Funding you earn now, next payment 10:00 UTC−0.0039%/8h= −4.3% APRpaid last 24h +0.019%
Price spread now: Phoenix against BloFin−0.005%7-day average +0.017% · you buy dearer than you sell
Net, funding: paid 7d − costs−$41as in the Funding arb table
Net, price: spread back to 7d avg − costs−$45as in the Price arb table
costs, in and out, $10k−$430.427% of the position
Funding, last 7 days+0.018%+$2 on $10k
+Price spread, last 4 days (all we have)+0.069%+$7 · spread now −0.005%, 7d avg +0.017%
=Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 0.022% cheaper against BloFin than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.017%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | BloFin COIN-USDT | 198.32 | 0.0120 | pay 0.0120% / 8h | 5h 44m | $194K | $481K | 20x |
| Short | Phoenix COIN | 198.31 | 0.0081 | get 0.0010% / 1h | 44m 44s | $5K | $256K | 10x |
BloFin COIN-USDT
Phoenix COINFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against BloFin. 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
- −$8.29
- Price spread: −0.005% → +0.017%
- −$2.17
- Slippage, 4 orders
- −$23.69
- Fee BloFin: 6 bp × 2 orders
- −$12
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$53.15
- Costs to cover
- 0.427%
- Break-even
- never at this rate
Slippage from BloFin: live order book, 64 min ago; Phoenix: live order book, 63 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 BloFin live order book, 64 min ago | 0.25 bp | 8.8 bp −$9 | 16.2 bp −$162 | 38.4 bp −$3,844 | doesn't fit |
| Sell Phoenix live order book, 63 min ago | 4.05 bp | 12.9 bp −$13 | 27.7 bp −$277 | doesn't fit | doesn't fit |
COIN on 26 exchanges
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 | |
|---|---|---|---|---|---|---|---|---|
| Injective COIN/USDC PERP | −0.0440% | 1h | 198.16 | −0.081% | $17K | $224K | 30x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 198.35 | +0.014% | $345K | $868K | 20x | as long as short |
| Extended COIN_24_5-USD | 0.0000% | 1h | 198.26 | −0.033% | $106K | $854K | 10x | as long as short |
| Binance COINUSDT | 0.0000% | 8h | 198.32 | 0.000% | $14.6M | $75.7M | 20x | as long as short |
| Bybit COINUSDT | 0.0000% | 8h | 198.26 | −0.030% | $4.7M | $5.5M | 50x | as long as short |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 198.28 | −0.020% | $3.1M | $4.4M | 20x | as long as short |
| Gate COIN_USDT | 0.0000% | 8h | 198.38 | +0.030% | $1.2M | $6.4M | 50x | as long as short |
| Bitget COINUSDT | 0.0000% | 8h | 198.40 | +0.040% | $6.4M | $9.5M | 20x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 198.40 | +0.040% | $785K | $935K | — | as long as short |
| GRVT COIN_USDT_Perp | 0.0000% | 8h | 198.60 | +0.142% | $15K | $3.2M | 10x | as long as short |
Injective COIN/USDC PERP
Aster COINUSDT
Extended COIN_24_5-USD
Binance COINUSDT
Bybit COINUSDT
OKX COIN-USDT-SWAP
Gate COIN_USDT
Bitget COINUSDT
Variational Omni COIN
GRVT COIN_USDT_PerpShow all 26 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| QFEX COIN-USD | +0.0032% | 1h | 198.15 | −0.086% | $1.3M | $2.5M | 10x | as long as short |
| Lighter COIN | +0.0032% | 1h | 198.20 | −0.062% | $345K | $1.9M | 10x | as long as short |
| Lighter RH COIN | +0.0032% | 1h | 198.22 | −0.050% | $481K | $1.1M | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 198.50 | +0.091% | $20K | $31K | 5x | as long as short |
| Vest COIN-USD-PERP | +0.0046% | 1h | 198.15 | −0.086% | — | $275K | 25x | as long as short |
| tradeXYZ xyz:COIN | +0.0050% | 1h | 198.17 | −0.076% | $14.7M | $11.6M | 10x | as long as short |
| Polymarket Perps COIN-USD | +0.0050% | 1h | 198.03 | −0.146% | $136K | $1.2M | 10x | as long as short |
| SoDEX COIN-USD | +0.0050% | 1h | 198.23 | −0.045% | $93 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 198.10 | −0.111% | $330K | $2.1M | 10x | as long as short |
| Phoenix COINshort | +0.0081% | 1h | 198.31 | −0.005% | $5K | $256K | 10x | |
| KuCoin COINUSDTM | +0.0100% | 8h | 198.27 | −0.025% | $935K | $247K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 198.48 | +0.081% | $89K | $272K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 198.38 | +0.030% | $574 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 198.16 | −0.083% | $117 | — | 10x | as long as short |
| BloFin COIN-USDTlong | +0.0120% | 8h | 198.32 | long leg | $194K | $481K | 20x | |
| edgeX COINUSDC | +0.0491% | 4h | 198.61 | +0.147% | $51K | $295K | 10x | as long as short |
QFEX COIN-USD
Lighter COIN
Lighter RH COIN
Arcus COIN-USD
Vest COIN-USD-PERP
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
edgeX COINUSDC