Funding arb · Price arb /

CRWD

RWAall CRWD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0257%/8h= +28.2% APRpaid last 24h +0.116%

Price spread now: Phoenix against Bybit+0.064%95s7-day average +0.095% · you sell dearer than you buy

Net, funding: paid 7d − costs−$170as 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−$2052.049% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.348%+$35 on $10k

Price spread, last 3 days (all we have)−0.118%−$12 · spread now +0.064%, 7d avg +0.095%

Together, before fees+0.230%+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.030% cheaper against Bybit than usual: you would sell low and buy high (spread +0.064% now, against its 7-day average of +0.095%). If the spread goes back, that is −$3 on $10k: about 9 hours of funding at the current rate (+$8 a day). The two prices were read 95 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 CRWDUSDT	248.72	0	get 0.0000% / 8h	35m 53s	$1.2M	$676K	25x
Short	Phoenix CRWD	248.88	0.0257	get 0.0032% / 1h	35m 53s	$6	$155K	10x

Funding 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 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 BybitbpFee PhoenixbpOrdersPrice spread, now +0.064%Rate

Funding earned: $54.04
Price spread: +0.064% → +0.095%: −$3.04
Slippage, 4 orders: −$186.92
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$153.93
Costs to cover: 2.049%
Break-even: 26.9 days

Slippage from Bybit: live order book, 5 min ago; Phoenix: live order book, 35 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, 5 min ago	1.81 bp	114.8 bp −$115	206.9 bp −$2,069	doesn't fit	doesn't fit
Sell Phoenix live order book, 35 min ago	4.02 bp	24.0 bp −$24	76.1 bp −$761	doesn't fit	doesn't fit

CRWD on 18 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
BloFin CRWD-USDT	0.0000%	8h	248.85	+0.052%	$73K	$25K	25x	as long as short
Aster CRWDUSDT	0.0000%	8h	248.81	+0.036%	$4K	$37K	20x	as long as short
Binance CRWDUSDT	0.0000%	8h	248.90	+0.072%	$2.4M	$7.0M	25x	as long as short
Bybit CRWDUSDTlong	0.0000%	8h	248.72	long leg	$1.2M	$676K	25x
OKX CRWD-USDT-SWAP	0.0000%	8h	248.90	+0.072%	$620K	$712K	25x	as long as short
Bitget CRWDUSDT	0.0000%	8h	248.76	+0.016%	$291K	$490K	20x	as long as short
Variational Omni CRWD	0.0000%	8h	248.96	+0.095%	$67K	$61K	—	as long as short
GRVT CRWD_USDT_Perp	0.0000%	8h	248.82	+0.040%	$438	$122K	10x	as long as short
SunX CRWD-USDT	0.0000%	8h	248.87	+0.060%	$2K	$1.3M	10x	as long as short
HTX CRWD-USDT	0.0000%	8h	249.17	+0.181%	$6K	$8K	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRWDUSDT	0.0000%	8h	248.93	+0.084%	$1.5M	$203K	10x	as long as short
QFEX CRWD-USD	+0.0028%	1h	248.95	+0.092%	$1.2M	$2.9M	10x	as long as short
Extended CRWD_24_5-USD	+0.0048%	1h	248.66	−0.022%	$99K	—	10x	as long as short
tradeXYZ xyz:CRWD	+0.0050%	1h	248.77	+0.020%	$867K	$654K	10x	as long as short
KuCoin CRWDUSDTM	+0.0100%	8h	248.99	+0.109%	$35K	$495K	20x	as long as short
Injective CRWD/USDC PERP	+0.0220%	1h	251.45	+1.098%	$15K	$102	12x	as long as short
Paragon para:CRWD	+0.0252%	1h	248.66	−0.024%	$84K	$113K	10x	as long as short
Phoenix CRWDshort	+0.0257%	1h	248.88	+0.064%	$6	$155K	10x