Funding arb · Price arb /

AAPL

RWAall AAPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0159%/8h= −17.5% APRpaid last 24h −0.001%

Price spread now: Orderly against Phoenix−0.068%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Orderly is 0.068% cheaper against Phoenix than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAPL	338.93	0.0259	pay 0.0032% / 1h	26m 58s	$5K	$11K	20x
Short	Orderly PERP_AAPL_USDC_mythos	338.70	0.0100	get 0.0100% / 8h	5h 26m	$4K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Phoenix. 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 PhoenixbpFee OrderlybpOrdersPrice spread, now −0.068%Rate

Funding earned: −$33.49
Price spread: −0.068% → 0.000%: −$6.79
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$53.27
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Orderly: 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 Phoenix no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Phoenix and Orderly: 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.

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	−0.0696%	4h	338.81	−0.036%	$81K	$325K	20x	as long as short
Nado AAPL-PERP	−0.0052%	1h	338.75	−0.053%	$554K	$38K	20x	as long as short
BloFin AAPL-USDT	−0.0016%	8h	338.81	−0.035%	$343K	$169K	20x	as long as short
Aster AAPLUSDT	0.0000%	8h	338.86	−0.020%	$122K	$291K	20x	as long as short
Extended AAPL_24_5-USD	0.0000%	1h	338.74	−0.056%	$285K	$2.0M	10x	as long as short
Binance AAPLUSDT	0.0000%	8h	338.83	−0.030%	$22.3M	$67.0M	25x	as long as short
Bybit AAPLUSDT	0.0000%	8h	338.85	−0.024%	$6.0M	$39.2M	100x	as long as short
OKX AAPL-USDT-SWAP	0.0000%	8h	338.88	−0.015%	$6.3M	$6.8M	25x	as long as short
Gate AAPL_USDT	0.0000%	8h	338.60	−0.097%	$3.0M	$4.2M	100x	as long as short
Bitget AAPLUSDT	0.0000%	8h	338.93	0.000%	$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	338.99	+0.016%	$2.4M	$1.4M	—	as long as short
GRVT AAPL_USDT_Perp	0.0000%	8h	338.88	−0.015%	$17K	$424K	10x	as long as short
SunX AAPL-USDT	0.0000%	8h	338.81	−0.035%	$407	$4.6M	20x	as long as short
Deribit AAPL_USDC-PERPETUAL	0.0000%	1h	338.64	−0.086%	$28K	$67K	10x	as long as short
HTX AAPL-USDT	0.0000%	8h	338.93	0.000%	$53K	$224K	30x	as long as short
Phemex AAPLUSDT	0.0000%	4h	338.99	+0.018%	$2.1M	$6K	10x	as long as short
QFEX AAPL-USD	+0.0013%	1h	338.76	−0.050%	$3.2M	$4.8M	10x	as long as short
Lighter AAPL	+0.0032%	1h	338.68	−0.073%	$771K	$2.4M	20x	as long as short
Lighter RH AAPL	+0.0032%	1h	338.69	−0.071%	$950K	$3.6M	20x	as long as short
Arcus AAPL-USD	+0.0040%	1h	338.76	−0.050%	$269K	$69K	20x	as long as short
Vest AAPL-USD-PERP	+0.0046%	1h	338.58	−0.103%	—	$45K	25x	as long as short
Coinbase International AAPL-PERP-INTX	+0.0048%	1h	338.78	−0.044%	$659K	$673K	10x	as long as short
Polymarket Perps AAPL-USD	+0.0050%	1h	338.58	−0.103%	$261K	$370K	10x	as long as short
SoDEX AAPL-USD	+0.0050%	1h	338.69	−0.071%	$75K	$3K	10x	as long as short
Ondo Perps AAPL-USD.P	+0.0050%	1h	338.65	−0.083%	$1.3M	$2.5M	20x	as long as short
tradeXYZ xyz:AAPL	+0.0064%	1h	338.69	−0.071%	$40.7M	$75.8M	20x	as long as short
Hotstuff AAPL-PERP	+0.0088%	1h	338.68	−0.074%	$36K	—	20x	as long as short
KuCoin AAPLUSDTM	+0.0100%	8h	338.73	−0.059%	$1.4M	$27K	20x	as long as short
ApeX Omni AAPLUSDT	+0.0100%	1h	338.72	−0.062%	$946K	$11.0M	50x	as long as short
Orderly PERP_AAPL_USDC_mythosshort	+0.0100%	8h	338.70	−0.068%	$4K	—	10x
Aevo AAPL-PERP	+0.0104%	1h	338.67	−0.075%	$10K	—	10x	as long as short
Injective AAPL/USDC PERP	+0.0220%	1h	338.72	−0.062%	$191K	$44K	30x	as long as short
Phoenix AAPLlong	+0.0259%	1h	338.93	long leg	$5K	$11K	20x