Funding arb · Price arb /

GOOGL

RWAall GOOGL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h −0.027%

Price spread now: Phoenix against BloFin+0.011%7-day average −0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$310.310% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.173%−$17 on $10k

Price spread, last 4 days (all we have)−0.162%−$16 · spread now +0.011%, 7d avg −0.064%

Together, before fees−0.334%−$33 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.075% dearer against BloFin than usual: you sell high and buy low (spread +0.011% now, against its 7-day average of −0.064%): +$8 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin GOOGL-USDT	357.93	0.0182	pay 0.0182% / 8h	5h 43m	$695K	$231K	20x
Short	Phoenix GOOGL	357.97	0.0134	get 0.0017% / 1h	43m 34s	$138K	$36K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now +0.011%Rate

Funding earned: −$10.16
Price spread: +0.011% → −0.064%: $7.51
Slippage, 4 orders: −$12.01
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$33.66
Costs to cover: 0.310%
Break-even: never at this rate

Slippage from BloFin: live order book, 66 min ago; Phoenix: live order book, 61 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 BloFin live order book, 66 min ago	0.56 bp	6.6 bp −$7	7.5 bp −$75	14.1 bp −$1,409	doesn't fit
Sell Phoenix live order book, 61 min ago	3.07 bp	8.9 bp −$9	19.1 bp −$191	doesn't fit	doesn't fit

GOOGL on 36 exchanges

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
Hotstuff GOOGL-PERP	−0.1600%	1h	354.22	−1.037%	$33K	—	20x	as long as short
Coinbase International GOOGL-PERP-INTX	−0.0040%	1h	357.46	−0.131%	$517K	$1.2M	10x	as long as short
Bybit GOOGLUSDT	0.0000%	8h	357.88	−0.014%	$11.5M	$7.7M	100x	as long as short
OKX GOOGL-USDT-SWAP	0.0000%	8h	357.95	+0.006%	$13.5M	$13.7M	50x	as long as short
Gate GOOGL_USDT	0.0000%	8h	357.79	−0.039%	$3.7M	$6.8M	100x	as long as short
Bitget GOOGLUSDT	0.0000%	8h	357.90	−0.008%	$17.4M	$9.8M	100x	as long as short
Variational Omni GOOGL	0.0000%	8h	357.87	−0.016%	$5.0M	$2.3M	—	as long as short
SunX GOOGL-USDT	0.0000%	8h	357.95	+0.006%	$2K	$3.7M	20x	as long as short
Deribit GOOGL_USDC-PERPETUAL	0.0000%	1h	357.69	−0.067%	$29K	$152K	10x	as long as short
HTX GOOGL-USDT	0.0000%	8h	358.03	+0.028%	$115K	$211K	30x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex GOOGLUSDT	0.0000%	4h	358.01	+0.022%	$2.7M	$114K	10x	as long as short
Aftermath Perps GOOGLUSD	+0.0031%	1h	357.85	−0.023%	$144K	$42K	10x	as long as short
Lighter RH GOOGL	+0.0032%	1h	357.90	−0.008%	$1.4M	$1.8M	20x	as long as short
Injective GOOGL/USDC PERP	+0.0033%	1h	357.12	−0.226%	$128K	$45K	30x	as long as short
Aster GOOGLUSDT	+0.0044%	8h	357.84	−0.024%	$367K	$420K	20x	as long as short
Vest GOOGL-USD-PERP	+0.0046%	1h	357.92	−0.003%	—	$5K	25x	as long as short
tradeXYZ xyz:GOOGL	+0.0050%	1h	357.69	−0.067%	$98.0M	$21.9M	20x	as long as short
Polymarket Perps GOOG-USD	+0.0050%	1h	357.78	−0.042%	$685K	$421K	10x	as long as short
SoDEX GOOGL-USD	+0.0050%	1h	357.61	−0.089%	$106	$46K	10x	as long as short
Ondo Perps GOOGL-USD.P	+0.0050%	1h	357.57	−0.101%	$2.3M	$4.0M	15x	as long as short
Extended GOOGL-USD	+0.0056%	1h	357.86	−0.019%	$426K	$2.4M	20x	as long as short
Paradex GOOGL-USD-PERP	+0.0060%	8h	357.79	−0.040%	$293	$253	5x	as long as short
QFEX GOOGL-USD	+0.0060%	1h	357.92	−0.003%	$1.3M	$4.1M	10x	as long as short
Binance GOOGLUSDT	+0.0060%	8h	357.99	+0.015%	$73.1M	$145.5M	50x	as long as short
GRVT GOOGL_USDT_Perp	+0.0066%	8h	357.96	+0.009%	$12K	$463K	10x	as long as short
Pacifica GOOGL	+0.0100%	1h	357.84	−0.025%	$42K	$20K	10x	as long as short
KuCoin GOOGLUSDTM	+0.0100%	8h	357.66	−0.075%	$3.0M	$258K	20x	as long as short
ApeX Omni GOOGLUSDT	+0.0100%	1h	357.68	−0.070%	$36K	$17K	50x	as long as short
Orderly PERP_GOOGL_USDC	+0.0100%	8h	357.66	−0.075%	$10K	$11K	20x	as long as short
Lighter GOOGL	+0.0104%	1h	357.87	−0.017%	$2.0M	$2.1M	20x	as long as short
Aevo GOOGL-PERP	+0.0104%	1h	357.62	−0.087%	$25K	—	10x	as long as short
Nado GOOGL-PERP	+0.0113%	1h	357.70	−0.063%	$552K	$82K	20x	as long as short
Phoenix GOOGLshort	+0.0134%	1h	357.97	+0.011%	$138K	$36K	20x
BloFin GOOGL-USDTlong	+0.0182%	8h	357.93	long leg	$695K	$231K	20x
Arcus GOOGL-USD	+0.0199%	1h	357.81	−0.034%	$211K	$213K	10x	as long as short
edgeX GOOGLUSDC	+0.0718%	4h	357.82	−0.032%	$208K	$1.2M	10x	as long as short