Funding arb · Price arb /

GOOGL

RWAall GOOGL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0090%/8h= −9.8% APRpaid last 24h −0.038%

Price spread now: Phemex against Phoenix+0.020%73s7-day average +0.082% · you sell dearer than you buy

Net, funding: paid 7d − costs−$91as 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−$730.726% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.184%−$18 on $10k

Price spread, last 3 days (all we have)+0.107%+$11 · spread now +0.020%, 7d avg +0.082%

Together, before fees−0.077%−$8 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 Phemex is 0.063% cheaper against Phoenix than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.082%). Swap the legs. The two prices were read 73 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	357.14	0.0090	pay 0.0011% / 1h	13m 50s	$137K	$36K	20x
Short	Phemex GOOGLUSDT	357.21	0	get 0.0000% / 4h	2h 13m	$2.7M	$73K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$18.86
Price spread: +0.020% → +0.082%: −$6.26
Slippage, 4 orders: −$53.63
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$97.75
Costs to cover: 0.726%
Break-even: never at this rate

Slippage from Phoenix: live order book, 47 min ago; Phemex: live order book, 5 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, 47 min ago	2.53 bp	8.4 bp −$8	17.2 bp −$172	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	2.66 bp	30.8 bp −$31	doesn't fit	doesn't fit	doesn't fit

GOOGL on 35 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	−0.0024%	1h	356.86	−0.078%	$523K	$1.1M	10x	as long as short
Nado GOOGL-PERP	−0.0022%	1h	357.04	−0.029%	$557K	$81K	20x	as long as short
Gate GOOGL_USDT	0.0000%	8h	357.17	+0.008%	$3.6M	$7.5M	100x	as long as short
Variational Omni GOOGL	0.0000%	8h	357.15	+0.002%	$4.8M	$2.4M	—	as long as short
GRVT GOOGL_USDT_Perp	0.0000%	8h	357.05	−0.025%	$23K	$438K	10x	as long as short
SunX GOOGL-USDT	0.0000%	8h	357.23	+0.025%	$1K	$4.1M	20x	as long as short
Deribit GOOGL_USDC-PERPETUAL	0.0000%	1h	357.03	−0.031%	$23K	$154K	10x	as long as short
HTX GOOGL-USDT	0.0000%	8h	357.33	+0.053%	$115K	$228K	30x	as long as short
Phemex GOOGLUSDTshort	0.0000%	4h	357.21	+0.020%	$2.7M	$73K	10x
Aftermath Perps GOOGLUSD	+0.0006%	1h	356.88	−0.072%	$144K	$51K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget GOOGLUSDT	+0.0011%	8h	357.23	+0.025%	$17.0M	$9.3M	100x	as long as short
Lighter RH GOOGL	+0.0032%	1h	357.23	+0.025%	$1.3M	$2.4M	20x	as long as short
Injective GOOGL/USDC PERP	+0.0033%	1h	357.12	−0.006%	$128K	$45K	30x	as long as short
QFEX GOOGL-USD	+0.0039%	1h	357.13	−0.003%	$1.3M	$4.4M	10x	as long as short
Arcus GOOGL-USD	+0.0040%	1h	356.96	−0.050%	$202K	$272K	10x	as long as short
Vest GOOGL-USD-PERP	+0.0046%	1h	357.30	+0.045%	—	$5K	25x	as long as short
Hotstuff GOOGL-PERP	+0.0048%	1h	357.08	−0.017%	$33K	—	20x	as long as short
tradeXYZ xyz:GOOGL	+0.0050%	1h	357.07	−0.020%	$98.9M	$22.6M	20x	as long as short
Polymarket Perps GOOG-USD	+0.0050%	1h	356.91	−0.064%	$684K	$431K	10x	as long as short
SoDEX GOOGL-USD	+0.0050%	1h	357.10	−0.011%	$147	$46K	10x	as long as short
Ondo Perps GOOGL-USD.P	+0.0050%	1h	356.86	−0.078%	$2.3M	$4.9M	15x	as long as short
Aster GOOGLUSDT	+0.0054%	8h	357.11	−0.009%	$365K	$458K	20x	as long as short
Paradex GOOGL-USD-PERP	+0.0058%	8h	357.17	+0.008%	$293	$253	5x	as long as short
Extended GOOGL-USD	+0.0072%	1h	357.16	+0.006%	$421K	$1.8M	20x	as long as short
Binance GOOGLUSDT	+0.0074%	8h	357.23	+0.024%	$72.8M	$141.5M	50x	as long as short
Lighter GOOGL	+0.0080%	1h	357.22	+0.022%	$2.1M	$1.2M	20x	as long as short
Bybit GOOGLUSDT	+0.0089%	8h	357.28	+0.039%	$11.6M	$7.5M	100x	as long as short
Phoenix GOOGLlong	+0.0090%	1h	357.14	long leg	$137K	$36K	20x
Pacifica GOOGL	+0.0100%	1h	356.96	−0.050%	$42K	$43K	10x	as long as short
KuCoin GOOGLUSDTM	+0.0100%	8h	356.76	−0.106%	$3.0M	$65K	20x	as long as short
ApeX Omni GOOGLUSDT	+0.0100%	1h	357.01	−0.036%	$22K	$10K	50x	as long as short
Orderly PERP_GOOGL_USDC	+0.0100%	8h	357.03	−0.031%	$10K	$10K	20x	as long as short
Aevo GOOGL-PERP	+0.0104%	1h	357.02	−0.033%	$25K	—	10x	as long as short
OKX GOOGL-USDT-SWAP	+0.0164%	8h	357.18	+0.011%	$13.8M	$12.8M	50x	as long as short
edgeX GOOGLUSDC	+0.0399%	4h	357.01	−0.035%	$208K	$1.2M	10x	as long as short