Funding arb · Price arb /

NOK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0566%/8h= −62.0% APRpaid last 24h −0.071%

Price spread now: Phemex against tradeXYZ+0.037%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$212as in the Funding arb table

Net, price: spread back to 7d avg − costs−$172as in the Price arb table

costs, in and out, $10k−$1751.746% of the position

Long on tradeXYZ Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.375%−$38 on $10k

Price spread, last 4 days (all we have)−0.102%−$10 · spread now +0.037%, 7d avg +0.010%

Together, before fees−0.478%+ Points / potential airdroptradeXYZ: Active · farm board−$48 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.027% dearer against tradeXYZ than usual: you sell high and buy low (spread +0.037% now, against its 7-day average of +0.010%): +$3 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 4 hours. At the pace of the last 7 days (−0.375% in total) that is about 12 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.375% in total (about -19.6% 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	tradeXYZ xyz:NOK	10.906	0.0566	pay 0.0071% / 1h	45m 46s	$4.3M	$1.2M	10x
Short	Phemex NOKUSDT	10.910	0	get 0.0000% / 8h	2h 45m	$1.6M	$569K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against tradeXYZ. 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 tradeXYZbpFee PhemexbpOrdersPrice spread, now +0.037%Rate

Funding earned: −$118.88
Price spread: +0.037% → +0.010%: $2.67
Slippage, 4 orders: −$144.65
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$290.86
Costs to cover: 1.746%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 3 min ago; Phemex: 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 tradeXYZ live order book, 3 min ago	3.21 bp	20.4 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	22.88 bp	66.2 bp −$66	doesn't fit	doesn't fit	doesn't fit

NOK on 16 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 NOKUSDT	0.0000%	8h	10.912	+0.056%	$66K	$7K	20x	as long as short
Extended NOK-USD	0.0000%	1h	10.907	+0.010%	$42K	$160K	10x	as long as short
Binance NOKUSDT	0.0000%	8h	10.914	+0.069%	$7.3M	$9.3M	20x	as long as short
OKX NOK-USDT-SWAP	0.0000%	8h	10.921	+0.138%	$1.2M	$1.2M	20x	as long as short
MEXC NOKSTOCK_USDT	0.0000%	8h	10.910	+0.037%	$1.5M	$111K	50x	as long as short
Bitget NOKSTOCKUSDT	0.0000%	8h	10.947	+0.376%	$1.5M	$593K	20x	as long as short
Variational Omni NOK	0.0000%	8h	10.913	+0.065%	$135K	$113K	—	as long as short
GRVT NOK_USDT_Perp	0.0000%	8h	10.950	+0.403%	$3K	$135K	10x	as long as short
SunX NOK-USDT	0.0000%	8h	10.910	+0.037%	$1K	$1.4M	10x	as long as short
HTX NOK-USDT	0.0000%	8h	10.940	+0.312%	$9K	$5K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex NOKUSDTshort	0.0000%	8h	10.910	+0.037%	$1.6M	$569K	10x
Lighter NOK	+0.0032%	1h	10.900	−0.055%	—	—	10x	as long as short
Vest NOK-PERP	+0.0046%	1h	10.900	−0.055%	—	—	10x	as long as short
Gate NOK_USDT	+0.0090%	8h	10.925	+0.174%	$948K	$996K	50x	as long as short
KuCoin NOKUSDTM	+0.0100%	8h	10.910	+0.037%	$299K	$421K	20x	as long as short
tradeXYZ xyz:NOKlong	+0.0566%	1h	10.906	long leg	$4.3M	$1.2M	10x