Funding arb · Price arb /

HOOD

RWAall HOOD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0261%/8h= +28.6% APRpaid last 24h +0.066%

Price spread now: Phoenix against OKX+0.173%56s7-day average −0.004% · 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−$470.468% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.111%+$11 on $10k

Price spread, last 4 days (all we have)−0.391%−$39 · spread now +0.173%, 7d avg −0.004%

Together, before fees−0.280%−$28 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Phoenix is 0.177% dearer against OKX than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of −0.004%. The two prices were read 56 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 0.111% in total (about 5.8% 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	OKX HOOD-USDT-SWAP	121.55	0	get 0.0000% / 8h	5h 54m	$2.7M	$6.0M	20x
Short	Phoenix HOOD	121.76	0.0261	get 0.0033% / 1h	54m 32s	$28K	$239K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now +0.173%Rate

Funding earned: $54.9
Price spread: +0.173% → −0.004%: $17.69
Slippage, 4 orders: −$29.77
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $25.83
Costs to cover: 0.468%
Break-even: 3.7 days

Slippage from OKX: live order book, 3 min ago; Phoenix: live order book, 3 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 OKX live order book, 3 min ago	1.23 bp	13.5 bp −$13	33.4 bp −$334	doesn't fit	doesn't fit
Sell Phoenix live order book, 3 min ago	4.11 bp	13.0 bp −$13	28.7 bp −$287	doesn't fit	doesn't fit

HOOD on 29 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	−0.0189%	1h	121.34	−0.173%	$252K	$344K	10x	as long as short
Aster HOODUSDT	0.0000%	8h	121.63	+0.070%	$106K	$279K	20x	as long as short
Extended HOOD_24_5-USD	0.0000%	1h	121.54	−0.010%	$358K	$1.3M	10x	as long as short
Binance HOODUSDT	0.0000%	8h	121.56	+0.010%	$21.1M	$90.1M	20x	as long as short
Bybit HOODUSDT	0.0000%	8h	121.61	+0.049%	$3.9M	$8.8M	25x	as long as short
OKX HOOD-USDT-SWAPlong	0.0000%	8h	121.55	long leg	$2.7M	$6.0M	20x
RISEx HOOD/USDC	0.0000%	1h	121.56	+0.011%	$376K	$1.4M	10x	as long as short
Gate HOOD_USDT	0.0000%	8h	121.70	+0.123%	$579K	$7.7M	50x	as long as short
Bitget HOODUSDT	0.0000%	8h	121.59	+0.033%	$5.4M	$9.5M	20x	as long as short
Variational Omni HOOD	0.0000%	8h	121.69	+0.119%	$2.3M	$1.1M	—	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT HOOD_USDT_Perp	0.0000%	8h	121.61	+0.046%	$850K	$2.0M	10x	as long as short
Deribit HOOD_USDC-PERPETUAL	0.0000%	1h	121.62	+0.058%	$7K	$68K	10x	as long as short
Phemex HOODUSDT	0.0000%	8h	121.59	+0.033%	$995K	$8K	10x	as long as short
QFEX HOOD-USD	+0.0024%	1h	121.52	−0.025%	$1.3M	$3.8M	10x	as long as short
Vest HOOD-USD-PERP	+0.0025%	1h	121.44	−0.090%	—	$62K	25x	as long as short
Arcus HOOD-USD	+0.0040%	1h	121.62	+0.058%	$1.1M	$1.7M	10x	as long as short
tradeXYZ xyz:HOOD	+0.0050%	1h	121.55	0.000%	$52.3M	$27.8M	10x	as long as short
SoDEX HOOD-USD	+0.0050%	1h	121.58	+0.025%	$732	$4K	10x	as long as short
Ondo Perps HOOD-USD.P	+0.0050%	1h	121.54	−0.008%	$1.2M	$1.5M	15x	as long as short
Lighter HOOD	+0.0056%	1h	121.58	+0.026%	$2.8M	$3.1M	10x	as long as short
Coinbase International HOOD-PERP-INTX	+0.0056%	1h	121.54	−0.008%	$194K	$1.9M	10x	as long as short
edgeX HOODUSDC	+0.0075%	4h	121.60	+0.042%	$366K	$304K	10x	as long as short
Pacifica HOOD	+0.0100%	1h	121.60	+0.038%	$68K	$109K	10x	as long as short
KuCoin HOODUSDTM	+0.0100%	8h	121.62	+0.058%	$1.3M	$1.2M	20x	as long as short
ApeX Omni HOODUSDT	+0.0100%	1h	121.59	+0.033%	$5K	$41K	50x	as long as short
Orderly PERP_HOOD_USDC_mythos	+0.0100%	8h	121.63	+0.066%	$2K	$2K	10x	as long as short
Aevo HOOD-PERP	+0.0104%	1h	121.58	+0.023%	$16K	—	10x	as long as short
Phoenix HOODshort	+0.0261%	1h	121.76	+0.173%	$28K	$239K	10x
Injective HOOD/USDC PERP	+0.0345%	1h	121.40	−0.123%	$58K	$57K	30x	as long as short