Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.5781%/8h= −633.0% APRpaid last 24h +0.038%

Price spread now: Phoenix against Bybit+0.770%65s7-day average −0.131% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$4504.501% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.096%−$10 on $10k

Price spread, last 4 days (all we have)−1.412%−$141 · spread now +0.770%, 7d avg −0.131%

Together, before fees−1.507%−$151 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.900% dearer against Bybit than usual: you sell high and buy low (spread +0.770% now, against its 7-day average of −0.131%): +$90 on $10k if it goes back. Holding the pair costs −$173 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 4 days (−0.096% in total) that is about 39 days. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.096% in total (about -8.4% 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	Bybit STONKUSDT	0.3325	0.7080	pay 0.3540% / 4h	3h 32m	$1.8M	$6.0M	5x
Short	Phoenix STONK	0.3351	0.1299	get 0.0162% / 1h	32m 23s	$213K	$137K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now +0.770%Rate

Funding earned: −$1,214.01
Price spread: +0.770% → −0.131%: $90.05
Slippage, 4 orders: −$432.06
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$1,574.02
Costs to cover: 4.501%
Break-even: never at this rate

Slippage from Bybit: live order book, just now; Phoenix: live order book, 59 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 Bybit live order book, just now	6.00 bp	111.0 bp −$111	724.4 bp −$7,244	doesn't fit	doesn't fit
Sell Phoenix live order book, 59 min ago	47.25 bp	120.5 bp −$121	295.3 bp −$2,953	doesn't fit	doesn't fit

STONK on 9 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
Bitget STONKUSDT	+0.0338%	4h	0.3324	−0.036%	$488K	$2.0M	10x	as long as short
MEXC STONK_USDT	+0.0340%	4h	0.3325	−0.009%	$805K	$990K	20x	as long as short
Phoenix STONKshort	+0.1299%	1h	0.3351	+0.770%	$213K	$137K	3x
Aster STONKUSDT	+0.1338%	1h	0.3323	−0.071%	$489K	$1.2M	10x	as long as short
Gate STONK_USDT	+0.5024%	4h	0.3331	+0.189%	$990K	$2.2M	10x	as long as short
Lighter STONK	+0.6056%	1h	0.3340	+0.457%	$355K	$539K	5x	as long as short
BingX STONK-USDT	+0.7008%	4h	0.3323	−0.060%	—	$917K	—	as long as short
Bybit STONKUSDTlong	+0.7080%	4h	0.3325	long leg	$1.8M	$6.0M	5x
BloFin STONK-USDT	+0.9939%	4h	0.3330	+0.150%	$92K	$198K	5x	as long as short