Funding you earn now, next payment 01:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.018%
Price spread now: BloFin against Phoenix+0.693%826s7-day average −0.015% · you sell dearer than you buy
Net, funding: paid 7d − costs−$40as 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−$380.384% of the position
Funding, last 7 days−0.012%−$1 on $10k
+Price spread, last 3 days (all we have)−0.704%−$70 · spread now +0.693%, 7d avg −0.015%
=The price spread pays, funding is against you. BloFin is 0.708% dearer against Phoenix than usual: you sell high and buy low (spread +0.693% now, against its 7-day average of −0.015%): +$71 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 59 days. At the pace of the last 7 days (−0.012% in total) that is about 14 months. The two prices were read 826 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 | Phoenix COIN | 197.65 | 0.0160 | pay 0.0020% / 1h | 35m 05s | $5K | $251K | 10x |
| Short | BloFin COIN-USDT | 199.02 | 0.0120 | get 0.0120% / 8h | 6h 35m | $198K | $377K | 20x |
Phoenix COIN
BloFin COIN-USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
BloFin 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
- −$8.39
- Price spread: +0.693% → −0.015%
- $70.83
- Slippage, 4 orders
- −$19.44
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee BloFin: 6 bp × 2 orders
- −$12
- Net
- $24
- Costs to cover
- 0.384%
- Break-even
- from the start
Slippage from Phoenix: live order book, 28 min ago; BloFin: live order book, 30 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, 28 min ago | 2.99 bp | 10.9 bp −$11 | 22.8 bp −$228 | doesn't fit | doesn't fit |
| Sell BloFin live order book, 30 min ago | 0.50 bp | 7.8 bp −$8 | 13.8 bp −$138 | 35.0 bp −$3,496 | 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 | 197.60 | −0.025% | $44K | $48K | 30x | as long as short |
| Bitget COINUSDT | −0.0246% | 8h | 197.86 | +0.106% | $6.5M | $10.3M | 20x | as long as short |
| Vest COIN-USD-PERP | −0.0003% | 1h | 197.16 | −0.248% | — | $289K | 25x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 197.75 | +0.049% | $360K | $856K | 20x | as long as short |
| Extended COIN_24_5-USD | 0.0000% | 1h | 197.61 | −0.018% | $117K | $699K | 10x | as long as short |
| Binance COINUSDT | 0.0000% | 8h | 197.72 | +0.034% | $14.9M | $78.0M | 20x | as long as short |
| Bybit COINUSDT | 0.0000% | 8h | 197.72 | +0.035% | $4.9M | $6.0M | 50x | as long as short |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 197.84 | +0.096% | $3.1M | $4.5M | 20x | as long as short |
| Gate COIN_USDT | 0.0000% | 8h | 197.74 | +0.046% | $1.3M | $6.9M | 50x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 197.64 | −0.003% | $818K | $1.0M | — | as long as short |
Injective COIN/USDC PERP
Bitget COINUSDT
Vest COIN-USD-PERP
Aster COINUSDT
Extended COIN_24_5-USD
Binance COINUSDT
Bybit COINUSDT
OKX COIN-USDT-SWAP
Gate COIN_USDT
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 | 197.51 | −0.071% | $17K | $2.0M | 10x | as long as short |
| QFEX COIN-USD | +0.0028% | 1h | 197.54 | −0.056% | $1.3M | $3.7M | 10x | as long as short |
| Lighter COIN | +0.0032% | 1h | 197.66 | +0.004% | $388K | $2.0M | 10x | as long as short |
| Lighter RH COIN | +0.0032% | 1h | 197.65 | 0.000% | $428K | $1.5M | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 197.71 | +0.030% | $16K | $53K | 5x | as long as short |
| tradeXYZ xyz:COIN | +0.0050% | 1h | 197.62 | −0.015% | $15.9M | $13.4M | 10x | as long as short |
| Polymarket Perps COIN-USD | +0.0050% | 1h | 197.56 | −0.046% | $127K | $1.2M | 10x | as long as short |
| SoDEX COIN-USD | +0.0050% | 1h | 197.66 | +0.005% | $100 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 197.43 | −0.111% | $350K | $3.2M | 10x | as long as short |
| KuCoin COINUSDTM | +0.0100% | 8h | 197.63 | −0.010% | $982K | $138K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 197.57 | −0.040% | $89K | $287K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 197.64 | −0.005% | $572 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 197.65 | +0.002% | $117 | — | 10x | as long as short |
| BloFin COIN-USDTshort | +0.0120% | 8h | 199.02 | +0.693% | $198K | $377K | 20x | |
| Phoenix COINlong | +0.0160% | 1h | 197.65 | long leg | $5K | $251K | 10x | |
| edgeX COINUSDC | +0.0344% | 4h | 197.30 | −0.176% | $51K | $294K | 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