Funding arb · Price arb /

AMAT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.080%

Price spread now: OKX against Phoenix+0.132%66s7-day average −0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$69as 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−$560.559% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)−0.790%−$79 · spread now +0.132%, 7d avg −0.012%

Together, before fees−0.920%−$92 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.144% dearer against Phoenix than usual: you sell high and buy low (spread +0.132% now, against its 7-day average of −0.012%): +$14 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 2.2 days. At the pace of the last 7 days (−0.130% in total) that is about 7.8 days. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

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	Phoenix AMAT	469.30	0.0220	pay 0.0028% / 1h	34m 16s	$19K	$110K	10x
Short	OKX AMAT-USDT-SWAP	469.92	0	get 0.0000% / 8h	6h 34m	$1.4M	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.132%Rate

Funding earned: −$46.29
Price spread: +0.132% → −0.012%: $14.41
Slippage, 4 orders: −$38.93
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$87.81
Costs to cover: 0.559%
Break-even: never at this rate

Slippage from Phoenix: live order book, 26 min ago; OKX: live order book, 3 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 Phoenix live order book, 26 min ago	3.81 bp	12.2 bp −$12	25.8 bp −$258	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	4.37 bp	17.8 bp −$18	doesn't fit	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	+0.002%	$10K	$11K	20x	as long as short
Bybit AMATUSDT	0.0000%	8h	469.21	−0.019%	$899K	$652K	25x	as long as short
OKX AMAT-USDT-SWAPshort	0.0000%	8h	469.92	+0.132%	$1.4M	$1.6M	20x
Bitget AMATUSDT	0.0000%	8h	469.50	+0.043%	$2.1M	$1.7M	20x	as long as short
GRVT AMAT_USDT_Perp	0.0000%	8h	469.39	+0.019%	$690	$98K	10x	as long as short
Vest AMAT-USD-PERP	+0.0046%	1h	468.82	−0.102%	—	—	10x	as long as short
tradeXYZ xyz:AMAT	+0.0050%	1h	469.14	−0.034%	$2.6M	$2.3M	10x	as long as short
KuCoin AMATUSDTM	+0.0100%	8h	468.94	−0.077%	$407K	$468K	20x	as long as short
SunX AMAT-USDT	+0.0100%	8h	469.53	+0.049%	$1K	$372K	10x	as long as short
HTX AMAT-USDT	+0.0100%	8h	470.24	+0.200%	$171K	$39K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix AMATlong	+0.0220%	1h	469.30	long leg	$19K	$110K	10x
Variational Omni AMAT	+0.0270%	8h	469.26	−0.008%	$65K	$44K	—	as long as short
Extended AMAT-USD	+0.0328%	1h	469.15	−0.033%	$5K	$27K	10x	as long as short
Binance AMATUSDT	+0.0330%	8h	469.27	−0.006%	$8.9M	$12.6M	20x	as long as short
Gate AMAT_USDT	+0.0333%	8h	469.20	−0.021%	$1.7M	$6.4M	50x	as long as short
BloFin AMAT-USDT	+0.0369%	8h	469.90	+0.128%	$110K	$86K	20x	as long as short