Funding arb · Price arb /

FIL

all FIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0476%/8h= −52.1% APRpaid last 24h −0.129%

Price spread now: Coinbase International against Phemex+0.142%7-day average +0.103% · you sell dearer than you buy

Net, funding: paid 7d − costs−$124as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$920.919% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.324%−$32 on $10k

Price spread, last 3 days (all we have)−0.051%−$5 · spread now +0.142%, 7d avg +0.103%

Together, before fees−0.375%−$38 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.038% dearer against Phemex than usual: you sell high and buy low (spread +0.142% now, against its 7-day average of +0.103%): +$4 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 7 days (−0.324% in total) that is about 20 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.324% in total (about -16.9% 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	Phemex FILUSDT	0.9890	0.0100	pay 0.0100% / 8h	1h 44m	$1.1M	$2.3M	50x
Short	Coinbase International FIL-PERP-INTX	0.9904	−0.0376	pay 0.0047% / 1h	44m 45s	$317K	$1.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phemex. 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 PhemexbpFee Coinbase InternationalbpOrdersPrice spread, now +0.142%Rate

Funding earned: −$99.96
Price spread: +0.142% → +0.103%: $3.83
Slippage, 4 orders: −$69.86
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$187.99
Costs to cover: 0.919%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Coinbase International: live order book, 4 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 Phemex live order book, 4 min ago	15.19 bp	31.4 bp −$31	94.4 bp −$944	doesn't fit	doesn't fit
Sell Coinbase International live order book, 4 min ago	7.09 bp	13.0 bp −$13	17.4 bp −$174	doesn't fit	doesn't fit

FIL on 29 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 FIL_USDC-PERPETUAL	−0.0759%	1h	0.9901	+0.111%	$170K	$23K	25x	as long as short
Kraken Futures PF_FILUSD	−0.0694%	1h	0.9897	+0.068%	$1.4M	$2.3M	50x	as long as short
Coinbase International FIL-PERP-INTXshort	−0.0376%	1h	0.9904	+0.142%	$317K	$1.9M	50x
Injective FIL/USDC PERP	−0.0252%	1h	0.9855	−0.354%	$2K	$240K	12x	as long as short
Lighter FIL	−0.0072%	1h	0.9894	+0.044%	$159K	$347K	5x	as long as short
Bitget FILUSDT	−0.0022%	8h	0.9912	+0.222%	$10.9M	$21.4M	75x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9898	+0.085%	$25K	—	150x	as long as short
Bybit FILUSDT	−0.0003%	8h	0.9917	+0.273%	$15.6M	$17.9M	25x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9915	+0.255%	$58K	$2K	10x	as long as short
KuCoin FILUSDTM	+0.0021%	8h	0.9910	+0.202%	$7.4M	$7.0M	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX FIL-USDT-SWAP	+0.0031%	8h	0.9913	+0.233%	$18.3M	$97.1M	50x	as long as short
MEXC FIL_USDC	+0.0075%	8h	0.9898	+0.081%	$252K	$103K	50x	as long as short
Extended FIL-USD	+0.0080%	1h	0.9911	+0.213%	$689K	$2.3M	10x	as long as short
Binance FILUSDT	+0.0081%	8h	0.9913	+0.233%	$57.0M	$174.7M	75x	as long as short
BingX FIL-USDT	+0.0083%	8h	0.9911	+0.212%	—	$11.9M	—	as long as short
Variational Omni FIL	+0.0085%	8h	0.9879	−0.116%	$440K	$277K	—	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9899	+0.090%	$8.7M	$9.4M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9904	+0.137%	$490K	$515K	20x	as long as short
Gate FIL_USDT	+0.0100%	8h	0.9915	+0.253%	$7.8M	$16.1M	50x	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9873	−0.171%	$45K	$294K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9870	−0.206%	$295K	$814K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9870	−0.202%	$30K	$198K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9904	+0.143%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9890	0.000%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9893	+0.030%	$484	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9903	+0.131%	$627K	$5.6M	75x	as long as short
Phemex FILUSDTlong	+0.0100%	8h	0.9890	long leg	$1.1M	$2.3M	50x
BloFin FIL-USDT	+0.0201%	8h	0.9894	+0.040%	$2.6M	$657K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0617% / S −0.0742%	1h	0.9898	+0.079%	$215K	—	100x	as long as short