Funding arb · Price arb /

HOOD

RWAall HOOD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0198%/8h= −21.7% APRpaid last 24h −0.067%

Price spread now: OKX against Phoenix−0.132%106s7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as 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−$460.463% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.112%−$11 on $10k

Price spread, last 4 days (all we have)+0.148%+$15 · spread now −0.132%, 7d avg +0.002%

Together, before fees+0.036%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and OKX is 0.134% cheaper against Phoenix than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.002%). Swap the legs. The two prices were read 106 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 -0.112% 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	Phoenix HOOD	120.86	0.0198	pay 0.0025% / 1h	45m 37s	$28K	$238K	10x
Short	OKX HOOD-USDT-SWAP	120.70	0	get 0.0000% / 8h	1h 45m	$2.7M	$6.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.132%Rate

Funding earned: −$41.64
Price spread: −0.132% → +0.002%: −$13.4
Slippage, 4 orders: −$29.33
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$101.36
Costs to cover: 0.463%
Break-even: never at this rate

Slippage from Phoenix: live order book, 57 min ago; OKX: live order book, 2 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, 57 min ago	3.31 bp	11.8 bp −$12	24.9 bp −$249	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	1.24 bp	11.9 bp −$12	25.2 bp −$252	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
Injective HOOD/USDC PERP	−0.0392%	1h	120.80	−0.050%	$58K	$57K	30x	as long as short
Gate HOOD_USDT	−0.0173%	8h	120.76	−0.083%	$599K	$7.7M	50x	as long as short
Bitget HOODUSDT	−0.0102%	8h	120.78	−0.066%	$5.4M	$9.9M	20x	as long as short
Aster HOODUSDT	0.0000%	8h	120.77	−0.074%	$105K	$281K	20x	as long as short
Extended HOOD_24_5-USD	0.0000%	1h	120.71	−0.122%	$357K	$1.3M	10x	as long as short
Binance HOODUSDT	0.0000%	8h	120.74	−0.099%	$20.8M	$92.3M	20x	as long as short
Bybit HOODUSDT	0.0000%	8h	120.73	−0.108%	$3.7M	$8.9M	25x	as long as short
OKX HOOD-USDT-SWAPshort	0.0000%	8h	120.70	−0.132%	$2.7M	$6.1M	20x
Variational Omni HOOD	0.0000%	8h	120.70	−0.133%	$2.3M	$1.0M	—	as long as short
GRVT HOOD_USDT_Perp	0.0000%	8h	120.89	+0.026%	$846K	$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
Deribit HOOD_USDC-PERPETUAL	0.0000%	1h	120.65	−0.174%	$6K	$52K	10x	as long as short
Phemex HOODUSDT	0.0000%	8h	120.74	−0.099%	$988K	$9K	10x	as long as short
Vest HOOD-USD-PERP	+0.0015%	1h	120.53	−0.273%	—	$63K	25x	as long as short
Arcus HOOD-USD	+0.0040%	1h	120.70	−0.132%	$1.1M	$1.8M	10x	as long as short
Polymarket Perps HOOD-USD	+0.0050%	1h	120.53	−0.273%	$250K	$344K	10x	as long as short
SoDEX HOOD-USD	+0.0050%	1h	120.72	−0.113%	$721	$4K	10x	as long as short
Ondo Perps HOOD-USD.P	+0.0050%	1h	120.83	−0.025%	$1.2M	$1.4M	15x	as long as short
QFEX HOOD-USD	+0.0062%	1h	120.71	−0.124%	$1.3M	$3.0M	10x	as long as short
Pacifica HOOD	+0.0100%	1h	120.71	−0.125%	$67K	$105K	10x	as long as short
KuCoin HOODUSDTM	+0.0100%	8h	120.79	−0.058%	$1.3M	$1.3M	20x	as long as short
ApeX Omni HOODUSDT	+0.0100%	1h	120.73	−0.108%	$5K	$41K	50x	as long as short
Orderly PERP_HOOD_USDC_mythos	+0.0100%	8h	120.69	−0.141%	$2K	$2K	10x	as long as short
Aevo HOOD-PERP	+0.0104%	1h	120.68	−0.147%	$16K	—	10x	as long as short
Lighter HOOD	+0.0120%	1h	120.72	−0.113%	$2.8M	$3.2M	10x	as long as short
BloFin HOOD-USDT	+0.0120%	8h	120.84	−0.017%	$175K	$160K	20x	as long as short
tradeXYZ xyz:HOOD	+0.0151%	1h	120.66	−0.165%	$51.3M	$27.9M	10x	as long as short
Coinbase International HOOD-PERP-INTX	+0.0184%	1h	120.60	−0.215%	$196K	$1.8M	10x	as long as short
Phoenix HOODlong	+0.0198%	1h	120.86	long leg	$28K	$238K	10x
edgeX HOODUSDC	+0.0240%	4h	120.76	−0.079%	$363K	$305K	10x	as long as short
RISEx HOOD/USDC	+0.0365%	1h	120.80	−0.050%	$373K	$1.4M	10x	as long as short