Funding arb · Price arb /

DELL

RWAall DELL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0377%/8h= −41.3% APRpaid last 24h −0.103%

Price spread now: BloFin against Phoenix+0.119%106s7-day average −0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$102as 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−$350.351% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.669%−$67 on $10k

Price spread, last 3 days (all we have)−0.192%−$19 · spread now +0.119%, 7d avg −0.021%

Together, before fees−0.861%−$86 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.140% dearer against Phoenix than usual: you sell high and buy low (spread +0.119% now, against its 7-day average of −0.021%): +$14 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 30 hours. The two prices were read 106 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 DELL	579.77	0.0790	pay 0.0099% / 1h	47m 28s	$3K	$280K	10x
Short	BloFin DELL-USDT	580.46	0.0413	get 0.0413% / 8h	7h 47m	$319K	$223K	20x

Funding 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 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 BloFinbpOrdersPrice spread, now +0.119%Rate

Funding earned: −$79.21
Price spread: +0.119% → −0.021%: $13.96
Slippage, 4 orders: −$16.06
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$100.31
Costs to cover: 0.351%
Break-even: never at this rate

Slippage from Phoenix: live order book, 23 min ago; BloFin: live order book, 22 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, 23 min ago	2.60 bp	9.5 bp −$10	19.0 bp −$190	doesn't fit	doesn't fit
Sell BloFin live order book, 22 min ago	0.09 bp	8.0 bp −$8	15.3 bp −$153	doesn't fit	doesn't fit

DELL on 20 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
Aster DELLUSDT	0.0000%	8h	579.42	−0.061%	$21K	$50K	20x	as long as short
Injective DELL/USDC PERP	+0.0033%	1h	571.67	−1.397%	$8K	$83K	12x	as long as short
KuCoin DELLUSDTM	+0.0100%	8h	579.69	−0.014%	$950K	$30K	20x	as long as short
Orderly PERP_DELL_USDC_mythos	+0.0100%	8h	581.04	+0.219%	$3K	$336	10x	as long as short
HTX DELL-USDT	+0.0100%	8h	580.85	+0.186%	$18K	$58K	10x	as long as short
Lighter DELL	+0.0144%	1h	580.85	+0.186%	$34K	$12K	10x	as long as short
Bitget DELLUSDT	+0.0202%	8h	580.72	+0.164%	$3.6M	$4.7M	20x	as long as short
Variational Omni DELL	+0.0301%	8h	580.40	+0.109%	$262K	$81K	—	as long as short
BloFin DELL-USDTshort	+0.0413%	8h	580.46	+0.119%	$319K	$223K	20x
Extended DELL-USD	+0.0440%	1h	580.88	+0.192%	$337K	$1.3M	10x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance DELLUSDT	+0.0442%	8h	581.12	+0.232%	$18.8M	$66.1M	20x	as long as short
tradeXYZ xyz:DELL	+0.0519%	1h	580.09	+0.055%	$7.4M	$7.0M	10x	as long as short
OKX DELL-USDT-SWAP	+0.0636%	8h	581.29	+0.262%	$5.9M	$6.6M	20x	as long as short
edgeX DELLUSDC	+0.0713%	4h	580.37	+0.104%	$5K	$334K	10x	as long as short
Bybit DELLUSDT	+0.0760%	8h	580.71	+0.162%	$6.2M	$3.9M	50x	as long as short
Phoenix DELLlong	+0.0790%	1h	579.77	long leg	$3K	$280K	10x
Nado DELL-PERP	+0.0871%	1h	579.77	0.000%	$70K	$13K	10x	as long as short
Gate DELL_USDT	+0.0878%	8h	580.51	+0.128%	$4.2M	$7.5M	50x	as long as short
Polymarket Perps DELL-USD	+0.1016%	1h	580.90	+0.195%	$9K	$53K	10x	as long as short
GRVT DELL_USDT_Perp	+0.1857%	8h	580.08	+0.053%	$1K	$167K	10x	as long as short