Funding arb · Price arb /

AAPL

RWAall AAPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0406%/8h= +44.4% APRpaid last 24h +0.027%

Price spread now: Arcus against Phemex−0.044%7-day average −0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$900.900% of the position

Long on Phemex Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.077%+$8 on $10k

Price spread, last 3 days (all we have)+0.013%+$1 · spread now −0.044%, 7d avg −0.065%

Together, before fees+0.089%+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Arcus is 0.021% dearer against Phemex than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.065%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.077% in total (about 8.1% 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 AAPLUSDT	338.90	0	get 0.0000% / 4h	3h 24m	$2.1M	$6K	10x
Short	Arcus AAPL-USD	338.75	0.0406	get 0.0051% / 1h	24m 07s	$269K	$70K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus 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 ArcusbpOrdersPrice spread, now −0.044%Rate

Funding earned: $85.18
Price spread: −0.044% → −0.065%: $2.12
Slippage, 4 orders: −$73.53
Fee Phemex: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$2.74
Costs to cover: 0.900%
Break-even: 7.2 days

Slippage from Phemex: live order book, 4 min ago; Arcus: live order book, 49 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	1.18 bp	41.7 bp −$42	doesn't fit	doesn't fit	doesn't fit
Sell Arcus live order book, 49 min ago	2.80 bp	6.0 bp −$6	6.4 bp −$64	16.1 bp −$1,608	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	−0.0365%	4h	338.80	−0.029%	$81K	$325K	20x	as long as short
Nado AAPL-PERP	−0.0018%	1h	338.60	−0.090%	$554K	$38K	20x	as long as short
Aster AAPLUSDT	0.0000%	8h	338.82	−0.024%	$122K	$291K	20x	as long as short
Bybit AAPLUSDT	0.0000%	8h	338.76	−0.041%	$6.0M	$39.3M	100x	as long as short
OKX AAPL-USDT-SWAP	0.0000%	8h	338.69	−0.062%	$6.4M	$6.6M	25x	as long as short
Gate AAPL_USDT	0.0000%	8h	338.52	−0.112%	$3.0M	$4.2M	100x	as long as short
GRVT AAPL_USDT_Perp	0.0000%	8h	338.90	+0.001%	$17K	$489K	10x	as long as short
SunX AAPL-USDT	0.0000%	8h	338.72	−0.053%	$484	$4.7M	20x	as long as short
Deribit AAPL_USDC-PERPETUAL	0.0000%	1h	338.63	−0.080%	$28K	$66K	10x	as long as short
HTX AAPL-USDT	0.0000%	8h	338.84	−0.018%	$52K	$225K	30x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex AAPLUSDTlong	0.0000%	4h	338.90	long leg	$2.1M	$6K	10x
Lighter AAPL	+0.0032%	1h	338.60	−0.089%	$770K	$2.3M	20x	as long as short
Lighter RH AAPL	+0.0032%	1h	338.66	−0.071%	$956K	$3.6M	20x	as long as short
Bitget AAPLUSDT	+0.0036%	8h	338.75	−0.044%	$6.2M	$3.4M	100x	as long as short
Vest AAPL-USD-PERP	+0.0046%	1h	338.48	−0.124%	—	$47K	25x	as long as short
tradeXYZ xyz:AAPL	+0.0050%	1h	338.63	−0.080%	$40.8M	$75.8M	20x	as long as short
Polymarket Perps AAPL-USD	+0.0050%	1h	338.53	−0.109%	$263K	$396K	10x	as long as short
SoDEX AAPL-USD	+0.0050%	1h	338.63	−0.080%	$75K	$3K	10x	as long as short
Ondo Perps AAPL-USD.P	+0.0050%	1h	338.51	−0.115%	$1.4M	$2.5M	20x	as long as short
Hotstuff AAPL-PERP	+0.0056%	1h	338.61	−0.086%	$36K	—	20x	as long as short
QFEX AAPL-USD	+0.0059%	1h	338.66	−0.071%	$3.2M	$5.0M	10x	as long as short
Variational Omni AAPL	+0.0083%	8h	338.82	−0.022%	$2.4M	$1.4M	—	as long as short
KuCoin AAPLUSDTM	+0.0100%	8h	338.61	−0.086%	$1.4M	$27K	20x	as long as short
ApeX Omni AAPLUSDT	+0.0100%	1h	338.63	−0.080%	$946K	$10.9M	50x	as long as short
Orderly PERP_AAPL_USDC_mythos	+0.0100%	8h	338.71	−0.056%	$4K	—	10x	as long as short
Aevo AAPL-PERP	+0.0104%	1h	338.66	−0.071%	$10K	—	10x	as long as short
Binance AAPLUSDT	+0.0108%	8h	338.75	−0.045%	$22.2M	$66.8M	25x	as long as short
Extended AAPL_24_5-USD	+0.0112%	1h	338.68	−0.066%	$286K	$2.4M	10x	as long as short
BloFin AAPL-USDT	+0.0115%	8h	338.82	−0.024%	$346K	$169K	20x	as long as short
Coinbase International AAPL-PERP-INTX	+0.0184%	1h	338.61	−0.086%	$655K	$667K	10x	as long as short
Injective AAPL/USDC PERP	+0.0220%	1h	338.58	−0.094%	$191K	$44K	30x	as long as short
Phoenix AAPL	+0.0330%	1h	338.90	0.000%	$5K	$11K	20x	as long as short
Arcus AAPL-USDshort	+0.0406%	1h	338.75	−0.044%	$269K	$70K	20x