Funding arb · Price arb /

ALGO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0164%/8h= +18.0% APRpaid last 24h +0.039%

Price spread now: Phemex against Coinbase International+0.080%7-day average +0.190% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$910.914% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.423%+$42 on $10k

Price spread, last 3 days (all we have)+0.119%+$12 · spread now +0.080%, 7d avg +0.190%

Together, before fees+0.542%+$54 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.110% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.080% now, against its 7-day average of +0.190%). If the spread goes back, that is −$11 on $10k: about 2.2 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ALGO-PERP-INTX	0.1120	−0.0064	get 0.0008% / 1h	16m 20s	$71K	$289K	50x
Short	Phemex ALGOUSDT	0.1121	0.0100	get 0.0100% / 8h	6h 16m	$3.8M	$1.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.080%Rate

Funding earned: $34.44
Price spread: +0.080% → +0.190%: −$10.99
Slippage, 4 orders: −$69.4
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$67.95
Costs to cover: 0.914%
Break-even: 20.8 days

Slippage from Coinbase International: live order book, 52 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 Coinbase International live order book, 52 min ago	11.18 bp	16.2 bp −$16	23.4 bp −$234	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	8.91 bp	33.8 bp −$34	66.2 bp −$662	doesn't fit	doesn't fit

ALGO 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
Deribit ALGO_USDC-PERPETUAL	−0.0376%	1h	0.1117	−0.250%	$101K	$49K	25x	as long as short
Coinbase International ALGO-PERP-INTXlong	−0.0064%	1h	0.1120	long leg	$71K	$289K	50x
gTrade (Gains Network) ALGO/USD	L −0.0001% / S +0.0003%	1h	0.1116	−0.389%	$17K	—	150x	as long as short
Variational Omni ALGO	+0.0029%	8h	0.1120	−0.014%	$61K	$12K	—	as long as short
Injective ALGO/USDC PERP	+0.0033%	1h	0.1120	−0.009%	$834	$233K	12x	as long as short
Hyperliquid ALGO	+0.0100%	1h	0.1118	−0.187%	$3.7M	$2.0M	5x	as long as short
Aster ALGOUSDT	+0.0100%	8h	0.1116	−0.393%	$44K	$41K	5x	as long as short
Binance ALGOUSDT	+0.0100%	8h	0.1115	−0.411%	$9.8M	$34.9M	75x	as long as short
Bybit ALGOUSDT	+0.0100%	8h	0.1115	−0.437%	$11.5M	$12.4M	75x	as long as short
OKX ALGO-USDT-SWAP	+0.0100%	8h	0.1115	−0.446%	$2.9M	$7.7M	50x	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ALGO_USDT	+0.0100%	8h	0.1116	−0.366%	$872K	$860K	50x	as long as short
MEXC ALGO_USDT	+0.0100%	8h	0.1116	−0.402%	$22.8M	$3.0M	200x	as long as short
KuCoin ALGOUSDTM	+0.0100%	8h	0.1116	−0.366%	$3.5M	$1.5M	50x	as long as short
Bitget ALGOUSDT	+0.0100%	8h	0.1116	−0.366%	$5.6M	$3.6M	75x	as long as short
BingX ALGO-USDT	+0.0100%	8h	0.1116	−0.402%	—	$3.3M	—	as long as short
HTX ALGO-USDT	+0.0100%	8h	0.1118	−0.232%	$60K	$143K	75x	as long as short
Phemex ALGOUSDTshort	+0.0100%	8h	0.1121	+0.080%	$3.8M	$1.8M	50x
Extended ALGO-USD	+0.0104%	1h	0.1114	−0.538%	$6K	$227K	10x	as long as short
Kraken Futures PF_ALGOUSD	+0.0262%	1h	0.1117	−0.235%	$828K	$1.1M	50x	as long as short
GMX ALGO/USD [WBTC.b-USDC]	L +0.0343% / S −0.0313%	1h	0.1118	−0.201%	$7K	—	100x	as long as short
dYdX ALGO-USD	+0.1575%	1h	0.1118	−0.201%	$161K	$4K	5x	as long as short