Funding arb · Price arb /

COIN

RWAall COIN markets

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: OKX against Phoenix+1.006%56s7-day average −0.004% · 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—prices read too far apart to compare

costs, in and out, $10k−$500.501% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.212%−$21 on $10k

Price spread, last 4 days (all we have)−0.839%−$84 · spread now +1.006%, 7d avg −0.004%

Together, before fees−1.051%−$105 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 1.010% dearer against Phoenix than usual: you sell high and buy low (spread +1.006% now, against its 7-day average of −0.004%): +$101 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. The two prices were read 56 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	194.76	0.0164	pay 0.0020% / 1h	20m 35s	$4K	$283K	10x
Short	OKX COIN-USDT-SWAP	196.72	0	get 0.0000% / 8h	7h 20m	$3.0M	$4.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +1.006%Rate

Funding earned: −$34.37
Price spread: +1.006% → −0.004%: $101.03
Slippage, 4 orders: −$33.14
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: $16.52
Costs to cover: 0.501%
Break-even: from the start

Slippage from Phoenix: live order book, 7 min ago; OKX: 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 OKX live order book, 2 min ago	1.02 bp	14.9 bp −$15	35.4 bp −$354	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	−0.0068%	1h	196.23	+0.755%	—	$319K	25x	as long as short
Bitget COINUSDT	−0.0002%	8h	196.73	+1.012%	$6.4M	$10.1M	20x	as long as short
Aster COINUSDT	0.0000%	8h	196.45	+0.868%	$342K	$879K	20x	as long as short
Bybit COINUSDT	0.0000%	8h	196.73	+1.012%	$4.6M	$6.0M	50x	as long as short
OKX COIN-USDT-SWAPshort	0.0000%	8h	196.72	+1.006%	$3.0M	$4.6M	20x
Gate COIN_USDT	0.0000%	8h	196.72	+1.006%	$1.2M	$6.8M	50x	as long as short
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	196.69	+0.992%	$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
Lighter COIN	+0.0032%	1h	196.70	+0.996%	$365K	$2.0M	10x	as long as short
Lighter RH COIN	+0.0032%	1h	196.73	+1.012%	$474K	$1.3M	10x	as long as short
Binance COINUSDT	+0.0034%	8h	196.72	+1.006%	$14.9M	$81.3M	20x	as long as short
Arcus COIN-USD	+0.0040%	1h	196.89	+1.094%	$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	196.64	+0.965%	$1.3M	$2.8M	10x	as long as short
tradeXYZ xyz:COIN	+0.0050%	1h	196.57	+0.929%	$15.3M	$12.0M	10x	as long as short
Polymarket Perps COIN-USD	+0.0050%	1h	196.58	+0.934%	$135K	$1.4M	10x	as long as short
Ondo Perps COIN-USD.P	+0.0050%	1h	196.51	+0.899%	$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	196.59	+0.940%	$989K	$199K	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