Funding arb · Price arb /

PHA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0716%/8hnext payment +$3.58 per $10,000 · paid last 24h +0.027%

Price spread now: BingX against KuCoin−0.057%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$130as in the Funding arb table

Net, price: spread back to 7d avg − costs−$136as in the Price arb table

costs, in and out, $10k−$1321.322% of the position

Long on KuCoin Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.017%+$2 on $10k

Price spread, last 3 days (all we have)−0.011%−$1 · spread now −0.057%, 7d avg −0.016%

Together, before fees+0.006%+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.041% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.057% now, against its 7-day average of −0.016%). If the spread goes back, that is −$4 on $10k: about 5 hours of funding at the current rate (+$21 a day). At the pace of the last 7 days (+0.017% in total) that is about 17 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.017% in total (about 0.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$3.58 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	KuCoin PHAUSDTM	0.05225	−0.0886	get 0.0443% / 4h	5m 48s	$569K	$3.8M	30x
Short	BingX PHA-USDT	0.05222	−0.0170	pay 0.0085% / 4h	5m 48s	—	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against KuCoin. 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 KuCoinbpFee BingXbpOrdersPrice spread, now −0.057%Rate

Funding earned: $150.36
Price spread: −0.057% → −0.016%: −$4.15
Slippage, 4 orders: −$110.16
Fee KuCoin: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: $14.05
Costs to cover: 1.322%
Break-even: 6.3 days

Slippage from KuCoin: live order book, 6 min ago; BingX: 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 KuCoin live order book, 6 min ago	12.45 bp	41.7 bp −$42	1140.0 bp −$11.4K	doesn't fit	doesn't fit
Sell BingX live order book, 4 min ago	1.93 bp	25.0 bp −$25	90.8 bp −$908	509.0 bp −$50.9K	911.3 bp −$455.7K

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	−0.1507%	4h	0.05216	−0.172%	$7K	$731K	5x	as long as short
Binance PHAUSDT	−0.1085%	4h	0.05232	+0.134%	$5.8M	$176.4M	50x	as long as short
MEXC PHA_USDT	−0.1078%	4h	0.05223	−0.038%	$1.8M	$8.2M	50x	as long as short
BloFin PHA-USDT	−0.1039%	4h	0.05182	−0.823%	$399K	$636K	50x	as long as short
KuCoin PHAUSDTMlong	−0.0886%	4h	0.05225	long leg	$569K	$3.8M	30x
Bybit PHAUSDT	−0.0817%	4h	0.05240	+0.287%	$2.2M	$21.8M	20x	as long as short
Gate PHA_USDT	−0.0650%	4h	0.05231	+0.115%	$396K	$4.6M	25x	as long as short
Variational Omni PHA	−0.0324%	4h	0.05232	+0.143%	$175K	$362K	—	as long as short
Bitget PHAUSDT	−0.0256%	4h	0.05228	+0.057%	$1.5M	$19.5M	50x	as long as short
BingX PHA-USDTshort	−0.0170%	4h	0.05222	−0.057%	—	$3.2M	—