Funding arb · Price arb /

COIN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0022%/8h= −2.4% APRpaid last 24h −0.026%

Price spread now: KuCoin against Phoenix−0.097%63s7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$199as 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−$1901.902% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 4 days (all we have)+0.160%+$16 · spread now −0.097%, 7d avg −0.018%

Together, before fees+0.073%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and KuCoin is 0.079% cheaper against Phoenix than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.018%). Swap the legs. The two prices were read 63 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	196.84	0.0122	pay 0.0015% / 1h	38m 29s	$4K	$283K	10x
Short	KuCoin COINUSDTM	196.65	0.0100	get 0.0100% / 8h	3h 38m	$992K	$143K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.097%Rate

Funding earned: −$4.54
Price spread: −0.097% → −0.018%: −$7.86
Slippage, 4 orders: −$171.16
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$202.55
Costs to cover: 1.902%
Break-even: never at this rate

Slippage from Phoenix: live order book, 9 min ago; KuCoin: live order book, 51 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, 9 min ago	3.05 bp	10.8 bp −$11	22.2 bp −$222	doesn't fit	doesn't fit
Sell KuCoin live order book, 51 min ago	16.48 bp	59.8 bp −$60	doesn't fit	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
Bitget COINUSDT	−0.0693%	8h	196.80	−0.020%	$6.3M	$10.4M	20x	as long as short
Injective COIN/USDC PERP	−0.0440%	1h	196.76	−0.041%	$43K	$48K	30x	as long as short
Gate COIN_USDT	−0.0224%	8h	196.71	−0.066%	$1.2M	$7.3M	50x	as long as short
Vest COIN-USD-PERP	−0.0110%	1h	196.04	−0.406%	—	$266K	25x	as long as short
Aster COINUSDT	0.0000%	8h	196.76	−0.040%	$343K	$890K	20x	as long as short
Extended COIN_24_5-USD	0.0000%	1h	196.66	−0.089%	$116K	$690K	10x	as long as short
Binance COINUSDT	0.0000%	8h	196.75	−0.046%	$14.7M	$79.9M	20x	as long as short
Bybit COINUSDT	0.0000%	8h	196.80	−0.020%	$4.8M	$6.0M	50x	as long as short
OKX COIN-USDT-SWAP	0.0000%	8h	196.71	−0.066%	$3.0M	$4.6M	20x	as long as short
Variational Omni COIN	0.0000%	8h	196.74	−0.051%	$684K	$939K	—	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT COIN_USDT_Perp	0.0000%	8h	196.77	−0.037%	$10K	$2.4M	10x	as long as short
QFEX COIN-USD	+0.0020%	1h	196.55	−0.147%	$1.3M	$3.2M	10x	as long as short
Lighter RH COIN	+0.0032%	1h	196.61	−0.117%	$451K	$1.5M	10x	as long as short
Arcus COIN-USD	+0.0040%	1h	196.90	+0.030%	$15K	$55K	5x	as long as short
tradeXYZ xyz:COIN	+0.0050%	1h	196.57	−0.137%	$15.4M	$13.6M	10x	as long as short
Polymarket Perps COIN-USD	+0.0050%	1h	196.52	−0.163%	$134K	$1.2M	10x	as long as short
SoDEX COIN-USD	+0.0050%	1h	196.66	−0.091%	$81	$3K	10x	as long as short
Ondo Perps COIN-USD.P	+0.0050%	1h	196.51	−0.168%	$350K	$2.7M	10x	as long as short
edgeX COINUSDC	+0.0061%	4h	196.73	−0.057%	$51K	$294K	10x	as long as short
KuCoin COINUSDTMshort	+0.0100%	8h	196.65	−0.097%	$992K	$143K	20x
ApeX Omni COINUSDT	+0.0100%	1h	196.98	+0.071%	$89K	$287K	50x	as long as short
Orderly PERP_COIN_USDC_mythos	+0.0100%	8h	196.64	−0.102%	$569	$4K	10x	as long as short
Aevo COIN-PERP	+0.0104%	1h	196.66	−0.094%	$116	—	10x	as long as short
Lighter COIN	+0.0112%	1h	196.63	−0.104%	$339K	$2.0M	10x	as long as short
BloFin COIN-USDT	+0.0120%	8h	196.73	−0.056%	$188K	$392K	20x	as long as short
Phoenix COINlong	+0.0122%	1h	196.84	long leg	$4K	$283K	10x