Funding you earn now, next payment 04:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.030%
Price spread now: Injective against Phemex+0.629%65s7-day average −0.721% · you sell dearer than you buy
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)−1.244%−$124 · spread now +0.629%, 7d avg −0.721%
=The price spread pays, funding is against you. Injective is 1.350% dearer against Phemex than usual: you sell high and buy low (spread +0.629% now, against its 7-day average of −0.721%): +$135 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2 months. 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 | Phemex ALGOUSDT | 0.1113 | 0.0100 | pay 0.0100% / 8h | 4h 40m | $3.8M | $1.8M | 50x |
| Short | Injective ALGO/USDC PERP | 0.1120 | 0.0033 | get 0.0004% / 1h | 40m 10s | $834 | $233K | 12x |
Phemex ALGOUSDT
Injective ALGO/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective against Phemex. 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: +0.629% → −0.721%
- $134.96
- Slippage, 4 orders
- no order book: not counted
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- $108.94
- Costs to cover
- 0.120%
- Break-even
- from the start
Slippage unknown: Phemex: live order book, 4 min ago; Injective: 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 Phemex live order book, 4 min ago | 8.96 bp | 33.0 bp −$33 | 80.7 bp −$807 | doesn't fit | doesn't fit |
| Sell Injective no order-book sample | — | — | — | — | — |
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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit ALGO_USDC-PERPETUAL | −0.0110% | 1h | 0.1111 | −0.198% | $88K | $44K | 25x | as long as short |
| gTrade (Gains Network) ALGO/USD | L −0.0001% / S +0.0003% | 1h | 0.1111 | −0.187% | $16K | — | 150x | as long as short |
| Injective ALGO/USDC PERPshort | +0.0033% | 1h | 0.1120 | +0.629% | $834 | $233K | 12x | |
| Coinbase International ALGO-PERP-INTX | +0.0080% | 1h | 0.1116 | +0.305% | $88K | $291K | 50x | as long as short |
| Hyperliquid ALGO | +0.0100% | 1h | 0.1112 | −0.126% | $3.7M | $2.0M | 5x | as long as short |
| Aster ALGOUSDT | +0.0100% | 8h | 0.1112 | −0.099% | $44K | $38K | 5x | as long as short |
| Binance ALGOUSDT | +0.0100% | 8h | 0.1110 | −0.308% | $9.7M | $34.7M | 75x | as long as short |
| Bybit ALGOUSDT | +0.0100% | 8h | 0.1109 | −0.368% | $11.3M | $12.5M | 75x | as long as short |
| OKX ALGO-USDT-SWAP | +0.0100% | 8h | 0.1110 | −0.261% | $2.8M | $7.7M | 50x | as long as short |
| Gate ALGO_USDT | +0.0100% | 8h | 0.1111 | −0.180% | $861K | $886K | 50x | as long as short |
Deribit ALGO_USDC-PERPETUAL
gTrade (Gains Network) ALGO/USD
Coinbase International ALGO-PERP-INTX
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 | 0.1110 | −0.305% | $23.1M | $3.0M | 200x | as long as short |
| KuCoin ALGOUSDTM | +0.0100% | 8h | 0.1111 | −0.135% | $3.5M | $1.5M | 50x | as long as short |
| Bitget ALGOUSDT | +0.0100% | 8h | 0.1110 | −0.270% | $5.5M | $3.5M | 75x | as long as short |
| BingX ALGO-USDT | +0.0100% | 8h | 0.1110 | −0.234% | — | $3.3M | — | as long as short |
| Variational Omni ALGO | +0.0100% | 8h | 0.1109 | −0.391% | $61K | $12K | — | as long as short |
| HTX ALGO-USDT | +0.0100% | 8h | 0.1112 | −0.072% | $60K | $140K | 75x | as long as short |
| Phemex ALGOUSDTlong | +0.0100% | 8h | 0.1113 | long leg | $3.8M | $1.8M | 50x | |
| Extended ALGO-USD | +0.0104% | 1h | 0.1110 | −0.230% | $4K | $227K | 10x | as long as short |
| BloFin ALGO-USDT | +0.0220% | 8h | 0.1112 | −0.126% | $487K | $878K | 75x | as long as short |
| GMX ALGO/USD [WBTC.b-USDC] | L +0.0342% / S −0.0313% | 1h | 0.1111 | −0.152% | $7K | — | 100x | as long as short |
| Kraken Futures PF_ALGOUSD | +0.0378% | 1h | 0.1111 | −0.216% | $819K | $1.0M | 50x | as long as short |
| dYdX ALGO-USD | +0.1425% | 1h | 0.1112 | −0.076% | $160K | $4K | 5x | as long as short |
MEXC ALGO_USDT
KuCoin ALGOUSDTM
Bitget ALGOUSDT
BingX ALGO-USDT
Variational Omni ALGO
HTX ALGO-USDT
Extended ALGO-USD
BloFin ALGO-USDT
GMX ALGO/USD [WBTC.b-USDC]
Kraken Futures PF_ALGOUSD
dYdX ALGO-USD