Funding arb · Price arb /

LLY

RWAall LLY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0343%/8h= −37.5% APRpaid last 24h −0.080%

Price spread now: Gate against Phoenix−0.111%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Gate is 0.111% cheaper against Phoenix than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix LLY	1,167.3	0.0343	pay 0.0043% / 1h	40m 56s	$1K	$7K	10x
Short	Gate LLY_USDT	1,166	0	get 0.0000% / 8h	40m 56s	$1.3M	$898K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.111%Rate

Funding earned: −$71.98
Price spread: −0.111% → 0.000%: −$11.14
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$105.12
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Gate: live order book, 1 min ago. Net counts fees only.

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 no order-book sample	—	—	—	—	—
Sell Gate live order book, 1 min ago	11.46 bp	19.1 bp −$19	doesn't fit	doesn't fit	doesn't fit

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

LLY on 19 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
Nado LLY-PERP	−0.0029%	1h	1,166.9	−0.038%	$39K	$251	10x	as long as short
Bybit LLYUSDT	0.0000%	8h	1,166.3	−0.082%	$1.3M	$636K	25x	as long as short
OKX LLY-USDT-SWAP	0.0000%	8h	1,166.2	−0.094%	$819K	$571K	20x	as long as short
Gate LLY_USDTshort	0.0000%	8h	1,166	−0.111%	$1.3M	$898K	25x
Bitget LLYUSDT	0.0000%	8h	1,166.7	−0.051%	$2.3M	$176K	20x	as long as short
SunX LLY-USDT	0.0000%	8h	1,166.1	−0.103%	$1K	$6.6M	10x	as long as short
HTX LLY-USDT	0.0000%	8h	1,164.9	−0.202%	$5K	$40K	20x	as long as short
Aftermath Perps LLYUSD	+0.0004%	1h	1,166.2	−0.098%	$47K	$41K	5x	as long as short
QFEX LLY-USD	+0.0023%	1h	1,165.9	−0.122%	$1.2M	$5.1M	10x	as long as short
Vest LLY-USD-PERP	+0.0046%	1h	1,166.4	−0.081%	—	—	25x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:LLY	+0.0050%	1h	1,166.4	−0.077%	$8.6M	$1.1M	10x	as long as short
Aster LLYUSDT	+0.0069%	8h	1,166.3	−0.084%	$24K	$3K	20x	as long as short
KuCoin LLYUSDTM	+0.0100%	8h	1,166.2	−0.094%	$138K	$81K	20x	as long as short
Variational Omni LLY	+0.0102%	8h	1,166.2	−0.098%	$191K	$19K	—	as long as short
Injective LLY/USDC PERP	+0.0220%	1h	1,178.1	+0.925%	$10K	$21K	12x	as long as short
BloFin LLY-USDT	+0.0262%	8h	1,166.1	−0.101%	$84K	$85K	20x	as long as short
Binance LLYUSDT	+0.0270%	8h	1,166.2	−0.091%	$2.0M	$3.1M	20x	as long as short
Phoenix LLYlong	+0.0343%	1h	1,167.3	long leg	$1K	$7K	10x
GRVT LLY_USDT_Perp	+0.0452%	8h	1,166.3	−0.083%	$840	$207K	10x	as long as short