Funding arb · Price arb /

GOOGL

RWAall GOOGL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h +0.051%

Price spread now: BloFin against Phoenix+0.017%7-day average +0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$310.307% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.165%+$16 on $10k

Price spread, last 4 days (all we have)+0.093%+$9 · spread now +0.017%, 7d avg +0.066%

Together, before fees+0.258%+$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and BloFin is 0.049% cheaper against Phoenix than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.066%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.165%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix GOOGL	357.55	0.0112	pay 0.0014% / 1h	6m 47s	$138K	$36K	20x
Short	BloFin GOOGL-USDT	357.61	0.0100	get 0.0100% / 8h	6m 47s	$687K	$236K	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 +0.017%Rate

Funding earned: −$2.57
Price spread: +0.017% → +0.066%: −$4.91
Slippage, 4 orders: −$11.72
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$38.2
Costs to cover: 0.307%
Break-even: never at this rate

Slippage from Phoenix: live order book, 24 min ago; BloFin: live order book, 10 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, 24 min ago	2.52 bp	8.4 bp −$8	17.2 bp −$172	doesn't fit	doesn't fit
Sell BloFin live order book, 10 min ago	0.14 bp	6.3 bp −$6	7.6 bp −$76	18.1 bp −$1,815	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
Coinbase International GOOGL-PERP-INTX	−0.0048%	1h	357.09	−0.129%	$512K	$1.1M	10x	as long as short
Nado GOOGL-PERP	−0.0011%	1h	357.35	−0.055%	$550K	$88K	20x	as long as short
Hotstuff GOOGL-PERP	−0.0008%	1h	357.33	−0.062%	$33K	—	20x	as long as short
OKX GOOGL-USDT-SWAP	0.0000%	8h	357.63	+0.022%	$13.6M	$12.8M	50x	as long as short
Gate GOOGL_USDT	0.0000%	8h	357.51	−0.011%	$3.6M	$7.5M	100x	as long as short
Bitget GOOGLUSDT	0.0000%	8h	357.66	+0.031%	$17.4M	$9.8M	100x	as long as short
Variational Omni GOOGL	0.0000%	8h	357.69	+0.039%	$4.8M	$2.4M	—	as long as short
GRVT GOOGL_USDT_Perp	0.0000%	8h	357.74	+0.052%	$23K	$449K	10x	as long as short
SunX GOOGL-USDT	0.0000%	8h	357.60	+0.014%	$1K	$4.0M	20x	as long as short
Deribit GOOGL_USDC-PERPETUAL	0.0000%	1h	357.37	−0.050%	$24K	$157K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX GOOGL-USDT	0.0000%	8h	357.73	+0.050%	$115K	$210K	30x	as long as short
Phemex GOOGLUSDT	0.0000%	4h	357.76	+0.059%	$2.7M	$88K	10x	as long as short
Aster GOOGLUSDT	+0.0002%	8h	357.72	+0.049%	$366K	$422K	20x	as long as short
Aftermath Perps GOOGLUSD	+0.0022%	1h	357.63	+0.023%	$144K	$44K	10x	as long as short
Extended GOOGL-USD	+0.0024%	1h	357.49	−0.017%	$427K	$2.5M	20x	as long as short
Binance GOOGLUSDT	+0.0025%	8h	357.63	+0.022%	$72.1M	$143.2M	50x	as long as short
Lighter RH GOOGL	+0.0032%	1h	357.48	−0.020%	$1.4M	$1.9M	20x	as long as short
Injective GOOGL/USDC PERP	+0.0033%	1h	357.12	−0.120%	$128K	$45K	30x	as long as short
QFEX GOOGL-USD	+0.0035%	1h	357.48	−0.020%	$1.2M	$4.2M	10x	as long as short
Arcus GOOGL-USD	+0.0040%	1h	357.45	−0.028%	$208K	$279K	10x	as long as short
KuCoin GOOGLUSDTM	+0.0042%	8h	357.18	−0.103%	$3.0M	$110K	20x	as long as short
Vest GOOGL-USD-PERP	+0.0046%	1h	357.67	+0.034%	—	$5K	25x	as long as short
tradeXYZ xyz:GOOGL	+0.0050%	1h	357.37	−0.050%	$98.2M	$21.3M	20x	as long as short
Polymarket Perps GOOG-USD	+0.0050%	1h	357.33	−0.062%	$685K	$430K	10x	as long as short
SoDEX GOOGL-USD	+0.0050%	1h	357.37	−0.050%	$134	$46K	10x	as long as short
Ondo Perps GOOGL-USD.P	+0.0050%	1h	357.40	−0.042%	$2.3M	$4.6M	15x	as long as short
Paradex GOOGL-USD-PERP	+0.0050%	8h	357.50	−0.013%	$293	$253	5x	as long as short
Bybit GOOGLUSDT	+0.0076%	8h	357.60	+0.014%	$11.5M	$7.8M	100x	as long as short
BloFin GOOGL-USDTshort	+0.0100%	8h	357.61	+0.017%	$687K	$236K	20x
Pacifica GOOGL	+0.0100%	1h	357.33	−0.062%	$42K	$26K	10x	as long as short
ApeX Omni GOOGLUSDT	+0.0100%	1h	357.54	−0.003%	$22K	$10K	50x	as long as short
Orderly PERP_GOOGL_USDC	+0.0100%	8h	357.35	−0.056%	$10K	$11K	20x	as long as short
Aevo GOOGL-PERP	+0.0104%	1h	357.41	−0.039%	$25K	—	10x	as long as short
Lighter GOOGL	+0.0112%	1h	357.56	+0.003%	$2.0M	$1.4M	20x	as long as short
Phoenix GOOGLlong	+0.0112%	1h	357.55	long leg	$138K	$36K	20x
edgeX GOOGLUSDC	+0.0617%	4h	357.69	+0.040%	$209K	$1.2M	10x	as long as short