Funding arb · Price arb /

HOOD

RWAall HOOD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0265%/8h= −29.0% APRpaid last 24h −0.066%

Price spread now: Bybit against Phoenix−0.025%75s7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as 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 Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.160%−$16 on $10k

Price spread, last 4 days (all we have)+0.293%+$29 · spread now −0.025%, 7d avg −0.006%

Together, before fees+0.133%+$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.006%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate. The two prices were read 75 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 -0.160% in total (about -8.3% 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	Phoenix HOOD	120.79	0.0265	pay 0.0033% / 1h	38m 11s	$28K	$238K	10x
Short	Bybit HOODUSDT	120.76	0	get 0.0000% / 8h	38m 11s	$3.7M	$8.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$55.7
Price spread: −0.025% → −0.006%: −$1.88
Slippage, 4 orders: −$28.85
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$104.42
Costs to cover: 0.468%
Break-even: never at this rate

Slippage from Phoenix: live order book, 59 min ago; Bybit: live order book, 5 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, 59 min ago	2.49 bp	10.2 bp −$10	21.7 bp −$217	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	1.24 bp	12.5 bp −$13	24.4 bp −$244	952.0 bp −$95.2K	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
Injective HOOD/USDC PERP	−0.0440%	1h	120.48	−0.257%	$57K	$57K	30x	as long as short
Gate HOOD_USDT	−0.0171%	8h	120.80	+0.008%	$599K	$7.6M	50x	as long as short
Bitget HOODUSDT	−0.0088%	8h	120.83	+0.033%	$5.5M	$9.9M	20x	as long as short
Aster HOODUSDT	0.0000%	8h	120.79	0.000%	$105K	$281K	20x	as long as short
Extended HOOD_24_5-USD	0.0000%	1h	120.77	−0.018%	$356K	$2.2M	10x	as long as short
Binance HOODUSDT	0.0000%	8h	120.80	+0.008%	$20.8M	$92.0M	20x	as long as short
Bybit HOODUSDTshort	0.0000%	8h	120.76	−0.025%	$3.7M	$8.8M	25x
OKX HOOD-USDT-SWAP	0.0000%	8h	120.76	−0.025%	$2.7M	$6.2M	20x	as long as short
Variational Omni HOOD	0.0000%	8h	120.85	+0.047%	$2.2M	$1.0M	—	as long as short
GRVT HOOD_USDT_Perp	0.0000%	8h	120.87	+0.062%	$854K	$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
Phemex HOODUSDT	0.0000%	8h	120.80	+0.008%	$988K	$8K	10x	as long as short
Polymarket Perps HOOD-USD	+0.0006%	1h	120.56	−0.190%	$251K	$345K	10x	as long as short
Vest HOOD-USD-PERP	+0.0019%	1h	120.59	−0.166%	—	$63K	25x	as long as short
edgeX HOODUSDC	+0.0027%	4h	120.85	+0.046%	$364K	$303K	10x	as long as short
Arcus HOOD-USD	+0.0040%	1h	120.70	−0.075%	$1.1M	$1.7M	10x	as long as short
QFEX HOOD-USD	+0.0046%	1h	120.75	−0.033%	$1.3M	$2.9M	10x	as long as short
tradeXYZ xyz:HOOD	+0.0050%	1h	120.70	−0.075%	$51.2M	$26.9M	10x	as long as short
SoDEX HOOD-USD	+0.0050%	1h	120.75	−0.030%	$723	$4K	10x	as long as short
Ondo Perps HOOD-USD.P	+0.0050%	1h	120.79	0.000%	$1.3M	$1.4M	15x	as long as short
Lighter HOOD	+0.0080%	1h	120.76	−0.024%	$2.8M	$3.2M	10x	as long as short
Pacifica HOOD	+0.0100%	1h	120.75	−0.035%	$74K	$111K	10x	as long as short
KuCoin HOODUSDTM	+0.0100%	8h	120.74	−0.041%	$1.3M	$1.4M	20x	as long as short
ApeX Omni HOODUSDT	+0.0100%	1h	120.80	+0.008%	$5K	$40K	50x	as long as short
Orderly PERP_HOOD_USDC_mythos	+0.0100%	8h	120.75	−0.033%	$2K	$2K	10x	as long as short
Aevo HOOD-PERP	+0.0104%	1h	120.75	−0.036%	$16K	—	10x	as long as short
BloFin HOOD-USDT	+0.0120%	8h	120.75	−0.033%	$173K	$168K	20x	as long as short
Coinbase International HOOD-PERP-INTX	+0.0192%	1h	120.67	−0.099%	$197K	$1.8M	10x	as long as short
Phoenix HOODlong	+0.0265%	1h	120.79	long leg	$28K	$238K	10x
Deribit HOOD_USDC-PERPETUAL	+0.0413%	1h	120.76	−0.025%	$6K	$52K	10x	as long as short
RISEx HOOD/USDC	+0.0479%	1h	120.83	+0.030%	$397K	$1.4M	10x	as long as short