Funding arb · Price arb /

FIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0758%/8h= +83.0% APRpaid last 24h +0.205%

Price spread now: Phemex against Deribit−0.141%7-day average −0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$890.887% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.470%+$47 on $10k

Price spread, last 4 days (all we have)+0.029%+$3 · spread now −0.141%, 7d avg −0.071%

Together, before fees+0.498%+$50 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.070% cheaper against Deribit than usual: you would sell low and buy high (spread −0.141% now, against its 7-day average of −0.071%). If the spread goes back, that is −$7 on $10k: about 7 hours of funding at the current rate (+$23 a day). At the pace of the last 7 days (+0.470% in total) that is about 25 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.470% in total (about 24.5% 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	Deribit FIL_USDC-PERPETUAL	0.9904	−0.0658	get 0.0082% / 1h	46m 08s	$170K	$23K	25x
Short	Phemex FILUSDT	0.9890	0.0100	get 0.0100% / 8h	1h 46m	$1.2M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now −0.141%Rate

Funding earned: $159.18
Price spread: −0.141% → −0.071%: −$7.01
Slippage, 4 orders: −$69.73
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $63.44
Costs to cover: 0.887%
Break-even: 4.2 days

Slippage from Deribit: live order book, 62 min ago; Phemex: live order book, 2 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 Deribit live order book, 62 min ago	11.06 bp	14.6 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	10.08 bp	27.4 bp −$27	84.0 bp −$840	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
Deribit FIL_USDC-PERPETUALlong	−0.0658%	1h	0.9904	long leg	$170K	$23K	25x
Coinbase International FIL-PERP-INTX	−0.0248%	1h	0.9895	−0.091%	$351K	$2.3M	50x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9898	−0.060%	$26K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9912	+0.081%	$58K	$1K	10x	as long as short
Injective FIL/USDC PERP	+0.0033%	1h	0.9855	−0.495%	$2K	$240K	12x	as long as short
OKX FIL-USDT-SWAP	+0.0047%	8h	0.9903	−0.010%	$17.9M	$109.5M	50x	as long as short
KuCoin FILUSDTM	+0.0062%	8h	0.9898	−0.061%	$7.1M	$8.0M	50x	as long as short
Lighter FIL	+0.0096%	1h	0.9897	−0.071%	$147K	$355K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9905	+0.006%	$8.3M	$9.4M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9900	−0.039%	$506K	$607K	20x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance FILUSDT	+0.0100%	8h	0.9901	−0.030%	$55.8M	$188.1M	75x	as long as short
Bybit FILUSDT	+0.0100%	8h	0.9900	−0.040%	$15.6M	$20.6M	25x	as long as short
Gate FIL_USDT	+0.0100%	8h	0.9904	0.000%	$8.2M	$16.6M	50x	as long as short
MEXC FIL_USDC	+0.0100%	8h	0.9895	−0.091%	$230K	$103K	50x	as long as short
Bitget FILUSDT	+0.0100%	8h	0.9900	−0.040%	$11.3M	$20.1M	75x	as long as short
BingX FIL-USDC	+0.0100%	8h	0.9902	−0.020%	—	$6.5M	—	as long as short
Variational Omni FIL	+0.0100%	8h	0.9919	+0.150%	$442K	$272K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9927	+0.234%	$45K	$295K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9920	+0.160%	$291K	$1.3M	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9920	+0.162%	$29K	$183K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9904	+0.001%	$4K	$798	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9900	−0.040%	$3K	$1.2M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9902	−0.020%	$485	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9907	+0.030%	$614K	$5.7M	75x	as long as short
Phemex FILUSDTshort	+0.0100%	8h	0.9890	−0.141%	$1.2M	$2.6M	50x
Extended FIL-USD	+0.0104%	1h	0.9895	−0.095%	$697K	$1.4M	10x	as long as short
BloFin FIL-USDT	+0.0220%	8h	0.9921	+0.172%	$2.7M	$689K	75x	as long as short
Kraken Futures PF_FILUSD	+0.0247%	1h	0.9904	+0.003%	$1.3M	$2.2M	50x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0601% / S −0.0280%	1h	0.9897	−0.075%	$265K	—	100x	as long as short