Funding you earn now, next payment 05:00 UTC+0.0082%/8h= +8.9% APRpaid last 24h +0.052%
Price spread now: Phoenix against Bybit+0.256%65s7-day average −0.004% · you sell dearer than you buy
Net, funding: paid 7d − costs−$30as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$470.468% of the position
Funding, last 7 days+0.164%+$16 on $10k
+Price spread, last 4 days (all we have)−0.344%−$34 · spread now +0.256%, 7d avg −0.004%
=Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phoenix is 0.261% dearer against Bybit than usual: you sell high and buy low: +$26 more if the spread goes back to its 7-day average of −0.004%. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit COINUSDT | 195.07 | 0 | get 0.0000% / 8h | 2h 26m | $4.7M | $6.2M | 50x |
| Short | Phoenix COIN | 195.57 | 0.0082 | get 0.0010% / 1h | 26m 15s | $4K | $283K | 10x |
Bybit COINUSDT
Phoenix COINFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $17.13
- Price spread: +0.256% → −0.004%
- $26.08
- Slippage, 4 orders
- −$28.75
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$3.54
- Costs to cover
- 0.468%
- Break-even
- 8.4 days
Slippage from Bybit: live order book, 2 min ago; Phoenix: live order book, 16 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, 2 min ago | 1.02 bp | 11.8 bp −$12 | 35.2 bp −$352 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 16 min ago | 3.57 bp | 12.0 bp −$12 | 26.0 bp −$260 | doesn't fit | doesn't fit |
COIN on 26 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 COINUSDT | −0.0838% | 8h | 195.29 | +0.113% | $6.3M | $10.6M | 20x | as long as short |
| Injective COIN/USDC PERP | −0.0440% | 1h | 195.33 | +0.133% | $43K | $48K | 30x | as long as short |
| Gate COIN_USDT | −0.0133% | 8h | 195.14 | +0.036% | $1.2M | $7.4M | 50x | as long as short |
| Vest COIN-USD-PERP | −0.0113% | 1h | 194.41 | −0.338% | — | $289K | 25x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 195.16 | +0.047% | $341K | $890K | 20x | as long as short |
| Extended COIN_24_5-USD | 0.0000% | 1h | 195.07 | −0.002% | $113K | $852K | 10x | as long as short |
| Binance COINUSDT | 0.0000% | 8h | 195.13 | +0.029% | $14.6M | $81.1M | 20x | as long as short |
| Bybit COINUSDTlong | 0.0000% | 8h | 195.07 | long leg | $4.7M | $6.2M | 50x | |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 195.05 | −0.010% | $3.0M | $4.7M | 20x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 195.38 | +0.159% | $709K | $962K | — | as long as short |
Bitget COINUSDT
Injective COIN/USDC PERP
Gate COIN_USDT
Vest COIN-USD-PERP
Aster COINUSDT
Extended COIN_24_5-USD
Binance COINUSDT
OKX COIN-USDT-SWAP
Variational Omni COINShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT COIN_USDT_Perp | 0.0000% | 8h | 195.58 | +0.263% | $15K | $2.6M | 10x | as long as short |
| Lighter RH COIN | +0.0032% | 1h | 195.01 | −0.031% | $455K | $1.5M | 10x | as long as short |
| QFEX COIN-USD | +0.0038% | 1h | 194.99 | −0.041% | $1.3M | $3.0M | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 195.41 | +0.174% | $15K | $55K | 5x | as long as short |
| edgeX COINUSDC | +0.0040% | 4h | 195.54 | +0.239% | $50K | $294K | 10x | as long as short |
| tradeXYZ xyz:COIN | +0.0050% | 1h | 194.90 | −0.087% | $15.1M | $13.8M | 10x | as long as short |
| Polymarket Perps COIN-USD | +0.0050% | 1h | 195.00 | −0.036% | $131K | $1.4M | 10x | as long as short |
| SoDEX COIN-USD | +0.0050% | 1h | 195.07 | 0.000% | $80 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 194.92 | −0.077% | $363K | $2.8M | 10x | as long as short |
| Phoenix COINshort | +0.0082% | 1h | 195.57 | +0.256% | $4K | $283K | 10x | |
| KuCoin COINUSDTM | +0.0100% | 8h | 195.00 | −0.036% | $983K | $143K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 195.24 | +0.087% | $88K | $287K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 195.09 | +0.010% | $564 | $4K | 10x | as long as short |
| Lighter COIN | +0.0104% | 1h | 195.06 | −0.003% | $354K | $2.2M | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 195.04 | −0.017% | $115 | — | 10x | as long as short |
| BloFin COIN-USDT | +0.0120% | 8h | 195.09 | +0.010% | $187K | $417K | 20x | as long as short |
GRVT COIN_USDT_Perp
Lighter RH COIN
QFEX COIN-USD
Arcus COIN-USD
edgeX COINUSDC
tradeXYZ xyz:COIN
Polymarket Perps COIN-USD
SoDEX COIN-USD
Ondo Perps COIN-USD.P
KuCoin COINUSDTM
ApeX Omni COINUSDT
Orderly PERP_COIN_USDC_mythos
Lighter COIN
Aevo COIN-PERP
BloFin COIN-USDT