Funding arb · Price arb /

COIN

RWAall COIN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0159%/8h= +17.4% APRpaid last 24h +0.001%

Price spread now: Phoenix against Gate−0.071%107s7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as 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−$680.679% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.097%+$10 on $10k

Price spread, last 4 days (all we have)−0.022%−$2 · spread now −0.071%, 7d avg −0.005%

Together, before fees+0.074%+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.066% cheaper against Gate than usual: you would sell low and buy high (spread −0.071% now, against its 7-day average of −0.005%). If the spread goes back, that is −$7 on $10k: about 33 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.097% in total) that is about 4.8 days. The two prices were read 107 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	Gate COIN_USDT	196.61	−0.0077	get 0.0077% / 8h	2h 05m	$1.2M	$7.4M	50x
Short	Phoenix COIN	196.47	0.0082	get 0.0010% / 1h	5m 43s	$4K	$283K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now −0.071%Rate

Funding earned: $33.3
Price spread: −0.071% → −0.005%: −$6.63
Slippage, 4 orders: −$45.94
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$41.27
Costs to cover: 0.679%
Break-even: 15.7 days

Slippage from Gate: live order book, 3 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 Gate live order book, 3 min ago	3.31 bp	22.6 bp −$23	138.6 bp −$1,386	doesn't fit	doesn't fit
Sell Phoenix live order book, 37 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	−0.0738%	8h	196.71	+0.051%	$6.4M	$10.7M	20x	as long as short
Injective COIN/USDC PERP	−0.0440%	1h	196.49	−0.061%	$43K	$48K	30x	as long as short
Vest COIN-USD-PERP	−0.0109%	1h	195.93	−0.346%	—	$289K	25x	as long as short
Gate COIN_USDTlong	−0.0077%	8h	196.61	long leg	$1.2M	$7.4M	50x
Aster COINUSDT	0.0000%	8h	196.44	−0.085%	$343K	$890K	20x	as long as short
Extended COIN_24_5-USD	0.0000%	1h	196.49	−0.059%	$112K	$854K	10x	as long as short
Binance COINUSDT	0.0000%	8h	196.54	−0.036%	$15.1M	$82.6M	20x	as long as short
Bybit COINUSDT	0.0000%	8h	196.56	−0.025%	$4.7M	$6.3M	50x	as long as short
OKX COIN-USDT-SWAP	0.0000%	8h	196.53	−0.041%	$3.0M	$4.7M	20x	as long as short
Variational Omni COIN	0.0000%	8h	196.58	−0.015%	$712K	$962K	—	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT COIN_USDT_Perp	0.0000%	8h	196.51	−0.050%	$11K	$2.6M	10x	as long as short
Lighter RH COIN	+0.0032%	1h	196.45	−0.081%	$458K	$1.5M	10x	as long as short
QFEX COIN-USD	+0.0038%	1h	196.50	−0.056%	$1.3M	$3.0M	10x	as long as short
Arcus COIN-USD	+0.0040%	1h	196.53	−0.041%	$15K	$54K	5x	as long as short
tradeXYZ xyz:COIN	+0.0050%	1h	196.46	−0.076%	$15.3M	$13.9M	10x	as long as short
Polymarket Perps COIN-USD	+0.0050%	1h	196.46	−0.076%	$128K	$1.4M	10x	as long as short
Ondo Perps COIN-USD.P	+0.0050%	1h	196.29	−0.163%	$451K	$2.9M	10x	as long as short
SoDEX COIN-USD	+0.0058%	1h	196.54	−0.036%	$95	$3K	10x	as long as short
Phoenix COINshort	+0.0082%	1h	196.47	−0.071%	$4K	$283K	10x
KuCoin COINUSDTM	+0.0100%	8h	196.25	−0.183%	$989K	$143K	20x	as long as short
ApeX Omni COINUSDT	+0.0100%	1h	196.38	−0.117%	$88K	$287K	50x	as long as short
Orderly PERP_COIN_USDC_mythos	+0.0100%	8h	196.56	−0.025%	$568	$4K	10x	as long as short
Aevo COIN-PERP	+0.0104%	1h	196.59	−0.012%	$116	—	10x	as long as short
Lighter COIN	+0.0112%	1h	196.47	−0.069%	$380K	$2.3M	10x	as long as short
BloFin COIN-USDT	+0.0120%	8h	196.57	−0.020%	$186K	$422K	20x	as long as short
edgeX COINUSDC	+0.0687%	4h	196.40	−0.107%	$51K	$294K	10x	as long as short