	123.60	+0.016%	$28K	$188K	10x
RISEx HOOD/USDC	+0.0337%	1h	123.58	+0.004%	$418K	$1.4M	10x	as long as short
Arcus HOOD-USD	+0.0472%	1h	123.54	−0.032%	$1.1M	$1.7M	10x	as long as short
Deribit HOOD_USDC-PERPETUAL	+0.0884%	1h	123.65	+0.057%	$6K	$84K	10x	as long as short