Funding you earn now, next payment 00:00 UTC+0.0237%/8h= +26.0% APRpaid last 24h +0.055%
Price spread now: Phoenix against Bybit−0.114%7-day average −0.006% · you buy dearer than you sell
Net, funding: paid 7d − costs−$34as in the Funding arb table
Net, price: spread back to 7d avg − costs−$61as in the Price arb table
costs, in and out, $10k−$500.501% of the position
Funding, last 7 days+0.157%+$16 on $10k
+Price spread, last 3 days (all we have)+0.021%+$2 · spread now −0.114%, 7d avg −0.006%
=Funding pays, the price is against you. Phoenix is 0.108% cheaper against Bybit than usual: you would sell low and buy high (spread −0.114% now, against its 7-day average of −0.006%). If the spread goes back, that is −$11 on $10k: about 36 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.157% in total) that is about 4.8 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.157% in total (about 8.2% 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 | Bybit COINUSDT | 201.82 | 0 | get 0.0000% / 8h | 7h 47m | $5.1M | $5.9M | 50x |
| Short | Phoenix COIN | 201.59 | 0.0237 | get 0.0030% / 1h | 47m 11s | $5K | $279K | 10x |
Bybit COINUSDT
Phoenix COINFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $49.84
- Price spread: −0.114% → −0.006%
- −$10.77
- Slippage, 4 orders
- −$32.05
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$10.98
- Costs to cover
- 0.501%
- Break-even
- 8.5 days
Slippage from Bybit: live order book, 1 min ago; Phoenix: live order book, 21 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, 1 min ago | 2.97 bp | 12.7 bp −$13 | 37.2 bp −$372 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 21 min ago | 3.46 bp | 12.0 bp −$12 | 25.7 bp −$257 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective COIN/USDC PERP | −0.0440% | 1h | 201.70 | −0.059% | $44K | $48K | 30x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 201.72 | −0.051% | $370K | $840K | 20x | as long as short |
| Extended COIN_24_5-USD | 0.0000% | 1h | 201.71 | −0.055% | $119K | $527K | 10x | as long as short |
| Binance COINUSDT | 0.0000% | 8h | 201.77 | −0.025% | $15.8M | $76.0M | 20x | as long as short |
| Bybit COINUSDTlong | 0.0000% | 8h | 201.82 | long leg | $5.1M | $5.9M | 50x | |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 201.91 | +0.045% | $3.3M | $4.7M | 20x | as long as short |
| Gate COIN_USDT | 0.0000% | 8h | 201.80 | −0.010% | $1.3M | $6.8M | 50x | as long as short |
| Bitget COINUSDT | 0.0000% | 8h | 201.82 | 0.000% | $6.9M | $9.7M | 20x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 201.31 | −0.251% | $839K | $1.1M | — | as long as short |
| GRVT COIN_USDT_Perp | 0.0000% | 8h | 201.69 | −0.066% | $12K | $2.0M | 10x | as long as short |
Injective COIN/USDC PERP
Aster COINUSDT
Extended COIN_24_5-USD
Binance COINUSDT
OKX COIN-USDT-SWAP
Gate COIN_USDT
Bitget COINUSDT
Variational Omni COIN
GRVT COIN_USDT_PerpShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| QFEX COIN-USD | +0.0021% | 1h | 201.71 | −0.055% | $1.4M | $3.9M | 10x | as long as short |
| Lighter RH COIN | +0.0032% | 1h | 201.73 | −0.045% | $434K | $1.5M | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 201.72 | −0.050% | $16K | $53K | 5x | as long as short |
| Vest COIN-USD-PERP | +0.0046% | 1h | 201.55 | −0.134% | — | $493K | 25x | as long as short |
| tradeXYZ xyz:COIN | +0.0050% | 1h | 201.67 | −0.074% | $16.6M | $12.5M | 10x | as long as short |
| Polymarket Perps COIN-USD | +0.0050% | 1h | 201.64 | −0.089% | $129K | $1.2M | 10x | as long as short |
| SoDEX COIN-USD | +0.0050% | 1h | 201.68 | −0.069% | $96 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 201.41 | −0.203% | $359K | $3.3M | 10x | as long as short |
| KuCoin COINUSDTM | +0.0100% | 8h | 201.82 | 0.000% | $1.0M | $135K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 201.60 | −0.109% | $91K | $287K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 201.72 | −0.050% | $583 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 201.71 | −0.053% | $119 | — | 10x | as long as short |
| BloFin COIN-USDT | +0.0120% | 8h | 201.72 | −0.050% | $200K | $341K | 20x | as long as short |
| Lighter COIN | +0.0168% | 1h | 201.75 | −0.032% | $377K | $1.8M | 10x | as long as short |
| Phoenix COINshort | +0.0237% | 1h | 201.59 | −0.114% | $5K | $279K | 10x | |
| edgeX COINUSDC | +0.0878% | 4h | 201.60 | −0.107% | $52K | $294K | 10x | as long as short |
QFEX COIN-USD
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
BloFin COIN-USDT
Lighter COIN
edgeX COINUSDC