Funding arb · Price arb /

GOOGL

RWAall GOOGL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0113%/8h= −12.3% APRpaid last 24h +0.028%

Price spread now: OKX against Phoenix+0.017%76s7-day average +0.069% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as 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−$320.317% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.079%−$8 on $10k

Price spread, last 4 days (all we have)+0.110%+$11 · spread now +0.017%, 7d avg +0.069%

Together, before fees+0.031%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and OKX is 0.053% cheaper against Phoenix than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.069%). Swap the legs. The two prices were read 76 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 GOOGL	357.50	0.0179	pay 0.0022% / 1h	4m 14s	$138K	$36K	20x
Short	OKX GOOGL-USDT-SWAP	357.56	0.0066	get 0.0066% / 8h	3h 04m	$13.7M	$12.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.017%Rate

Funding earned: −$23.65
Price spread: +0.017% → +0.069%: −$5.27
Slippage, 4 orders: −$14.67
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$60.59
Costs to cover: 0.317%
Break-even: never at this rate

Slippage from Phoenix: live order book, 41 min ago; OKX: live order book, 4 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, 41 min ago	3.08 bp	9.3 bp −$9	20.1 bp −$201	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.14 bp	5.8 bp −$6	10.8 bp −$108	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	357.47	−0.008%	$3.6M	$7.4M	100x	as long as short
Bitget GOOGLUSDT	0.0000%	8h	357.63	+0.036%	$17.5M	$9.7M	100x	as long as short
SunX GOOGL-USDT	0.0000%	8h	357.62	+0.034%	$1K	$4.1M	20x	as long as short
Deribit GOOGL_USDC-PERPETUAL	0.0000%	1h	357.38	−0.034%	$24K	$156K	10x	as long as short
HTX GOOGL-USDT	0.0000%	8h	357.76	+0.073%	$115K	$216K	30x	as long as short
Phemex GOOGLUSDT	0.0000%	4h	357.68	+0.050%	$2.7M	$87K	10x	as long as short
Nado GOOGL-PERP	+0.0007%	1h	357.43	−0.019%	$558K	$86K	20x	as long as short
Coinbase International GOOGL-PERP-INTX	+0.0016%	1h	357.67	+0.048%	$522K	$1.1M	10x	as long as short
Aftermath Perps GOOGLUSD	+0.0022%	1h	357.50	0.000%	$144K	$47K	10x	as long as short
GRVT GOOGL_USDT_Perp	+0.0026%	8h	357.63	+0.036%	$24K	$442K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni GOOGL	+0.0029%	8h	357.57	+0.020%	$4.8M	$2.4M	—	as long as short
Lighter RH GOOGL	+0.0032%	1h	357.59	+0.025%	$1.3M	$2.1M	20x	as long as short
Injective GOOGL/USDC PERP	+0.0033%	1h	357.12	−0.106%	$128K	$45K	30x	as long as short
Arcus GOOGL-USD	+0.0040%	1h	357.36	−0.039%	$207K	$279K	10x	as long as short
Vest GOOGL-USD-PERP	+0.0046%	1h	357.66	+0.045%	—	$5K	25x	as long as short
tradeXYZ xyz:GOOGL	+0.0050%	1h	357.41	−0.025%	$99.2M	$20.7M	20x	as long as short
Polymarket Perps GOOG-USD	+0.0050%	1h	357.37	−0.036%	$685K	$429K	10x	as long as short
SoDEX GOOGL-USD	+0.0050%	1h	357.40	−0.028%	$155	$46K	10x	as long as short
Ondo Perps GOOGL-USD.P	+0.0050%	1h	357.18	−0.090%	$2.3M	$4.9M	15x	as long as short
QFEX GOOGL-USD	+0.0064%	1h	357.52	+0.006%	$1.3M	$4.2M	10x	as long as short
Paradex GOOGL-USD-PERP	+0.0065%	8h	357.56	+0.016%	$293	$253	5x	as long as short
OKX GOOGL-USDT-SWAPshort	+0.0066%	8h	357.56	+0.017%	$13.7M	$12.5M	50x
Aster GOOGLUSDT	+0.0082%	8h	357.53	+0.008%	$366K	$426K	20x	as long as short
Pacifica GOOGL	+0.0100%	1h	357.42	−0.023%	$42K	$41K	10x	as long as short
KuCoin GOOGLUSDTM	+0.0100%	8h	357.48	−0.006%	$3.0M	$106K	20x	as long as short
ApeX Omni GOOGLUSDT	+0.0100%	1h	357.44	−0.017%	$22K	$10K	50x	as long as short
Orderly PERP_GOOGL_USDC	+0.0100%	8h	357.49	−0.003%	$10K	$11K	20x	as long as short
Binance GOOGLUSDT	+0.0102%	8h	357.61	+0.031%	$72.4M	$142.9M	50x	as long as short
Extended GOOGL-USD	+0.0104%	1h	357.52	+0.005%	$419K	$1.2M	20x	as long as short
Hotstuff GOOGL-PERP	+0.0104%	1h	357.40	−0.028%	$33K	—	20x	as long as short
Aevo GOOGL-PERP	+0.0104%	1h	357.48	−0.004%	$25K	—	10x	as long as short
Phoenix GOOGLlong	+0.0179%	1h	357.50	long leg	$138K	$36K	20x
Lighter GOOGL	+0.0192%	1h	357.62	+0.034%	$2.0M	$1.3M	20x	as long as short
BloFin GOOGL-USDT	+0.0223%	8h	357.67	+0.048%	$693K	$235K	20x	as long as short
Bybit GOOGLUSDT	+0.0239%	8h	357.72	+0.062%	$12.0M	$7.5M	100x	as long as short
edgeX GOOGLUSDC	+0.0954%	4h	357.60	+0.027%	$208K	$1.2M	10x	as long as short