Funding arb · Price arb /

GOOGL

RWAall GOOGL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h −0.036%

Price spread now: Phemex against Injective+0.120%7-day average −0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$91as in the Price arb table

costs, in and out, $10k−$1051.055% of the position

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.063%−$6 on $10k

Price spread, last 4 days (all we have)−0.069%−$7 · spread now +0.120%, 7d avg −0.027%

Together, before fees−0.132%−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.148% dearer against Injective than usual: you sell high and buy low (spread +0.120% now, against its 7-day average of −0.027%): +$15 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective GOOGL/USDC PERP	357.12	0.0033	pay 0.0004% / 1h	40m 59s	$128K	$45K	30x
Short	Phemex GOOGLUSDT	357.55	0	get 0.0000% / 4h	3h 40m	$2.7M	$85K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now +0.120%Rate

Funding earned: −$7
Price spread: +0.120% → −0.027%: $14.77
Slippage, 4 orders: −$93.44
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$97.69
Costs to cover: 1.055%
Break-even: never at this rate

Slippage from Injective: live order book, 13 min ago; Phemex: 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 Injective live order book, 13 min ago	10.20 bp	10.2 bp −$10	10.2 bp −$102	57275.1 bp −$5.73M	326374.7 bp −$163.19M
Sell Phemex live order book, 3 min ago	1.68 bp	42.1 bp −$42	doesn't fit	doesn't fit	doesn't fit

GOOGL on 36 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
Gate GOOGL_USDT	0.0000%	8h	357.42	+0.084%	$3.6M	$7.4M	100x	as long as short
Bitget GOOGLUSDT	0.0000%	8h	357.56	+0.123%	$17.4M	$9.6M	100x	as long as short
SunX GOOGL-USDT	0.0000%	8h	357.61	+0.137%	$966	$4.1M	20x	as long as short
Deribit GOOGL_USDC-PERPETUAL	0.0000%	1h	357.32	+0.056%	$24K	$155K	10x	as long as short
HTX GOOGL-USDT	0.0000%	8h	357.68	+0.157%	$115K	$220K	30x	as long as short
Phemex GOOGLUSDTshort	0.0000%	4h	357.55	+0.120%	$2.7M	$85K	10x
Coinbase International GOOGL-PERP-INTX	+0.0016%	1h	357.11	−0.003%	$522K	$1.1M	10x	as long as short
Nado GOOGL-PERP	+0.0026%	1h	357.43	+0.087%	$558K	$80K	20x	as long as short
Aftermath Perps GOOGLUSD	+0.0027%	1h	357.19	+0.020%	$144K	$48K	10x	as long as short
Variational Omni GOOGL	+0.0029%	8h	357.51	+0.110%	$4.8M	$2.4M	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH GOOGL	+0.0032%	1h	357.53	+0.115%	$1.3M	$2.1M	20x	as long as short
GRVT GOOGL_USDT_Perp	+0.0032%	8h	357.44	+0.090%	$23K	$436K	10x	as long as short
Injective GOOGL/USDC PERPlong	+0.0033%	1h	357.12	long leg	$128K	$45K	30x
Arcus GOOGL-USD	+0.0040%	1h	357.20	+0.022%	$207K	$277K	10x	as long as short
Vest GOOGL-USD-PERP	+0.0046%	1h	357.64	+0.146%	—	$5K	25x	as long as short
tradeXYZ xyz:GOOGL	+0.0050%	1h	357.35	+0.064%	$99.1M	$20.5M	20x	as long as short
Polymarket Perps GOOG-USD	+0.0050%	1h	357.32	+0.056%	$685K	$429K	10x	as long as short
SoDEX GOOGL-USD	+0.0050%	1h	357.34	+0.062%	$142	$46K	10x	as long as short
Ondo Perps GOOGL-USD.P	+0.0050%	1h	357.16	+0.011%	$2.3M	$4.9M	15x	as long as short
QFEX GOOGL-USD	+0.0064%	1h	357.45	+0.092%	$1.3M	$4.2M	10x	as long as short
Aster GOOGLUSDT	+0.0089%	8h	357.77	+0.182%	$366K	$426K	20x	as long as short
Pacifica GOOGL	+0.0100%	1h	357.49	+0.104%	$42K	$41K	10x	as long as short
KuCoin GOOGLUSDTM	+0.0100%	8h	357.15	+0.008%	$3.0M	$91K	20x	as long as short
ApeX Omni GOOGLUSDT	+0.0100%	1h	357.26	+0.039%	$22K	$10K	50x	as long as short
Orderly PERP_GOOGL_USDC	+0.0100%	8h	357.43	+0.087%	$10K	$11K	20x	as long as short
OKX GOOGL-USDT-SWAP	+0.0103%	8h	357.48	+0.101%	$13.8M	$12.4M	50x	as long as short
Aevo GOOGL-PERP	+0.0104%	1h	357.38	+0.073%	$25K	—	10x	as long as short
Binance GOOGLUSDT	+0.0108%	8h	357.54	+0.118%	$72.5M	$141.6M	50x	as long as short
Paradex GOOGL-USD-PERP	+0.0109%	8h	357.55	+0.120%	$293	$253	5x	as long as short
Extended GOOGL-USD	+0.0112%	1h	357.42	+0.083%	$419K	$1.8M	20x	as long as short
Hotstuff GOOGL-PERP	+0.0168%	1h	357.41	+0.081%	$33K	—	20x	as long as short
Phoenix GOOGL	+0.0179%	1h	357.33	+0.059%	$137K	$36K	20x	as long as short
BloFin GOOGL-USDT	+0.0228%	8h	357.52	+0.112%	$693K	$234K	20x	as long as short
Lighter GOOGL	+0.0232%	1h	357.52	+0.112%	$2.0M	$1.3M	20x	as long as short
Bybit GOOGLUSDT	+0.0243%	8h	357.62	+0.140%	$12.0M	$7.5M	100x	as long as short
edgeX GOOGLUSDC	+0.0523%	4h	357.44	+0.090%	$208K	$1.2M	10x	as long as short