Funding arb · Price arb /

DELL

RWAall DELL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0380%/8h= +41.7% APRpaid last 24h +0.119%

Price spread now: Phoenix against BloFin−0.030%106s7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs+$30as 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−$400.398% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.694%+$69 on $10k

Price spread, last 4 days (all we have)+0.139%+$14 · spread now −0.030%, 7d avg +0.015%

Together, before fees+0.833%+$83 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.045% cheaper against BloFin than usual: you would sell low and buy high (spread −0.030% now, against its 7-day average of +0.015%). If the spread goes back, that is −$5 on $10k: about 9 hours of funding at the current rate (+$11 a day). The two prices were read 106 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	BloFin DELL-USDT	572.63	0.0660	pay 0.0660% / 8h	3h 07m	$321K	$219K	20x
Short	Phoenix DELL	572.46	0.1040	get 0.0130% / 1h	7m 21s	$3K	$260K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now −0.030%Rate

Funding earned: $79.9
Price spread: −0.030% → +0.015%: −$4.51
Slippage, 4 orders: −$20.83
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $35.56
Costs to cover: 0.398%
Break-even: 3.9 days

Slippage from BloFin: live order book, 22 min ago; Phoenix: live order book, 43 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 BloFin live order book, 22 min ago	0.09 bp	10.8 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 43 min ago	2.78 bp	9.6 bp −$10	19.3 bp −$193	doesn't fit	doesn't fit

DELL on 20 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
Aster DELLUSDT	0.0000%	8h	572.86	+0.040%	$20K	$50K	20x	as long as short
Gate DELL_USDT	0.0000%	8h	572.68	+0.009%	$4.1M	$7.3M	50x	as long as short
Bitget DELLUSDT	0.0000%	8h	573.14	+0.089%	$3.6M	$4.7M	20x	as long as short
Lighter DELL	+0.0032%	1h	572.98	+0.061%	$33K	$13K	10x	as long as short
Injective DELL/USDC PERP	+0.0033%	1h	571.67	−0.168%	$8K	$83K	12x	as long as short
tradeXYZ xyz:DELL	+0.0050%	1h	572.57	−0.010%	$7.5M	$7.0M	10x	as long as short
Polymarket Perps DELL-USD	+0.0050%	1h	572.88	+0.044%	$7K	$54K	10x	as long as short
KuCoin DELLUSDTM	+0.0100%	8h	572.61	−0.003%	$938K	$29K	20x	as long as short
Orderly PERP_DELL_USDC_mythos	+0.0100%	8h	573.10	+0.082%	$3K	$336	10x	as long as short
HTX DELL-USDT	+0.0100%	8h	572.88	+0.044%	$17K	$59K	10x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit DELLUSDT	+0.0140%	8h	572.92	+0.051%	$6.1M	$3.9M	50x	as long as short
edgeX DELLUSDC	+0.0178%	4h	572.65	+0.003%	$5K	$333K	10x	as long as short
OKX DELL-USDT-SWAP	+0.0341%	8h	573.19	+0.098%	$5.8M	$6.6M	20x	as long as short
GRVT DELL_USDT_Perp	+0.0550%	8h	572.74	+0.019%	$802	$151K	10x	as long as short
Variational Omni DELL	+0.0565%	8h	572.85	+0.039%	$262K	$62K	—	as long as short
Binance DELLUSDT	+0.0655%	8h	573.10	+0.082%	$18.5M	$66.2M	20x	as long as short
Extended DELL-USD	+0.0656%	1h	572.77	+0.025%	$333K	$1.1M	10x	as long as short
BloFin DELL-USDTlong	+0.0660%	8h	572.63	long leg	$321K	$219K	20x
Nado DELL-PERP	+0.0773%	1h	572.15	−0.084%	$69K	$20K	10x	as long as short
Phoenix DELLshort	+0.1040%	1h	572.46	−0.030%	$3K	$260K	10x