Funding arb · Price arb /

MARA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against Bybit0.000%7-day average −0.110% · you sell dearer than you buy

Net, funding: paid 7d − costs−$225as in the Funding arb table

Net, price: spread back to 7d avg − costs−$287as in the Price arb table

costs, in and out, $10k−$2982.979% of the position

Long on Bybit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.730%+$73 on $10k

Price spread, last 4 days (all we have)+0.226%+$23 · spread now 0.000%, 7d avg −0.110%

Together, before fees+0.956%+$96 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.110% dearer against Bybit than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of −0.110%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MARAUSDT	13.010	0	get 0.0000% / 8h	7h 43m	$263K	$142K	25x
Short	Phemex MARAUSDT	13.010	0	get 0.0000% / 8h	7h 43m	$372K	$38K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → −0.110%: $10.97
Slippage, 4 orders: −$274.88
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$286.91
Costs to cover: 2.979%
Break-even: never at this rate

Slippage from Bybit: live order book, 37 min ago; Phemex: live order book, 54 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, 37 min ago	7.67 bp	84.7 bp −$85	1096.4 bp −$11.0K	doesn't fit	doesn't fit
Sell Phemex live order book, 54 min ago	7.64 bp	76.2 bp −$76	doesn't fit	doesn't fit	doesn't fit

MARA on 10 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
edgeX MARAUSDC	−0.0067%	4h	13.021	+0.088%	$15K	$312K	10x	as long as short
Bitget MARAUSDT	−0.0038%	8h	12.972	−0.292%	$90K	$2.8M	20x	as long as short
Binance MARAUSDT	0.0000%	8h	12.990	−0.154%	$175K	$479K	20x	as long as short
Bybit MARAUSDTlong	0.0000%	8h	13.010	long leg	$263K	$142K	25x
OKX MARA-USDT-SWAP	0.0000%	8h	12.980	−0.231%	$60K	$184K	20x	as long as short
Gate MARA_USDT	0.0000%	8h	13.008	−0.015%	$30K	$13K	20x	as long as short
HTX MARA-USDT	0.0000%	8h	13.020	+0.077%	$5K	$255K	20x	as long as short
Phemex MARAUSDTshort	0.0000%	8h	13.010	0.000%	$372K	$38K	20x
Extended MARA-USD	+0.0040%	1h	12.980	−0.231%	$1K	—	5x	as long as short
KuCoin MARAUSDTM	+0.0100%	8h	13.013	+0.023%	$25K	$2.9M	20x	as long as short