Funding arb · Price arb /

HOOD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0165%/8h= +18.1% APRpaid last 24h +0.037%

Price spread now: Phoenix against Orderly−0.042%66s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.042% cheaper against Orderly than usual: you would sell low and buy high (spread −0.042% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 20 hours of funding at the current rate (+$5 a day). The two prices were read 66 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	Orderly PERP_HOOD_USDC_mythos	120.44	0.0100	pay 0.0100% / 8h	18m 28s	$2K	$2K	10x
Short	Phoenix HOOD	120.39	0.0265	get 0.0033% / 1h	18m 28s	$28K	$238K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Orderly. 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 OrderlybpFee PhoenixbpOrdersPrice spread, now −0.042%Rate

Funding earned: $34.7
Price spread: −0.042% → 0.000%: −$4.15
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $17.55
Costs to cover: 0.130%
Break-even: 3.5 days

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 14 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 14 min ago	4.15 bp	13.0 bp −$13	28.5 bp −$285	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Injective HOOD/USDC PERP	−0.0440%	1h	120.48	+0.033%	$57K	$57K	30x	as long as short
Gate HOOD_USDT	−0.0168%	8h	120.54	+0.083%	$597K	$7.6M	50x	as long as short
Bitget HOODUSDT	−0.0148%	8h	120.51	+0.058%	$5.5M	$9.9M	20x	as long as short
Polymarket Perps HOOD-USD	−0.0015%	1h	120.26	−0.149%	$251K	$345K	10x	as long as short
Aster HOODUSDT	0.0000%	8h	120.47	+0.025%	$105K	$281K	20x	as long as short
Extended HOOD_24_5-USD	0.0000%	1h	120.43	−0.008%	$358K	$2.2M	10x	as long as short
Binance HOODUSDT	0.0000%	8h	120.47	+0.022%	$20.8M	$91.9M	20x	as long as short
Bybit HOODUSDT	0.0000%	8h	120.43	−0.008%	$3.7M	$8.7M	25x	as long as short
OKX HOOD-USDT-SWAP	0.0000%	8h	120.49	+0.042%	$2.7M	$6.2M	20x	as long as short
Variational Omni HOOD	0.0000%	8h	120.39	−0.042%	$2.2M	$1.0M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT HOOD_USDT_Perp	0.0000%	8h	120.40	−0.036%	$844K	$2.0M	10x	as long as short
Phemex HOODUSDT	0.0000%	8h	120.52	+0.066%	$986K	$8K	10x	as long as short
Vest HOOD-USD-PERP	+0.0018%	1h	120.26	−0.149%	—	$63K	25x	as long as short
Arcus HOOD-USD	+0.0040%	1h	120.37	−0.058%	$1.1M	$1.7M	10x	as long as short
QFEX HOOD-USD	+0.0046%	1h	120.46	+0.017%	$1.3M	$2.9M	10x	as long as short
tradeXYZ xyz:HOOD	+0.0050%	1h	120.38	−0.050%	$51.1M	$26.9M	10x	as long as short
SoDEX HOOD-USD	+0.0050%	1h	120.47	+0.022%	$720	$4K	10x	as long as short
Ondo Perps HOOD-USD.P	+0.0050%	1h	120.44	0.000%	$1.3M	$1.4M	15x	as long as short
Lighter HOOD	+0.0080%	1h	120.44	−0.002%	$2.8M	$3.2M	10x	as long as short
Pacifica HOOD	+0.0100%	1h	120.46	+0.013%	$74K	$111K	10x	as long as short
KuCoin HOODUSDTM	+0.0100%	8h	120.49	+0.042%	$1.3M	$1.4M	20x	as long as short
ApeX Omni HOODUSDT	+0.0100%	1h	120.37	−0.058%	$5K	$40K	50x	as long as short
Orderly PERP_HOOD_USDC_mythoslong	+0.0100%	8h	120.44	long leg	$2K	$2K	10x
Aevo HOOD-PERP	+0.0104%	1h	120.43	−0.007%	$16K	—	10x	as long as short
BloFin HOOD-USDT	+0.0120%	8h	120.54	+0.083%	$174K	$175K	20x	as long as short
Coinbase International HOOD-PERP-INTX	+0.0192%	1h	120.47	+0.025%	$196K	$1.8M	10x	as long as short
Phoenix HOODshort	+0.0265%	1h	120.39	−0.042%	$28K	$238K	10x
RISEx HOOD/USDC	+0.0479%	1h	120.50	+0.053%	$403K	$1.4M	10x	as long as short
Deribit HOOD_USDC-PERPETUAL	+0.0498%	1h	120.44	0.000%	$6K	$52K	10x	as long as short
edgeX HOODUSDC	+0.0764%	4h	120.39	−0.040%	$362K	$303K	10x	as long as short