Funding arb · Price arb /

NFLX

RWAall NFLX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0186%/8h= −20.4% APRpaid last 24h −0.021%

Price spread now: Phoenix against Bybit−0.114%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.274%+$27 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phoenix is 0.114% cheaper against Bybit than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.274%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NFLXUSDT	73.540	0.0393	pay 0.0393% / 8h	42m 57s	$1.3M	$1.0M	50x
Short	Phoenix NFLX	73.456	0.0207	get 0.0026% / 1h	42m 57s	$12K	$77K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.114%Rate

Funding earned: −$39.12
Price spread: −0.114% → 0.000%: −$11.42
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$68.54
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 3 min ago; Phoenix: no order-book sample. 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 Bybit live order book, 3 min ago	6.12 bp	14.3 bp −$14	95.6 bp −$956	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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.

NFLX on 21 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
Aster NFLXUSDT	0.0000%	8h	73.456	−0.115%	$11K	$5K	20x	as long as short
OKX NFLX-USDT-SWAP	0.0000%	8h	73.520	−0.027%	$873K	$990K	20x	as long as short
QFEX NFLX-USD	0.0000%	1h	73.420	−0.163%	$1.1M	$1.5M	10x	as long as short
Gate NFLX_USDT	0.0000%	8h	73.570	+0.041%	$1.3M	$1.2M	25x	as long as short
SunX NFLX-USDT	0.0000%	8h	73.521	−0.026%	$2K	$5.0M	10x	as long as short
HTX NFLX-USDT	0.0000%	8h	73.502	−0.052%	$10K	$52K	20x	as long as short
Phemex NFLXUSDT	0.0000%	8h	73.530	−0.014%	$1.4M	$329K	10x	as long as short
Vest NFLX-USD-PERP	+0.0046%	1h	73.420	−0.163%	—	$21K	25x	as long as short
Extended NFLX-USD	+0.0048%	1h	73.426	−0.155%	$16K	$29K	10x	as long as short
tradeXYZ xyz:NFLX	+0.0050%	1h	73.430	−0.150%	$5.1M	$3.0M	10x	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps NFLX-USD.P	+0.0050%	1h	73.380	−0.218%	$68K	$172K	10x	as long as short
KuCoin NFLXUSDTM	+0.0100%	8h	73.460	−0.109%	$152K	$37K	20x	as long as short
Aevo NFLX-PERP	+0.0104%	1h	73.527	−0.017%	$225	—	10x	as long as short
Bitget NFLXUSDT	+0.0118%	8h	73.520	−0.027%	$4.2M	$637K	50x	as long as short
Variational Omni NFLX	+0.0179%	8h	73.516	−0.033%	$120K	$106K	—	as long as short
Binance NFLXUSDT	+0.0183%	8h	73.527	−0.018%	$5.4M	$5.4M	20x	as long as short
Phoenix NFLXshort	+0.0207%	1h	73.456	−0.114%	$12K	$77K	10x
Injective NFLX/USDC PERP	+0.0220%	1h	74.170	+0.857%	$83K	$64K	12x	as long as short
GRVT NFLX_USDT_Perp	+0.0299%	8h	73.520	−0.027%	$834	$157K	10x	as long as short
BloFin NFLX-USDT	+0.0305%	8h	73.530	−0.014%	$46K	$82K	20x	as long as short
Bybit NFLXUSDTlong	+0.0393%	8h	73.540	long leg	$1.3M	$1.0M	50x