Funding you earn now, next payment 00:00 UTC−0.0238%/8h= −26.1% APRnext payment −$2.38 per $10,000 · paid last 24h 0.000%
Price spread now: Bybit against Phemex−0.031%53s7-day average −0.053% · you buy dearer than you sell
Net, funding: paid 7d − costs−$52as 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−$530.528% of the position
Funding, last 7 days+0.012%+$1 on $10k
+Price spread, last 3 days (all we have)−1.324%−$132 · spread now −0.031%, 7d avg −0.053%
=The price spread pays, funding is against you. Bybit is 0.022% dearer against Phemex than usual: you sell high and buy low (spread −0.031% now, against its 7-day average of −0.053%): +$2 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 7 hours. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.012% in total (about 0.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.38 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex ARBUSDT | 0.2232 | 0.0100 | pay 0.0100% / 8h | 2h 08m | $5.2M | $13.7M | 50x |
| Short | Bybit ARBUSDT | 0.2231 | −0.0138 | pay 0.0138% / 8h | 2h 08m | $56.3M | $135.7M | 50x |
Phemex ARBUSDT
Bybit ARBUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Phemex. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$50.08
- Price spread: −0.031% → −0.053%
- $2.19
- Slippage, 4 orders
- −$29.8
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$100.69
- Costs to cover
- 0.528%
- Break-even
- never at this rate
Slippage from Phemex: live order book, 6 min ago; Bybit: live order book, 1 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 Phemex live order book, 6 min ago | 6.73 bp | 15.5 bp −$16 | 26.6 bp −$266 | doesn't fit | doesn't fit |
| Sell Bybit live order book, 1 min ago | 0.22 bp | 9.8 bp −$10 | 20.8 bp −$208 | 48.1 bp −$4,811 | doesn't fit |
ARB 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective ARB/USDC PERP | −0.1675% | 1h | 0.2218 | −0.627% | $40K | $197K | 12x | as long as short |
| Deribit ARB_USDC-PERPETUAL | −0.0287% | 1h | 0.2232 | +0.004% | $38K | $20K | 25x | as long as short |
| 01 Exchange ARBUSD | −0.0272% | 1h | 0.2230 | −0.090% | $7K | $2K | 10x | as long as short |
| Variational Omni ARB | −0.0159% | 8h | 0.2225 | −0.300% | $1.9M | $2.8M | — | as long as short |
| Bybit ARBUSDTshort | −0.0138% | 8h | 0.2231 | −0.031% | $56.3M | $135.7M | 50x | |
| SoDEX ARB-USD | −0.0123% | 1h | 0.2230 | −0.076% | $4K | $2.9M | 5x | as long as short |
| OKX ARB-USDT-SWAP | −0.0106% | 8h | 0.2230 | −0.094% | $22.2M | $164.1M | 50x | as long as short |
| MEXC ARB_USDT | −0.0106% | 8h | 0.2230 | −0.072% | $36.9M | $63.9M | 200x | as long as short |
| Polymarket Perps ARB-USD | −0.0058% | 1h | 0.2231 | −0.045% | $77K | $2.2M | 10x | as long as short |
| Kraken Futures PF_ARBUSD | −0.0053% | 1h | 0.2233 | +0.042% | $1.1M | $5.3M | 50x | as long as short |
Injective ARB/USDC PERP
Deribit ARB_USDC-PERPETUAL
01 Exchange ARBUSD
Variational Omni ARB
SoDEX ARB-USD
OKX ARB-USDT-SWAP
MEXC ARB_USDT
Polymarket Perps ARB-USD
Kraken Futures PF_ARBUSDShow all 36 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Orderly PERP_ARB_USDC | −0.0021% | 8h | 0.2231 | −0.045% | $10K | $389K | 10x | as long as short |
| Binance ARBUSDT | −0.0019% | 8h | 0.2231 | −0.049% | $63.5M | $324.6M | 75x | as long as short |
| Extended ARB-USD | −0.0016% | 1h | 0.2230 | −0.092% | $355K | $2.4M | 25x | as long as short |
| dYdX ARB-USD | 0.0000% | 1h | 0.2232 | −0.010% | $66K | $4K | 10x | as long as short |
| gTrade (Gains Network) ARB/USD | L +0.0005% / S −0.0005% | 1h | 0.2233 | +0.022% | $57K | — | 150x | as long as short |
| Gate ARB_USDT | +0.0005% | 8h | 0.2232 | −0.013% | $5.5M | $21.6M | 60x | as long as short |
| Aevo ARB-PERP | +0.0080% | 1h | 0.2233 | +0.035% | $146K | $12K | 3x | as long as short |
| Bitget ARBUSDT | +0.0089% | 8h | 0.2231 | −0.045% | $20.9M | $38.2M | 50x | as long as short |
| BingX ARB-USDT | +0.0089% | 8h | 0.2231 | −0.040% | — | $54.0M | — | as long as short |
| Lighter ARB | +0.0096% | 1h | 0.2232 | −0.018% | $1.3M | $7.8M | 15x | as long as short |
| Hyperliquid ARB | +0.0100% | 1h | 0.2234 | +0.076% | $39.8M | $52.5M | 10x | as long as short |
| Aster ARBUSDT | +0.0100% | 8h | 0.2232 | −0.004% | $693K | $1.7M | 20x | as long as short |
| Pacifica ARB | +0.0100% | 1h | 0.2232 | +0.015% | $45K | $200K | 10x | as long as short |
| KuCoin ARBUSDTM | +0.0100% | 8h | 0.2232 | +0.013% | $20.5M | $16.9M | 75x | as long as short |
| edgeX ARBUSDC | +0.0100% | 4h | 0.2226 | −0.272% | $36K | $458K | 20x | as long as short |
| GRVT ARB_USDT_Perp | +0.0100% | 8h | 0.2226 | −0.269% | $479K | $4.0M | 10x | as long as short |
| ApeX Omni ARBUSDT | +0.0100% | 1h | 0.2226 | −0.269% | $121K | $297K | 50x | as long as short |
| SunX ARB-USDT | +0.0100% | 8h | 0.2231 | −0.045% | $2K | $1.1M | 30x | as long as short |
| HTX ARB-USDT | +0.0100% | 8h | 0.2231 | −0.045% | $275K | $1.2M | 50x | as long as short |
| Phemex ARBUSDTlong | +0.0100% | 8h | 0.2232 | long leg | $5.2M | $13.7M | 50x | |
| BloFin ARB-USDT | +0.0103% | 8h | 0.2232 | 0.000% | $3.0M | $3.3M | 75x | as long as short |
| GMX ARB/USD [ARB-USDC] | L +0.0153% / S −0.0018% | 1h | 0.2232 | +0.010% | $846K | — | 150x | as long as short |
| Coinbase International ARB-PERP-INTX | +0.0288% | 1h | 0.2249 | +0.762% | $504K | $2.5M | 50x | as long as short |
| Reya ARBRUSDPERP | +0.0291% | 1h | 0.2231 | −0.063% | $2K | $695 | 20x | as long as short |
| RISEx ARB/USDC | +0.0546% | 1h | 0.2233 | +0.049% | $495K | $2.8M | 10x | as long as short |
| Backpack ARB_USDC_PERP | +0.0556% | 1h | 0.2234 | +0.099% | $1.1M | $2.7M | 20x | as long as short |
Orderly PERP_ARB_USDC
Binance ARBUSDT
Extended ARB-USD
dYdX ARB-USD
gTrade (Gains Network) ARB/USD
Gate ARB_USDT
Aevo ARB-PERP
Bitget ARBUSDT
BingX ARB-USDT
Lighter ARB
Hyperliquid ARB
Aster ARBUSDT
Pacifica ARB
KuCoin ARBUSDTM
edgeX ARBUSDC
GRVT ARB_USDT_Perp
ApeX Omni ARBUSDT
SunX ARB-USDT
HTX ARB-USDT
BloFin ARB-USDT
GMX ARB/USD [ARB-USDC]
Coinbase International ARB-PERP-INTX
Reya ARBRUSDPERP
RISEx ARB/USDC
Backpack ARB_USDC_PERP