Funding arb · Price arb /

AMAT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0225%/8h= +24.7% APRpaid last 24h +0.022%

Price spread now: Phoenix against Binance+0.154%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$490.494% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.120%+$12 on $10k

Price spread, last 4 days (all we have)−0.424%−$42 · spread now +0.154%, 7d avg +0.010%

Together, before fees−0.304%−$30 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Phoenix is 0.145% dearer against Binance than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.010%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.120% in total (about 6.3% 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	Binance AMATUSDT	462.01	0	get 0.0000% / 8h	2h 03m	$8.5M	$13.8M	20x
Short	Phoenix AMAT	462.72	0.0225	get 0.0028% / 1h	3m 12s	$19K	$110K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now +0.154%Rate

Funding earned: $47.32
Price spread: +0.154% → +0.010%: $14.47
Slippage, 4 orders: −$32.4
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $12.4
Costs to cover: 0.494%
Break-even: 5.2 days

Slippage from Binance: live order book, 7 min ago; Phoenix: live order book, 37 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 Binance live order book, 7 min ago	1.08 bp	14.1 bp −$14	45.0 bp −$450	doesn't fit	doesn't fit
Sell Phoenix live order book, 37 min ago	3.91 bp	12.2 bp −$12	26.0 bp −$260	doesn't fit	doesn't fit

AMAT on 16 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 AMATUSDT	−0.0370%	8h	462.21	+0.044%	$1.9M	$1.8M	20x	as long as short
Aster AMATUSDT	0.0000%	8h	462.14	+0.029%	$10K	$11K	20x	as long as short
Extended AMAT-USD	0.0000%	1h	461.75	−0.055%	$5K	$27K	10x	as long as short
Binance AMATUSDTlong	0.0000%	8h	462.01	long leg	$8.5M	$13.8M	20x
Bybit AMATUSDT	0.0000%	8h	461.61	−0.086%	$846K	$704K	25x	as long as short
OKX AMAT-USDT-SWAP	0.0000%	8h	462.58	+0.124%	$1.4M	$1.6M	20x	as long as short
Gate AMAT_USDT	0.0000%	8h	462.30	+0.064%	$1.5M	$6.6M	50x	as long as short
Variational Omni AMAT	0.0000%	8h	462.85	+0.182%	$64K	$44K	—	as long as short
GRVT AMAT_USDT_Perp	0.0000%	8h	463.08	+0.232%	$454	$110K	10x	as long as short
BloFin AMAT-USDT	+0.0013%	8h	462.30	+0.064%	$107K	$112K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest AMAT-USD-PERP	+0.0046%	1h	461.85	−0.034%	—	—	10x	as long as short
tradeXYZ xyz:AMAT	+0.0050%	1h	462.21	+0.044%	$2.6M	$2.3M	10x	as long as short
KuCoin AMATUSDTM	+0.0100%	8h	461.82	−0.040%	$401K	$551K	20x	as long as short
SunX AMAT-USDT	+0.0100%	8h	462.11	+0.022%	$1K	$380K	10x	as long as short
HTX AMAT-USDT	+0.0100%	8h	463.10	+0.237%	$168K	$39K	20x	as long as short
Phoenix AMATshort	+0.0225%	1h	462.72	+0.154%	$19K	$110K	10x