Funding arb · Price arb /

AMAT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0288%/8h= +31.5% APRpaid last 24h +0.079%

Price spread now: Phoenix against OKX+0.125%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$540.544% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.130%+$13 on $10k

Price spread, last 3 days (all we have)+0.003%$0 · spread now +0.125%, 7d avg +0.012%

Together, before fees+0.133%+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Phoenix is 0.113% dearer against OKX than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.012%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.130% in total (about 6.8% 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	OKX AMAT-USDT-SWAP	470.93	0.0004	pay 0.0004% / 8h	7h 23m	$1.4M	$1.6M	20x
Short	Phoenix AMAT	471.52	0.0292	get 0.0036% / 1h	23m 15s	$19K	$131K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now +0.125%Rate

Funding earned: $60.45
Price spread: +0.125% → +0.012%: $11.3
Slippage, 4 orders: −$37.38
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $17.37
Costs to cover: 0.544%
Break-even: 5.0 days

Slippage from OKX: live order book, 4 min ago; Phoenix: live order book, 42 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 OKX live order book, 4 min ago	3.50 bp	22.6 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 42 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	470.48	−0.095%	$10K	$11K	20x	as long as short
Bybit AMATUSDT	0.0000%	8h	470.77	−0.034%	$908K	$652K	25x	as long as short
Bitget AMATUSDT	0.0000%	8h	471.02	+0.019%	$2.1M	$1.7M	20x	as long as short
OKX AMAT-USDT-SWAPlong	+0.0004%	8h	470.93	long leg	$1.4M	$1.6M	20x
Vest AMAT-USD-PERP	+0.0046%	1h	470.55	−0.081%	—	—	10x	as long as short
KuCoin AMATUSDTM	+0.0100%	8h	470.33	−0.127%	$413K	$454K	20x	as long as short
SunX AMAT-USDT	+0.0100%	8h	470.62	−0.066%	$1K	$375K	10x	as long as short
HTX AMAT-USDT	+0.0100%	8h	472.28	+0.287%	$172K	$40K	20x	as long as short
tradeXYZ xyz:AMAT	+0.0149%	1h	470.76	−0.036%	$2.7M	$2.3M	10x	as long as short
GRVT AMAT_USDT_Perp	+0.0151%	8h	471.29	+0.076%	$457	$95K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate AMAT_USDT	+0.0273%	8h	470.80	−0.028%	$1.8M	$6.4M	50x	as long as short
Phoenix AMATshort	+0.0292%	1h	471.52	+0.125%	$19K	$131K	10x
Variational Omni AMAT	+0.0357%	8h	471.22	+0.061%	$87K	$24K	—	as long as short
Binance AMATUSDT	+0.0429%	8h	471.00	+0.015%	$9.0M	$12.7M	20x	as long as short
Extended AMAT-USD	+0.0432%	1h	470.90	−0.007%	$5K	$27K	10x	as long as short
BloFin AMAT-USDT	+0.0436%	8h	470.87	−0.013%	$109K	$84K	20x	as long as short