Funding you earn now, next payment 07:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.030%
Price spread now: Phemex against Injective−1.161%65s7-day average +0.661% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.138%+$14 on $10k
+Price spread, last 4 days (all we have)+1.796%+$180 · spread now −1.161%, 7d avg +0.661%
=Funding pays, the price is against you. Phemex is 1.822% cheaper against Injective than usual: you would sell low and buy high (spread −1.161% now, against its 7-day average of +0.661%). If the spread goes back, that is −$182 on $10k: about 3 months of funding at the current rate (+$2 a day). The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Injective ALGO/USDC PERP | 0.1120 | 0.0033 | pay 0.0004% / 1h | 21m 32s | $834 | $233K | 12x |
| Short | Phemex ALGOUSDT | 0.1107 | 0.0100 | get 0.0100% / 8h | 1h 21m | $3.7M | $1.8M | 50x |
Injective ALGO/USDC PERP
Phemex ALGOUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Injective. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $14
- Price spread: −1.161% → +0.661%
- −$182.2
- Slippage, 4 orders
- no order book: not counted
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$180.22
- Costs to cover
- 0.120%
- Break-even
- 97.1 days
Slippage unknown: Injective: no order-book sample; Phemex: live order book, 2 min ago. 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 Injective no order-book sample | — | — | — | — | — |
| Sell Phemex live order book, 2 min ago | 9.03 bp | 24.0 bp −$24 | 63.8 bp −$638 | doesn't fit | doesn't fit |
Injective: 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.
ALGO on 22 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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_ALGOUSD | −0.0273% | 1h | 0.1106 | −1.221% | $822K | $1.1M | 50x | as long as short |
| Deribit ALGO_USDC-PERPETUAL | −0.0202% | 1h | 0.1106 | −1.259% | $87K | $45K | 25x | as long as short |
| gTrade (Gains Network) ALGO/USD | L −0.0001% / S +0.0003% | 1h | 0.1106 | −1.273% | $16K | — | 150x | as long as short |
| Injective ALGO/USDC PERPlong | +0.0033% | 1h | 0.1120 | long leg | $834 | $233K | 12x | |
| Hyperliquid ALGO | +0.0100% | 1h | 0.1107 | −1.143% | $3.4M | $2.3M | 5x | as long as short |
| Aster ALGOUSDT | +0.0100% | 8h | 0.1106 | −1.207% | $44K | $36K | 5x | as long as short |
| Binance ALGOUSDT | +0.0100% | 8h | 0.1107 | −1.169% | $9.4M | $34.5M | 75x | as long as short |
| Bybit ALGOUSDT | +0.0100% | 8h | 0.1106 | −1.205% | $10.9M | $12.8M | 75x | as long as short |
| OKX ALGO-USDT-SWAP | +0.0100% | 8h | 0.1107 | −1.179% | $2.7M | $7.8M | 50x | as long as short |
| Gate ALGO_USDT | +0.0100% | 8h | 0.1105 | −1.339% | $834K | $944K | 50x | as long as short |
Kraken Futures PF_ALGOUSD
Deribit ALGO_USDC-PERPETUAL
gTrade (Gains Network) ALGO/USD
Hyperliquid ALGO
Aster ALGOUSDT
Binance ALGOUSDT
Bybit ALGOUSDT
OKX ALGO-USDT-SWAP
Gate ALGO_USDTShow all 22 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC ALGO_USDT | +0.0100% | 8h | 0.1107 | −1.196% | $23.0M | $3.2M | 200x | as long as short |
| KuCoin ALGOUSDTM | +0.0100% | 8h | 0.1106 | −1.250% | $3.5M | $1.4M | 50x | as long as short |
| Bitget ALGOUSDT | +0.0100% | 8h | 0.1107 | −1.161% | $5.5M | $3.5M | 75x | as long as short |
| BingX ALGO-USDT | +0.0100% | 8h | 0.1107 | −1.170% | — | $3.4M | — | as long as short |
| Variational Omni ALGO | +0.0100% | 8h | 0.1106 | −1.276% | $60K | $12K | — | as long as short |
| HTX ALGO-USDT | +0.0100% | 8h | 0.1106 | −1.250% | $60K | $135K | 75x | as long as short |
| Phemex ALGOUSDTshort | +0.0100% | 8h | 0.1107 | −1.161% | $3.7M | $1.8M | 50x | |
| Extended ALGO-USD | +0.0104% | 1h | 0.1107 | −1.176% | $4K | $198K | 10x | as long as short |
| Coinbase International ALGO-PERP-INTX | +0.0136% | 1h | 0.1109 | −0.938% | $63K | $195K | 50x | as long as short |
| BloFin ALGO-USDT | +0.0220% | 8h | 0.1106 | −1.205% | $470K | $872K | 75x | as long as short |
| GMX ALGO/USD [WBTC.b-USDC] | L +0.0318% / S −0.0264% | 1h | 0.1106 | −1.226% | $6K | — | 100x | as long as short |
| dYdX ALGO-USD | +0.0891% | 1h | 0.1106 | −1.222% | $160K | $5K | 5x | as long as short |
MEXC ALGO_USDT
KuCoin ALGOUSDTM
Bitget ALGOUSDT
BingX ALGO-USDT
Variational Omni ALGO
HTX ALGO-USDT
Extended ALGO-USD
Coinbase International ALGO-PERP-INTX
BloFin ALGO-USDT
GMX ALGO/USD [WBTC.b-USDC]
dYdX ALGO-USD