Funding arb · Price arb / RWA
| Leg | Exchange | Price | Fund. /8h | Each payment | Next in | OI | Vol 24h | Lev | |
|---|---|---|---|---|---|---|---|---|---|
| LONG | 891.60 | +0.0354 | pay 0.0044% / 1h | 57m 45s | $274K | $62K | 15x | Long Phoenix | |
| SHORT | 889.87 | −0.0158 | pay 0.0020% / 1h | 57m 45s | $1.1M | $575K | 10x | Short Backpack |
Price gap−0.194%
Funding gap−0.0513% /8h
Both sides work against this direction now: funding costs $15 a day on $10k and the gap is 0.100% under its 7d average. Swap the legs.
If you open now and hold
on $10k a leg · figures of the last 7D, not a forecastFunding−$64−0.0513% /8h now · paid −0.638% over the last 7D
Price−$10spread −0.194% now, avg −0.094% → −0.100% if it goes back
Costs−$340.342% of $10k · taker + slippage, in and out
Price and funding
1h · historyEntry / Exit
Price spread
Prices
Fundingper 8h
ENTRY / EXIT · 7D
Entry now—
Entry average—
Best entry—
Exit now—
Exit average—
Best exit—
Exit free—
PRICE SPREAD · 7D
Now−0.194%
Average—
Range—
Wider than now—
FUNDING SPREAD · 7D
Average /8h—
Highest—
Lowest—
Paid you—
Where the spread has been, last 7D▾
share of time at each level
Funding on every exchange
/8hMU on 46 exchanges
lowest funding firstBefore you open
2 ok · 3 to watch- OK: Fits both order books10.8 / 6.5 bpEntry at $10k a leg, taker fee + slippage. Closing costs about the same.
- Note: Margin at max leverage$667 + $1,000Phoenix 15x, Backpack 10x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
- OK: Same payment interval1h / 1hBoth legs pay at the same time.Next 24h at the current rates, on $10k a leg: −$15.38Long Phoenix: 24 payments, −$10.63; short Backpack: 24 payments, −$4.75.
- Watch: Gap narrower than usual−0.194% vs −0.094%Less room for the price leg to pay you. If it goes back to average, the short loses.
- Watch: Long leg is thinner$274K vs $1.1M OIPhoenix sets your exit cost. Check its book before closing.
- Note: No points program—Neither exchange runs points right now.
- Watch: KYCPhoenix No · Backpack YesKYC (ID, face scan, residency and source of income) before any trading.
Profit calculator
both legs, in and outPosition, each legHold forOrdersPrice spreadFunding rate
Funding earned−0.0304%/8h × 21 periods−$63.77
Price spread−0.194% → −0.094% (7d avg)−$10.01
Slippage, 4 orderslive order books−$17.20
Fee Phoenix bp × 2 orders−$7.00
Fee Backpack bp × 2 orders−$10.00
Net · 7 days · $10k−$107.98
Costs to cover0.342%Break-evennever at this rate
Slippage: Phoenix: live order book, 28 min ago; Backpack: live order book, 5 min agoCost to enter
taker + slippage from mid, one sideBUY · LONGPhoenix2.2210.8 bp−$1123.1 bp−$231doesn’t fitdoesn’t fit
SELL · SHORTBackpack0.346.5 bp−$750.0 bp−$500doesn’t fitdoesn’t fit
Closing costs about the same again.
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