Funding arb · Price arb /

COIN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0164%/8h= −17.9% APRpaid last 24h −0.059%

Price spread now: Gate against Phoenix+1.027%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs+$41as in the Price arb table

costs, in and out, $10k−$610.608% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 4 days (all we have)−0.873%−$87 · spread now +1.027%, 7d avg +0.005%

Together, before fees−0.971%−$97 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 1.022% dearer against Phoenix than usual: you sell high and buy low (spread +1.027% now, against its 7-day average of +0.005%): +$102 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 21 days. At the pace of the last 7 days (−0.098% in total) that is about 2 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix COIN	194.76	0.0164	pay 0.0020% / 1h	20m 54s	$4K	$283K	10x
Short	Gate COIN_USDT	196.76	0	get 0.0000% / 8h	7h 20m	$1.2M	$6.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhoenixbpFee GatebpOrdersPrice spread, now +1.027%Rate

Funding earned: −$34.37
Price spread: +1.027% → +0.005%: $102.23
Slippage, 4 orders: −$38.83
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $7.03
Costs to cover: 0.608%
Break-even: from the start

Slippage from Phoenix: live order book, 7 min ago; Gate: 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, 7 min ago	3.60 bp	12.1 bp −$12	26.1 bp −$261	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	7.16 bp	19.0 bp −$19	61.3 bp −$613	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	196.17	+0.724%	$71K	$177K	30x	as long as short
Vest COIN-USD-PERP	−0.0069%	1h	196.24	+0.760%	—	$319K	25x	as long as short
Bitget COINUSDT	−0.0011%	8h	196.74	+1.017%	$6.4M	$10.1M	20x	as long as short
Aster COINUSDT	0.0000%	8h	196.36	+0.820%	$342K	$879K	20x	as long as short
Bybit COINUSDT	0.0000%	8h	196.82	+1.058%	$4.6M	$6.0M	50x	as long as short
OKX COIN-USDT-SWAP	0.0000%	8h	196.61	+0.950%	$3.0M	$4.7M	20x	as long as short
Gate COIN_USDTshort	0.0000%	8h	196.76	+1.027%	$1.2M	$6.8M	50x
Variational Omni COIN	0.0000%	8h	196.82	+1.058%	$662K	$980K	—	as long as short
GRVT COIN_USDT_Perp	0.0000%	8h	195.49	+0.377%	$13K	$3.0M	10x	as long as short
Extended COIN_24_5-USD	+0.0024%	1h	196.71	+1.003%	$104K	$859K	10x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance COINUSDT	+0.0025%	8h	196.57	+0.929%	$14.9M	$81.6M	20x	as long as short
Lighter COIN	+0.0032%	1h	196.85	+1.076%	$365K	$2.0M	10x	as long as short
Lighter RH COIN	+0.0032%	1h	196.86	+1.078%	$474K	$1.3M	10x	as long as short
Arcus COIN-USD	+0.0040%	1h	196.68	+0.986%	$17K	$49K	5x	as long as short
edgeX COINUSDC	+0.0043%	4h	195.30	+0.280%	$50K	$295K	10x	as long as short
QFEX COIN-USD	+0.0047%	1h	196.69	+0.991%	$1.3M	$2.8M	10x	as long as short
tradeXYZ xyz:COIN	+0.0050%	1h	196.76	+1.027%	$15.5M	$11.8M	10x	as long as short
Polymarket Perps COIN-USD	+0.0050%	1h	196.66	+0.976%	$135K	$1.4M	10x	as long as short
Ondo Perps COIN-USD.P	+0.0050%	1h	196.45	+0.868%	$425K	$2.5M	10x	as long as short
BloFin COIN-USDT	+0.0094%	8h	196.89	+1.094%	$189K	$486K	20x	as long as short
KuCoin COINUSDTM	+0.0100%	8h	196.69	+0.991%	$990K	$198K	20x	as long as short
ApeX Omni COINUSDT	+0.0100%	1h	195.25	+0.252%	$88K	$285K	50x	as long as short
Orderly PERP_COIN_USDC_mythos	+0.0100%	8h	196.79	+1.042%	$569	$4K	10x	as long as short
Aevo COIN-PERP	+0.0104%	1h	196.93	+1.117%	$116	—	10x	as long as short
SoDEX COIN-USD	+0.0145%	1h	196.18	+0.729%	$78	$3K	10x	as long as short
Phoenix COINlong	+0.0164%	1h	194.76	long leg	$4K	$283K	10x