Funding you earn now, next payment 05:00 UTC+0.0087%/8h= +9.5% APRnext payment +$0.11 per $10,000 · paid last 24h −0.120%
Price spread now: Phoenix against Backpack−0.528%80s7-day average −0.040% · you buy dearer than you sell
Net, funding: paid 7d − costs−$114as 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−$510.511% of the position
Funding, last 7 days−0.634%−$63 on $10k
+Price spread, last 4 days (all we have)+0.706%+$71 · spread now −0.528%, 7d avg −0.040%
=Funding pays, the price is against you. Phoenix is 0.488% cheaper against Backpack than usual: you would sell low and buy high (spread −0.528% now, against its 7-day average of −0.040%). If the spread goes back, that is −$49 on $10k: about 19 days of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.634%, so the current rate has only just turned in your favour. The two prices were read 80 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 | Backpack CRV_USDC_PERP | 0.3581 | −0.0042 | get 0.0005% / 1h | 16m 07s | $94K | $261K | 10x |
| Short | Phoenix CRV | 0.3562 | 0.0045 | get 0.0006% / 1h | 16m 07s | $25K | $177K | 10x |
Backpack CRV_USDC_PERP
Phoenix CRVFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Backpack. 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
- $18.17
- Price spread: −0.528% → −0.040%
- −$48.81
- Slippage, 4 orders
- −$34.11
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$81.75
- Costs to cover
- 0.511%
- Break-even
- 38.5 days
Slippage from Backpack: live order book, 32 min ago; Phoenix: live order book, 25 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 Backpack live order book, 32 min ago | 1.25 bp | 8.7 bp −$9 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 25 min ago | 1.41 bp | 17.2 bp −$17 | 63.7 bp −$637 | doesn't fit | doesn't fit |
CRV on 30 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 | |
|---|---|---|---|---|---|---|---|---|
| Reya CRVRUSDPERP | −0.0048% | 1h | 0.3579 | −0.039% | $15 | — | 15x | as long as short |
| Backpack CRV_USDC_PERPlong | −0.0042% | 1h | 0.3581 | long leg | $94K | $261K | 10x | |
| dYdX CRV-USD | 0.0000% | 1h | 0.3571 | −0.271% | $37K | $8K | 10x | as long as short |
| Deribit CRV_USDC-PERPETUAL | +0.0029% | 1h | 0.3580 | −0.017% | $54K | $45K | 25x | as long as short |
| Injective CRV/USDC PERP | +0.0033% | 1h | 0.3670 | +2.497% | $79 | $384K | 12x | as long as short |
| Phoenix CRVshort | +0.0045% | 1h | 0.3562 | −0.528% | $25K | $177K | 10x | |
| Variational Omni CRV | +0.0083% | 8h | 0.3569 | −0.327% | $1.1M | $95K | — | as long as short |
| Lighter CRV | +0.0096% | 1h | 0.3575 | −0.154% | $380K | $705K | 10x | as long as short |
| Orderly PERP_CRV_USDC | +0.0100% | 8h | 0.3580 | −0.017% | $24K | $902 | 10x | as long as short |
| Hyperliquid CRV | +0.0100% | 1h | 0.3582 | +0.028% | $21.0M | $16.4M | 10x | as long as short |
Reya CRVRUSDPERP
dYdX CRV-USD
Deribit CRV_USDC-PERPETUAL
Injective CRV/USDC PERP
Variational Omni CRV
Lighter CRV
Orderly PERP_CRV_USDC
Hyperliquid CRVShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster CRVUSDT | +0.0100% | 8h | 0.3577 | −0.098% | $112K | $193K | 10x | as long as short |
| Pacifica CRV | +0.0100% | 1h | 0.3571 | −0.277% | $362K | $198K | 10x | as long as short |
| Binance CRVUSDT | +0.0100% | 8h | 0.3577 | −0.094% | $24.7M | $56.7M | 75x | as long as short |
| Bybit CRVUSDT | +0.0100% | 8h | 0.3575 | −0.156% | $27.1M | $19.3M | 75x | as long as short |
| OKX CRV-USDT-SWAP | +0.0100% | 8h | 0.3579 | −0.045% | $8.7M | $20.3M | 50x | as long as short |
| Gate CRV_USDT | +0.0100% | 8h | 0.3577 | −0.101% | $1.8M | $1.4M | 50x | as long as short |
| MEXC CRV_USDT | +0.0100% | 8h | 0.3578 | −0.073% | $12.7M | $5.6M | 125x | as long as short |
| KuCoin CRVUSDTM | +0.0100% | 8h | 0.3576 | −0.128% | $5.9M | $8.3M | 50x | as long as short |
| Bitget CRVUSDT | +0.0100% | 8h | 0.3582 | +0.039% | $6.7M | $5.3M | 75x | as long as short |
| BingX CRV-USDC | +0.0100% | 8h | 0.3579 | −0.045% | — | $1.6M | — | as long as short |
| edgeX CRVUSDC | +0.0100% | 4h | 0.3573 | −0.217% | $37K | $174K | 20x | as long as short |
| GRVT CRV_USDT_Perp | +0.0100% | 8h | 0.3590 | +0.263% | $508K | $445K | 10x | as long as short |
| ApeX Omni CRVUSDT | +0.0100% | 1h | 0.3584 | +0.095% | $53K | $682K | 50x | as long as short |
| SunX CRV-USDT | +0.0100% | 8h | 0.3657 | +2.134% | $1K | $1.3M | 20x | as long as short |
| Extended CRV-USD | +0.0104% | 1h | 0.3577 | −0.100% | $253K | $494K | 25x | as long as short |
| Aevo CRV-PERP | +0.0104% | 1h | 0.3578 | −0.073% | $13K | $6K | 3x | as long as short |
| BloFin CRV-USDT | +0.0220% | 8h | 0.3590 | +0.263% | $1.3M | $3.9M | 75x | as long as short |
| GMX CRV/USD [ETH-USDC] | L +0.0414% / S −0.0177% | 1h | 0.3580 | −0.004% | $209K | — | 100x | as long as short |
| Coinbase International CRV-PERP-INTX | +0.0432% | 1h | 0.3580 | −0.017% | $382K | $4.3M | 50x | as long as short |
| Kraken Futures PF_CRVUSD | +0.0680% | 1h | 0.3578 | −0.063% | $3.0M | $2.7M | 50x | as long as short |
Aster CRVUSDT
Pacifica CRV
Binance CRVUSDT
Bybit CRVUSDT
OKX CRV-USDT-SWAP
Gate CRV_USDT
MEXC CRV_USDT
KuCoin CRVUSDTM
Bitget CRVUSDT
BingX CRV-USDC
edgeX CRVUSDC
GRVT CRV_USDT_Perp
ApeX Omni CRVUSDT
SunX CRV-USDT
Extended CRV-USD
Aevo CRV-PERP
BloFin CRV-USDT
GMX CRV/USD [ETH-USDC]
Coinbase International CRV-PERP-INTX
Kraken Futures PF_CRVUSD