Funding arb · Price arb /

AMAT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0292%/8h= +31.9% APRpaid last 24h +0.085%

Price spread now: Phoenix against Bybit−0.036%65s7-day average +0.069% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as 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−$740.741% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.494%+$49 on $10k

Price spread, last 3 days (all we have)+0.246%+$25 · spread now −0.036%, 7d avg +0.069%

Together, before fees+0.740%+$74 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.105% cheaper against Bybit than usual: you would sell low and buy high (spread −0.036% now, against its 7-day average of +0.069%). If the spread goes back, that is −$10 on $10k: about 29 hours of funding at the current rate (+$9 a day). 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	Bybit AMATUSDT	468.98	0	get 0.0000% / 8h	7h 48m	$921K	$628K	25x
Short	Phoenix AMAT	468.81	0.0292	get 0.0036% / 1h	48m 18s	$19K	$131K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now −0.036%Rate

Funding earned: $61.22
Price spread: −0.036% → +0.069%: −$10.49
Slippage, 4 orders: −$56.07
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$23.34
Costs to cover: 0.741%
Break-even: 9.7 days

Slippage from Bybit: live order book, 22 min ago; Phoenix: live order book, 17 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 Bybit live order book, 22 min ago	1.72 bp	32.9 bp −$33	107.3 bp −$1,073	doesn't fit	doesn't fit
Sell Phoenix live order book, 17 min ago	2.78 bp	9.5 bp −$10	19.2 bp −$192	doesn't fit	doesn't fit

AMAT on 16 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
Aster AMATUSDT	0.0000%	8h	469.31	+0.070%	$10K	$11K	20x	as long as short
Bybit AMATUSDTlong	0.0000%	8h	468.98	long leg	$921K	$628K	25x
Bitget AMATUSDT	0.0000%	8h	469.19	+0.045%	$2.1M	$1.7M	20x	as long as short
OKX AMAT-USDT-SWAP	+0.0023%	8h	469.03	+0.011%	$1.4M	$1.6M	20x	as long as short
Vest AMAT-USD-PERP	+0.0046%	1h	468.65	−0.070%	—	—	10x	as long as short
KuCoin AMATUSDTM	+0.0100%	8h	468.61	−0.079%	$412K	$445K	20x	as long as short
SunX AMAT-USDT	+0.0100%	8h	468.50	−0.102%	$951	$380K	10x	as long as short
HTX AMAT-USDT	+0.0100%	8h	469.32	+0.072%	$171K	$39K	20x	as long as short
Gate AMAT_USDT	+0.0167%	8h	468.90	−0.017%	$1.8M	$6.4M	50x	as long as short
Phoenix AMATshort	+0.0292%	1h	468.81	−0.036%	$19K	$131K	10x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT AMAT_USDT_Perp	+0.0293%	8h	468.49	−0.104%	$347	$98K	10x	as long as short
Variational Omni AMAT	+0.0393%	8h	468.31	−0.142%	$87K	$24K	—	as long as short
Extended AMAT-USD	+0.0464%	1h	468.97	−0.002%	$5K	$27K	10x	as long as short
Binance AMATUSDT	+0.0465%	8h	469.07	+0.019%	$8.9M	$12.7M	20x	as long as short
BloFin AMAT-USDT	+0.0488%	8h	469.04	+0.013%	$109K	$82K	20x	as long as short
tradeXYZ xyz:AMAT	+0.0652%	1h	468.93	−0.011%	$2.7M	$2.4M	10x	as long as short