Funding arb · Price arb /

PHA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.110%

Price spread now: Bybit against BingX+0.197%7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$279as in the Funding arb table

Net, price: spread back to 7d avg − costs−$209as in the Price arb table

costs, in and out, $10k−$2222.222% of the position

Long on BingX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.570%−$57 on $10k

Price spread, last 4 days (all we have)−0.294%−$29 · spread now +0.197%, 7d avg +0.064%

Together, before fees−0.864%−$86 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.133% dearer against BingX than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of +0.064%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PHA-USDT	0.05065	0.0100	pay 0.0050% / 4h	2h 48m	—	$3.3M	—
Short	Bybit PHAUSDT	0.05075	0.0100	get 0.0050% / 4h	2h 48m	$2.0M	$22.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against BingX. 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 BingXbpFee BybitbpOrdersPrice spread, now +0.197%Rate

Funding earned: $0
Price spread: +0.197% → +0.064%: $13.31
Slippage, 4 orders: −$201.21
Fee BingX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$208.9
Costs to cover: 2.222%
Break-even: never at this rate

Slippage from BingX: live order book, 1 min ago; Bybit: live order book, 5 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 BingX live order book, 1 min ago	6.92 bp	27.0 bp −$27	108.3 bp −$1,083	587.5 bp −$58.8K	doesn't fit
Sell Bybit live order book, 5 min ago	6.87 bp	89.7 bp −$90	254.6 bp −$2,546	doesn't fit	doesn't fit

PHA on 10 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
Aster PHAUSDT	−0.1318%	4h	0.05066	+0.015%	$7K	$752K	5x	as long as short
BloFin PHA-USDT	−0.0888%	4h	0.05065	0.000%	$359K	$638K	50x	as long as short
MEXC PHA_USDT	−0.0880%	4h	0.05074	+0.178%	$1.8M	$8.4M	50x	as long as short
Binance PHAUSDT	−0.0865%	4h	0.05072	+0.138%	$5.4M	$182.4M	50x	as long as short
KuCoin PHAUSDTM	−0.0792%	4h	0.05063	−0.039%	$449K	$3.9M	30x	as long as short
Bitget PHAUSDT	−0.0124%	4h	0.05072	+0.138%	$1.5M	$19.9M	50x	as long as short
Variational Omni PHA	+0.0036%	4h	0.05060	−0.108%	$169K	$389K	—	as long as short
Bybit PHAUSDTshort	+0.0100%	4h	0.05075	+0.197%	$2.0M	$22.4M	20x
Gate PHA_USDT	+0.0100%	4h	0.05067	+0.039%	$361K	$4.7M	25x	as long as short
BingX PHA-USDTlong	+0.0100%	4h	0.05065	long leg	—	$3.3M	—