Funding you earn now, next payment 04:00 UTC+0.0122%/8h= +13.3% APRpaid last 24h +0.051%
Price spread now: Phoenix against Binance−0.024%75s7-day average +0.019% · you buy dearer than you sell
Net, funding: paid 7d − costs−$11as 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−$370.365% of the position
Funding, last 7 days+0.251%+$25 on $10k
+Price spread, last 4 days (all we have)−0.075%−$8 · spread now −0.024%, 7d avg +0.019%
=Funding pays, the price is against you. Phoenix is 0.043% cheaper against Binance than usual: you would sell low and buy high (spread −0.024% now, against its 7-day average of +0.019%). If the spread goes back, that is −$4 on $10k: about 28 hours of funding at the current rate (+$4 a day). The two prices were read 75 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 | Binance COINUSDT | 196.98 | 0 | get 0.0000% / 8h | 3h 44m | $14.7M | $79.9M | 20x |
| Short | Phoenix COIN | 196.93 | 0.0122 | get 0.0015% / 1h | 44m 11s | $4K | $283K | 10x |
Binance COINUSDT
Phoenix COINFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Binance. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $25.54
- Price spread: −0.024% → +0.019%
- −$4.28
- Slippage, 4 orders
- −$19.51
- Fee Binance: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$15.25
- Costs to cover
- 0.365%
- Break-even
- 11.2 days
Slippage from Binance: live order book, 13 min ago; Phoenix: live order book, 4 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 Binance live order book, 13 min ago | 0.25 bp | 7.2 bp −$7 | 14.9 bp −$149 | 52.7 bp −$5,273 | doesn't fit |
| Sell Phoenix live order book, 4 min ago | 3.05 bp | 10.8 bp −$11 | 22.3 bp −$223 | doesn't fit | doesn't fit |
COIN on 26 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 | |
|---|---|---|---|---|---|---|---|---|
| Bitget COINUSDT | −0.0678% | 8h | 197.09 | +0.057% | $6.2M | $10.4M | 20x | as long as short |
| Injective COIN/USDC PERP | −0.0440% | 1h | 197.08 | +0.052% | $43K | $48K | 30x | as long as short |
| Gate COIN_USDT | −0.0221% | 8h | 196.98 | +0.001% | $1.2M | $7.3M | 50x | as long as short |
| Vest COIN-USD-PERP | −0.0111% | 1h | 196.38 | −0.303% | — | $266K | 25x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 197.13 | +0.076% | $344K | $890K | 20x | as long as short |
| Extended COIN_24_5-USD | 0.0000% | 1h | 196.93 | −0.026% | $117K | $689K | 10x | as long as short |
| Binance COINUSDTlong | 0.0000% | 8h | 196.98 | long leg | $14.7M | $79.9M | 20x | |
| Bybit COINUSDT | 0.0000% | 8h | 196.99 | +0.006% | $4.8M | $6.0M | 50x | as long as short |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 196.94 | −0.019% | $3.0M | $4.6M | 20x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 197.02 | +0.022% | $685K | $939K | — | as long as short |
Bitget COINUSDT
Injective COIN/USDC PERP
Gate COIN_USDT
Vest COIN-USD-PERP
Aster COINUSDT
Extended COIN_24_5-USD
Bybit COINUSDT
OKX COIN-USDT-SWAP
Variational Omni COINShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT COIN_USDT_Perp | 0.0000% | 8h | 197.03 | +0.024% | $14K | $2.3M | 10x | as long as short |
| QFEX COIN-USD | +0.0020% | 1h | 196.97 | −0.004% | $1.3M | $3.2M | 10x | as long as short |
| Lighter RH COIN | +0.0032% | 1h | 196.90 | −0.039% | $451K | $1.5M | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 197.16 | +0.093% | $15K | $55K | 5x | as long as short |
| tradeXYZ xyz:COIN | +0.0050% | 1h | 196.89 | −0.044% | $15.4M | $13.6M | 10x | as long as short |
| Polymarket Perps COIN-USD | +0.0050% | 1h | 196.89 | −0.044% | $134K | $1.2M | 10x | as long as short |
| SoDEX COIN-USD | +0.0050% | 1h | 196.92 | −0.029% | $82 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 196.89 | −0.044% | $353K | $2.7M | 10x | as long as short |
| KuCoin COINUSDTM | +0.0100% | 8h | 196.97 | −0.004% | $993K | $143K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 196.94 | −0.019% | $89K | $287K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 196.97 | −0.004% | $570 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 196.94 | −0.020% | $116 | — | 10x | as long as short |
| BloFin COIN-USDT | +0.0120% | 8h | 197.03 | +0.027% | $188K | $393K | 20x | as long as short |
| Phoenix COINshort | +0.0122% | 1h | 196.93 | −0.024% | $4K | $283K | 10x | |
| Lighter COIN | +0.0136% | 1h | 196.93 | −0.025% | $340K | $2.0M | 10x | as long as short |
| edgeX COINUSDC | +0.0773% | 4h | 197.07 | +0.049% | $51K | $296K | 10x | as long as short |
GRVT COIN_USDT_Perp
QFEX COIN-USD
Lighter RH COIN
Arcus COIN-USD
tradeXYZ xyz:COIN
Polymarket Perps COIN-USD
SoDEX COIN-USD
Ondo Perps COIN-USD.P
KuCoin COINUSDTM
ApeX Omni COINUSDT
Orderly PERP_COIN_USDC_mythos
Aevo COIN-PERP
BloFin COIN-USDT
Lighter COIN
edgeX COINUSDC