Funding you earn now, next payment 01:00 UTC−0.0719%/8h= −78.7% APRpaid last 24h −0.070%
Price spread now: Bitget against Phoenix+0.061%59s7-day average +0.010% · you sell dearer than you buy
Net, funding: paid 7d − costs−$72as 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−$460.460% of the position
Funding, last 7 days−0.255%−$25 on $10k
+Price spread, last 4 days (all we have)+0.238%+$24 · spread now +0.061%, 7d avg +0.010%
=The price spread pays, funding is against you. Bitget is 0.051% dearer against Phoenix than usual: you sell high and buy low (spread +0.061% now, against its 7-day average of +0.010%): +$5 on $10k if it goes back. Holding the pair costs −$22 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 7 days (−0.255% in total) that is about 33 hours. The two prices were read 59 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 -0.255% in total (about -13.3% 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 COIN | 197.75 | 0.0160 | pay 0.0020% / 1h | 16m 21s | $5K | $251K | 10x |
| Short | Bitget COINUSDT | 197.87 | −0.0559 | pay 0.0559% / 8h | 6h 16m | $6.5M | $10.1M | 20x |
Phoenix COIN
Bitget COINUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bitget against Phoenix. 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
- −$150.98
- Price spread: +0.061% → +0.010%
- $5.08
- Slippage, 4 orders
- −$27.04
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Bitget: 6 bp × 2 orders
- −$12
- Net
- −$191.95
- Costs to cover
- 0.460%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 47 min ago; Bitget: live order book, 2 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, 47 min ago | 2.99 bp | 10.9 bp −$11 | 22.8 bp −$228 | doesn't fit | doesn't fit |
| Sell Bitget live order book, 2 min ago | 1.77 bp | 11.9 bp −$12 | 20.5 bp −$205 | doesn't fit | doesn't fit |
COIN on 25 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 COINUSDTshort | −0.0559% | 8h | 197.87 | +0.061% | $6.5M | $10.1M | 20x | |
| Injective COIN/USDC PERP | −0.0440% | 1h | 197.10 | −0.329% | $43K | $48K | 30x | as long as short |
| Vest COIN-USD-PERP | −0.0048% | 1h | 197.30 | −0.228% | — | $290K | 25x | as long as short |
| Gate COIN_USDT | −0.0020% | 8h | 197.72 | −0.015% | $1.2M | $7.0M | 50x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 198.00 | +0.125% | $366K | $856K | 20x | as long as short |
| Extended COIN_24_5-USD | 0.0000% | 1h | 197.66 | −0.046% | $117K | $694K | 10x | as long as short |
| Binance COINUSDT | 0.0000% | 8h | 197.73 | −0.012% | $14.8M | $77.8M | 20x | as long as short |
| Bybit COINUSDT | 0.0000% | 8h | 197.76 | +0.005% | $4.9M | $5.9M | 50x | as long as short |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 197.78 | +0.015% | $3.1M | $4.6M | 20x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 197.75 | −0.001% | $819K | $939K | — | as long as short |
Injective COIN/USDC PERP
Vest COIN-USD-PERP
Gate COIN_USDT
Aster COINUSDT
Extended COIN_24_5-USD
Binance COINUSDT
Bybit COINUSDT
OKX COIN-USDT-SWAP
Variational Omni COINShow all 25 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT COIN_USDT_Perp | 0.0000% | 8h | 197.57 | −0.090% | $14K | $2.1M | 10x | as long as short |
| QFEX COIN-USD | +0.0028% | 1h | 197.76 | +0.005% | $1.3M | $3.6M | 10x | as long as short |
| Lighter COIN | +0.0032% | 1h | 197.66 | −0.044% | $378K | $2.0M | 10x | as long as short |
| Lighter RH COIN | +0.0032% | 1h | 197.72 | −0.015% | $437K | $1.5M | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 197.82 | +0.035% | $16K | $53K | 5x | as long as short |
| tradeXYZ xyz:COIN | +0.0050% | 1h | 197.69 | −0.030% | $15.8M | $13.5M | 10x | as long as short |
| Polymarket Perps COIN-USD | +0.0050% | 1h | 197.68 | −0.035% | $125K | $1.2M | 10x | as long as short |
| SoDEX COIN-USD | +0.0050% | 1h | 197.69 | −0.030% | $94 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 197.56 | −0.096% | $351K | $3.0M | 10x | as long as short |
| KuCoin COINUSDTM | +0.0100% | 8h | 197.73 | −0.010% | $996K | $144K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 197.60 | −0.076% | $89K | $286K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 197.68 | −0.035% | $572 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 197.68 | −0.034% | $117 | — | 10x | as long as short |
| Phoenix COINlong | +0.0160% | 1h | 197.75 | long leg | $5K | $251K | 10x | |
| edgeX COINUSDC | +0.0503% | 4h | 197.53 | −0.112% | $51K | $295K | 10x | as long as short |
GRVT COIN_USDT_Perp
QFEX COIN-USD
Lighter COIN
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
edgeX COINUSDC