Funding you earn now, next payment 08:00 UTC+0.0319%/8h= +34.9% APRnext payment +$0.40 per $10,000 · paid last 24h +0.044%
Price spread now: Phoenix against Ondo Perps+0.375%48s7-day average +0.085% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.195%+$20 on $10k
+Price spread, last 4 days (all we have)−0.401%−$40 · spread now +0.375%, 7d avg +0.085%
=Together, before fees−0.205%+ Points / potential airdropOndo Perps: Active · farm board−$21 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Phoenix is 0.290% dearer against Ondo Perps than usual: you sell high and buy low: +$29 more if the spread goes back to its 7-day average of +0.085%. The two prices were read 48 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 7 days it paid 0.195% in total (about 10.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.40 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 | Ondo Perps COIN-USD.P | 197.47 | −0.0155 | get 0.0019% / 1h | 56m 26s | $380K | $2.3M | 10x |
| Short | Phoenix COIN | 198.21 | 0.0164 | get 0.0020% / 1h | 56m 26s | $5K | $253K | 10x |
Ondo Perps COIN-USD.P
Phoenix COINFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Ondo Perps. 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
- $66.97
- Price spread: +0.375% → +0.085%
- $28.97
- Slippage, 4 orders
- no order book: not counted
- Fee Ondo Perps: 2.5 bp × 2 orders
- −$5
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $83.94
- Costs to cover
- 0.120%
- Break-even
- from the start
Slippage unknown: Ondo Perps: no order-book sample; Phoenix: live order book, 31 min ago. Net counts fees only.
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 Ondo Perps no order-book sample | — | — | — | — | — |
| Sell Phoenix live order book, 31 min ago | 3.60 bp | 12.1 bp −$12 | 26.1 bp −$261 | doesn't fit | doesn't fit |
Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | |
|---|---|---|---|---|---|---|---|---|
| Injective COIN/USDC PERP | −0.0440% | 1h | 197.14 | −0.167% | $17K | $224K | 30x | as long as short |
| Ondo Perps COIN-USD.Plong | −0.0155% | 1h | 197.47 | long leg | $380K | $2.3M | 10x | |
| Vest COIN-USD-PERP | −0.0018% | 1h | 197.61 | +0.071% | — | $322K | 25x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 197.86 | +0.200% | $345K | $879K | 20x | as long as short |
| Bybit COINUSDT | 0.0000% | 8h | 197.77 | +0.152% | $4.7M | $5.8M | 50x | as long as short |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 197.67 | +0.101% | $3.1M | $4.7M | 20x | as long as short |
| Gate COIN_USDT | 0.0000% | 8h | 197.73 | +0.132% | $1.2M | $6.5M | 50x | as long as short |
| Bitget COINUSDT | 0.0000% | 8h | 197.71 | +0.122% | $6.4M | $10.0M | 20x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 197.99 | +0.263% | $672K | $831K | — | as long as short |
| GRVT COIN_USDT_Perp | 0.0000% | 8h | 198.26 | +0.400% | $14K | $3.0M | 10x | as long as short |
Injective COIN/USDC PERP
Vest COIN-USD-PERP
Aster COINUSDT
Bybit COINUSDT
OKX COIN-USDT-SWAP
Gate COIN_USDT
Bitget COINUSDT
Variational Omni COIN
GRVT COIN_USDT_PerpShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| tradeXYZ xyz:COIN | +0.0007% | 1h | 197.65 | +0.091% | $14.9M | $12.3M | 10x | as long as short |
| Binance COINUSDT | +0.0023% | 8h | 197.79 | +0.160% | $14.6M | $79.1M | 20x | as long as short |
| Extended COIN_24_5-USD | +0.0024% | 1h | 197.75 | +0.144% | $105K | $848K | 10x | as long as short |
| Lighter COIN | +0.0032% | 1h | 197.70 | +0.116% | $357K | $2.0M | 10x | as long as short |
| Lighter RH COIN | +0.0032% | 1h | 197.71 | +0.122% | $471K | $1.2M | 10x | as long as short |
| QFEX COIN-USD | +0.0036% | 1h | 197.69 | +0.111% | $1.3M | $2.7M | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 197.89 | +0.213% | $17K | $37K | 5x | as long as short |
| Polymarket Perps COIN-USD | +0.0050% | 1h | 197.67 | +0.101% | $138K | $1.4M | 10x | as long as short |
| SoDEX COIN-USD | +0.0050% | 1h | 197.70 | +0.116% | $75 | $3K | 10x | as long as short |
| KuCoin COINUSDTM | +0.0100% | 8h | 197.80 | +0.167% | $933K | $228K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 198.00 | +0.268% | $89K | $280K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 197.75 | +0.142% | $572 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 197.70 | +0.117% | $117 | — | 10x | as long as short |
| BloFin COIN-USDT | +0.0108% | 8h | 197.91 | +0.223% | $190K | $489K | 20x | as long as short |
| Phoenix COINshort | +0.0164% | 1h | 198.21 | +0.375% | $5K | $253K | 10x | |
| edgeX COINUSDC | +0.0632% | 4h | 198.03 | +0.281% | $51K | $293K | 10x | as long as short |
tradeXYZ xyz:COIN
Binance COINUSDT
Extended COIN_24_5-USD
Lighter COIN
Lighter RH COIN
QFEX COIN-USD
Arcus COIN-USD
Polymarket Perps COIN-USD
SoDEX COIN-USD
KuCoin COINUSDTM
ApeX Omni COINUSDT
Orderly PERP_COIN_USDC_mythos
Aevo COIN-PERP
BloFin COIN-USDT
edgeX COINUSDC