Funding you earn now, next payment 00:00 UTC−0.0574%/8h= −62.8% APRnext payment −$5.74 per $10,000 · paid last 24h −0.113%
Price spread now: Phemex against Binance+0.068%7-day average −0.019% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$225as in the Price arb table
costs, in and out, $10k−$2342.337% of the position
Funding, last 2 days (all we have)−0.113%−$11 on $10k
+Price spread, last 2 days (all we have)−0.006%−$1 · spread now +0.068%, 7d avg −0.019%
=The price spread pays, funding is against you. Phemex is 0.087% dearer against Binance than usual: you sell high and buy low (spread +0.068% now, against its 7-day average of −0.019%): +$9 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 2 days (−0.113% in total) that is about 42 hours.
The current funding rate is far above what this pair has been paying: over the last 2 days it paid -0.113% in total (about -18.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$5.74 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 | Binance CYPHUSDT | 3.3817 | 0.0574 | pay 0.0574% / 8h | 1h 23m | $205K | $3.1M | 20x |
| Short | Phemex CYPHUSDT | 3.3840 | 0 | get 0.0000% / 8h | 1h 23m | $123K | $257K | 10x |
Binance CYPHUSDT
Phemex CYPHUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Binance. 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
- −$120.48
- Price spread: +0.068% → −0.019%
- $8.67
- Slippage, 4 orders
- −$211.73
- Fee Binance: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$345.55
- Costs to cover
- 2.337%
- Break-even
- never at this rate
Slippage from Binance: live order book, 12 min ago; Phemex: live order book, 58 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 Binance live order book, 12 min ago | 10.33 bp | 56.3 bp −$56 | 559.6 bp −$5,596 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 58 min ago | 11.78 bp | 75.6 bp −$76 | doesn't fit | doesn't fit | doesn't fit |
CYPH on 9 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 | |
|---|---|---|---|---|---|---|---|---|
| Aftermath Perps CYPHUSD | −0.0164% | 1h | 3.4625 | +2.388% | $540 | $22K | 3x | as long as short |
| Bybit CYPHUSDT | 0.0000% | 8h | 3.3710 | −0.317% | $16K | $190K | 25x | as long as short |
| QFEX CYPH-USD | 0.0000% | 1h | 3.3800 | −0.051% | $2.0M | $430K | 10x | as long as short |
| Gate CYPH_USDT | 0.0000% | 8h | 3.3890 | +0.216% | $36K | $110K | 20x | as long as short |
| Bitget CYPHUSDT | 0.0000% | 8h | 3.3813 | −0.012% | $52K | $575K | 20x | as long as short |
| SunX CYPH-USDT | 0.0000% | 8h | 3.3870 | +0.156% | — | $6.0M | 10x | as long as short |
| HTX CYPH-USDT | 0.0000% | 8h | 3.3910 | +0.275% | $5K | $359K | 20x | as long as short |
| Phemex CYPHUSDTshort | 0.0000% | 8h | 3.3840 | +0.068% | $123K | $257K | 10x | |
| Binance CYPHUSDTlong | +0.0574% | 8h | 3.3817 | long leg | $205K | $3.1M | 20x |
Aftermath Perps CYPHUSD
Bybit CYPHUSDT
QFEX CYPH-USD
Gate CYPH_USDT
Bitget CYPHUSDT
SunX CYPH-USDT
HTX CYPH-USDT