Funding arb · Price arb /

CRWD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.051%

Price spread now: Bybit against Phemex−0.060%53s7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$205as 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−$1861.859% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.186%−$19 on $10k

Price spread, last 3 days (all we have)+0.040%+$4 · spread now −0.060%, 7d avg −0.015%

Together, before fees−0.146%−$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.045% cheaper against Phemex than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.015%. The two prices were read 53 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	Phemex CRWDUSDT	248.79	0	get 0.0000% / 8h	12m 22s	$1.5M	$199K	10x
Short	Bybit CRWDUSDT	248.64	0	get 0.0000% / 8h	12m 22s	$1.1M	$674K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phemex. 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 PhemexbpFee BybitbpOrdersPrice spread, now −0.060%Rate

Funding earned: $0
Price spread: −0.060% → −0.015%: −$4.48
Slippage, 4 orders: −$162.91
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$190.39
Costs to cover: 1.859%
Break-even: never at this rate

Slippage from Phemex: live order book, just now; Bybit: live order book, 3 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 Phemex live order book, just now	1.61 bp	45.4 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	5.83 bp	55.4 bp −$55	246.5 bp −$2,465	doesn't fit	doesn't fit

CRWD on 18 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
BloFin CRWD-USDT	−0.0012%	8h	248.82	+0.012%	$73K	$25K	25x	as long as short
Aster CRWDUSDT	0.0000%	8h	248.76	−0.014%	$4K	$37K	20x	as long as short
Binance CRWDUSDT	0.0000%	8h	248.89	+0.039%	$2.4M	$6.9M	25x	as long as short
Bybit CRWDUSDTshort	0.0000%	8h	248.64	−0.060%	$1.1M	$674K	25x
OKX CRWD-USDT-SWAP	0.0000%	8h	248.74	−0.020%	$619K	$660K	25x	as long as short
Bitget CRWDUSDT	0.0000%	8h	248.77	−0.008%	$291K	$482K	20x	as long as short
Variational Omni CRWD	0.0000%	8h	248.92	+0.052%	$67K	$60K	—	as long as short
GRVT CRWD_USDT_Perp	0.0000%	8h	248.94	+0.060%	$446	$108K	10x	as long as short
SunX CRWD-USDT	0.0000%	8h	248.72	−0.028%	$2K	$1.3M	10x	as long as short
HTX CRWD-USDT	0.0000%	8h	249.10	+0.125%	$6K	$7K	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRWDUSDTlong	0.0000%	8h	248.79	long leg	$1.5M	$199K	10x
QFEX CRWD-USD	+0.0028%	1h	248.90	+0.044%	$1.2M	$3.0M	10x	as long as short
Extended CRWD_24_5-USD	+0.0048%	1h	248.58	−0.083%	$99K	—	10x	as long as short
tradeXYZ xyz:CRWD	+0.0050%	1h	248.64	−0.060%	$865K	$653K	10x	as long as short
KuCoin CRWDUSDTM	+0.0100%	8h	248.85	+0.024%	$34K	$482K	20x	as long as short
Injective CRWD/USDC PERP	+0.0220%	1h	251.38	+1.041%	$15K	$103	12x	as long as short
Phoenix CRWD	+0.0257%	1h	248.71	−0.032%	$7	$155K	10x	as long as short
Paragon para:CRWD	+0.0313%	1h	248.66	−0.052%	$84K	$113K	10x	as long as short