Funding arb · Price arb /

AAPL

RWAall AAPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.066%

Price spread now: Phemex against Injective+0.097%65s7-day average −0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$148as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1031.026% of the position

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.451%−$45 on $10k

Price spread, last 4 days (all we have)+0.024%+$2 · spread now +0.097%, 7d avg −0.054%

Together, before fees−0.427%−$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.151% dearer against Injective than usual: you sell high and buy low (spread +0.097% now, against its 7-day average of −0.054%): +$15 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 2.3 days. 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 AAPL/USDC PERP	339.02	0.0220	pay 0.0028% / 1h	16m 05s	$191K	$44K	30x
Short	Phemex AAPLUSDT	339.35	0	get 0.0000% / 4h	3h 16m	$2.1M	$7K	10x

Funding 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 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 InjectivebpFee PhemexbpOrdersPrice spread, now +0.097%Rate

Funding earned: −$46.2
Price spread: +0.097% → −0.054%: $15.13
Slippage, 4 orders: −$90.57
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$133.66
Costs to cover: 1.026%
Break-even: never at this rate

Slippage from Injective: live order book, 38 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 Injective live order book, 38 min ago	9.89 bp	9.9 bp −$10	9.9 bp −$99	57596.6 bp −$5.76M	327982.7 bp −$163.99M
Sell Phemex live order book, 2 min ago	1.18 bp	43.9 bp −$44	doesn't fit	doesn't fit	doesn't fit

AAPL on 33 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
edgeX AAPLUSDC	−0.0384%	4h	339.22	+0.060%	$81K	$327K	20x	as long as short
Nado AAPL-PERP	−0.0082%	1h	339.33	+0.090%	$555K	$38K	20x	as long as short
BloFin AAPL-USDT	−0.0017%	8h	339.38	+0.106%	$341K	$168K	20x	as long as short
Aster AAPLUSDT	0.0000%	8h	339.30	+0.082%	$121K	$292K	20x	as long as short
Extended AAPL_24_5-USD	0.0000%	1h	339.22	+0.060%	$287K	$1.5M	10x	as long as short
Binance AAPLUSDT	0.0000%	8h	339.32	+0.088%	$21.9M	$67.0M	25x	as long as short
Bybit AAPLUSDT	0.0000%	8h	339.30	+0.083%	$5.8M	$70.5M	100x	as long as short
OKX AAPL-USDT-SWAP	0.0000%	8h	339.35	+0.097%	$6.3M	$6.8M	25x	as long as short
Gate AAPL_USDT	0.0000%	8h	339.04	+0.006%	$3.0M	$4.5M	100x	as long as short
Bitget AAPLUSDT	0.0000%	8h	339.37	+0.103%	$6.2M	$3.5M	100x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni AAPL	0.0000%	8h	339.29	+0.078%	$2.4M	$1.4M	—	as long as short
GRVT AAPL_USDT_Perp	0.0000%	8h	339.26	+0.070%	$16K	$411K	10x	as long as short
SunX AAPL-USDT	0.0000%	8h	339.30	+0.083%	$709	$4.6M	20x	as long as short
Deribit AAPL_USDC-PERPETUAL	0.0000%	1h	339.24	+0.065%	$28K	$67K	10x	as long as short
HTX AAPL-USDT	0.0000%	8h	339.44	+0.124%	$53K	$225K	30x	as long as short
Phemex AAPLUSDTshort	0.0000%	4h	339.35	+0.097%	$2.1M	$7K	10x
QFEX AAPL-USD	+0.0030%	1h	339.23	+0.062%	$3.2M	$4.5M	10x	as long as short
Lighter AAPL	+0.0032%	1h	339.22	+0.059%	$781K	$2.4M	20x	as long as short
Lighter RH AAPL	+0.0032%	1h	339.22	+0.059%	$939K	$3.6M	20x	as long as short
Arcus AAPL-USD	+0.0040%	1h	339.12	+0.029%	$266K	$61K	20x	as long as short
Vest AAPL-USD-PERP	+0.0046%	1h	339.12	+0.029%	—	$45K	25x	as long as short
tradeXYZ xyz:AAPL	+0.0050%	1h	339.18	+0.047%	$40.5M	$76.1M	20x	as long as short
Polymarket Perps AAPL-USD	+0.0050%	1h	339.24	+0.065%	$278K	$408K	10x	as long as short
SoDEX AAPL-USD	+0.0050%	1h	339.22	+0.059%	$75K	$3K	10x	as long as short
Ondo Perps AAPL-USD.P	+0.0050%	1h	339.08	+0.018%	$1.3M	$2.5M	20x	as long as short
Coinbase International AAPL-PERP-INTX	+0.0096%	1h	338.78	−0.071%	$661K	$656K	10x	as long as short
KuCoin AAPLUSDTM	+0.0100%	8h	339.29	+0.080%	$1.4M	$38K	20x	as long as short
ApeX Omni AAPLUSDT	+0.0100%	1h	339.23	+0.062%	$948K	$11.0M	50x	as long as short
Orderly PERP_AAPL_USDC_mythos	+0.0100%	8h	339.20	+0.053%	$4K	—	10x	as long as short
Aevo AAPL-PERP	+0.0104%	1h	339.21	+0.056%	$11K	—	10x	as long as short
Hotstuff AAPL-PERP	+0.0112%	1h	339.22	+0.059%	$36K	—	20x	as long as short
Injective AAPL/USDC PERPlong	+0.0220%	1h	339.02	long leg	$191K	$44K	30x
Phoenix AAPL	+0.0236%	1h	339.31	+0.086%	$5K	$11K	20x	as long as short