Funding you earn now, next payment 00:00 UTC−0.0237%/8h= −26.0% APRpaid last 24h −0.055%
Price spread now: Bybit against Phoenix−0.361%7-day average +0.007% · you buy dearer than you sell
Net, funding: paid 7d − costs−$63as in the Funding arb table
Net, price: spread back to 7d avg − costs−$84as in the Price arb table
costs, in and out, $10k−$480.477% of the position
Funding, last 7 days−0.157%−$16 on $10k
+Price spread, last 3 days (all we have)+0.448%+$45 · spread now −0.361%, 7d avg +0.007%
=Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Bybit is 0.367% cheaper against Phoenix than usual: you would sell low and buy high (−$37 if the spread goes back to its 7-day average of +0.007%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.157% in total (about -8.2% 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 | Phoenix COIN | 202.36 | 0.0237 | pay 0.0030% / 1h | 52m 45s | $5K | $279K | 10x |
| Short | Bybit COINUSDT | 201.63 | 0 | get 0.0000% / 8h | 7h 52m | $5.0M | $5.9M | 50x |
Phoenix COIN
Bybit COINUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Phoenix. 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
- −$49.84
- Price spread: −0.361% → +0.007%
- −$36.73
- Slippage, 4 orders
- −$29.66
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$134.22
- Costs to cover
- 0.477%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 15 min ago; Bybit: live order book, 5 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 Phoenix live order book, 15 min ago | 3.46 bp | 12.0 bp −$12 | 25.7 bp −$257 | doesn't fit | doesn't fit |
| Sell Bybit live order book, 5 min ago | 1.24 bp | 14.0 bp −$14 | 40.9 bp −$409 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective COIN/USDC PERP | −0.0440% | 1h | 201.62 | −0.366% | $44K | $48K | 30x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 201.78 | −0.286% | $370K | $839K | 20x | as long as short |
| Extended COIN_24_5-USD | 0.0000% | 1h | 201.61 | −0.369% | $119K | $453K | 10x | as long as short |
| Binance COINUSDT | 0.0000% | 8h | 201.65 | −0.349% | $15.8M | $76.2M | 20x | as long as short |
| Bybit COINUSDTshort | 0.0000% | 8h | 201.63 | −0.361% | $5.0M | $5.9M | 50x | |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 201.64 | −0.356% | $3.3M | $4.6M | 20x | as long as short |
| Gate COIN_USDT | 0.0000% | 8h | 201.64 | −0.356% | $1.3M | $6.8M | 50x | as long as short |
| Bitget COINUSDT | 0.0000% | 8h | 201.70 | −0.326% | $6.9M | $9.7M | 20x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 202.35 | −0.006% | $842K | $1.1M | — | as long as short |
| QFEX COIN-USD | +0.0021% | 1h | 201.75 | −0.301% | $1.4M | $3.9M | 10x | as long as short |
Injective COIN/USDC PERP
Aster COINUSDT
Extended COIN_24_5-USD
Binance COINUSDT
OKX COIN-USDT-SWAP
Gate COIN_USDT
Bitget COINUSDT
Variational Omni COIN
QFEX COIN-USDShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter RH COIN | +0.0040% | 1h | 201.63 | −0.361% | $434K | $1.5M | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 202.06 | −0.148% | $16K | $53K | 5x | as long as short |
| Vest COIN-USD-PERP | +0.0046% | 1h | 201.67 | −0.341% | — | $513K | 25x | as long as short |
| tradeXYZ xyz:COIN | +0.0050% | 1h | 201.52 | −0.415% | $16.6M | $12.5M | 10x | as long as short |
| Polymarket Perps COIN-USD | +0.0050% | 1h | 201.62 | −0.366% | $129K | $1.2M | 10x | as long as short |
| SoDEX COIN-USD | +0.0050% | 1h | 201.69 | −0.331% | $96 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 201.47 | −0.440% | $361K | $3.3M | 10x | as long as short |
| KuCoin COINUSDTM | +0.0100% | 8h | 201.74 | −0.306% | $1.0M | $137K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 202.26 | −0.049% | $91K | $287K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 201.70 | −0.326% | $583 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 201.87 | −0.243% | $119 | — | 10x | as long as short |
| BloFin COIN-USDT | +0.0120% | 8h | 201.67 | −0.341% | $199K | $341K | 20x | as long as short |
| Phoenix COINlong | +0.0237% | 1h | 202.36 | long leg | $5K | $279K | 10x | |
| Lighter COIN | +0.0240% | 1h | 201.65 | −0.351% | $376K | $1.8M | 10x | as long as short |
| edgeX COINUSDC | +0.0296% | 4h | 202.22 | −0.068% | $52K | $293K | 10x | as long as short |
| GRVT COIN_USDT_Perp | +0.0439% | 8h | 202.28 | −0.041% | $12K | $2.0M | 10x | as long as short |
Lighter RH COIN
Arcus COIN-USD
Vest COIN-USD-PERP
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
Aevo COIN-PERP
BloFin COIN-USDT
Lighter COIN
edgeX COINUSDC
GRVT COIN_USDT_Perp