Funding arb · Price arb /

FIL

all FIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0476%/8h= +52.1% APRpaid last 24h +0.129%

Price spread now: Phemex against Coinbase International+0.040%7-day average −0.103% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$830.830% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.324%+$32 on $10k

Price spread, last 3 days (all we have)−0.130%−$13 · spread now +0.040%, 7d avg −0.103%

Together, before fees+0.193%+$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Phemex is 0.143% dearer against Coinbase International than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.103%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.324% in total (about 16.9% a year). A funding rate is set anew for every payment. 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	Coinbase International FIL-PERP-INTX	0.9946	−0.0376	get 0.0047% / 1h	4m 12s	$323K	$1.9M	50x
Short	Phemex FILUSDT	0.9950	0.0100	get 0.0100% / 8h	1h 04m	$1.1M	$2.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.040%Rate

Funding earned: $99.96
Price spread: +0.040% → −0.103%: $14.35
Slippage, 4 orders: −$60.97
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: $31.34
Costs to cover: 0.830%
Break-even: 4.8 days

Slippage from Coinbase International: live order book, 4 min ago; Phemex: 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 Coinbase International live order book, 4 min ago	6.55 bp	12.6 bp −$13	16.6 bp −$166	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	5.04 bp	21.4 bp −$21	103.8 bp −$1,038	doesn't fit	doesn't fit

FIL on 29 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
Kraken Futures PF_FILUSD	−0.0690%	1h	0.9948	+0.016%	$1.3M	$2.3M	50x	as long as short
Deribit FIL_USDC-PERPETUAL	−0.0453%	1h	0.9953	+0.070%	$171K	$23K	25x	as long as short
Coinbase International FIL-PERP-INTXlong	−0.0376%	1h	0.9946	long leg	$323K	$1.9M	50x
Injective FIL/USDC PERP	−0.0252%	1h	0.9855	−0.915%	$2K	$240K	12x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9949	+0.032%	$25K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9949	+0.026%	$58K	$2K	10x	as long as short
Bitget FILUSDT	+0.0012%	8h	0.9942	−0.040%	$10.9M	$21.4M	75x	as long as short
KuCoin FILUSDTM	+0.0013%	8h	0.9944	−0.020%	$7.5M	$7.1M	50x	as long as short
Bybit FILUSDT	+0.0036%	8h	0.9945	−0.010%	$15.5M	$18.1M	25x	as long as short
OKX FIL-USDT-SWAP	+0.0037%	8h	0.9943	−0.030%	$18.2M	$98.7M	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended FIL-USD	+0.0072%	1h	0.9943	−0.031%	$692K	$2.3M	10x	as long as short
MEXC FIL_USDC	+0.0072%	8h	0.9938	−0.080%	$253K	$105K	50x	as long as short
Binance FILUSDT	+0.0074%	8h	0.9945	−0.010%	$57.5M	$176.3M	75x	as long as short
BingX FIL-USDT	+0.0076%	8h	0.9944	−0.020%	—	$11.9M	—	as long as short
Lighter FIL	+0.0096%	1h	0.9938	−0.078%	$159K	$349K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9943	−0.031%	$8.7M	$9.5M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9950	+0.040%	$500K	$526K	20x	as long as short
Gate FIL_USDT	+0.0100%	8h	0.9942	−0.040%	$7.9M	$16.3M	50x	as long as short
Variational Omni FIL	+0.0100%	8h	0.9931	−0.149%	$442K	$277K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9919	−0.268%	$45K	$293K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9919	−0.270%	$288K	$790K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9930	−0.161%	$30K	$197K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9956	+0.097%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9940	−0.060%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9944	−0.020%	$492	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9952	+0.060%	$630K	$5.6M	75x	as long as short
Phemex FILUSDTshort	+0.0100%	8h	0.9950	+0.040%	$1.1M	$2.3M	50x
BloFin FIL-USDT	+0.0195%	8h	0.9941	−0.050%	$2.7M	$661K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0601% / S −0.0709%	1h	0.9950	+0.043%	$208K	—	100x	as long as short