Funding arb · Price arb /

DELL

RWAall DELL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0750%/8h= +82.1% APRpaid last 24h +0.146%

Price spread now: Phoenix against Bybit+0.094%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs+$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$490.490% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.628%+$63 on $10k

Price spread, last 4 days (all we have)−0.094%−$9 · spread now +0.094%, 7d avg +0.040%

Together, before fees+0.534%+$53 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$23 a day on $10k at the current rate, and Phoenix is 0.054% dearer against Bybit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit DELLUSDT	573.32	0.0113	pay 0.0113% / 8h	1h 15m	$6.1M	$4.0M	50x
Short	Phoenix DELL	573.86	0.0863	get 0.0108% / 1h	15m 02s	$3K	$228K	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 +0.094%Rate

Funding earned: $157.54
Price spread: +0.094% → +0.040%: $5.4
Slippage, 4 orders: −$31.04
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $113.9
Costs to cover: 0.490%
Break-even: 1.9 days

Slippage from Bybit: live order book, 3 min ago; Phoenix: live order book, 25 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, 3 min ago	1.48 bp	16.6 bp −$17	85.2 bp −$852	doesn't fit	doesn't fit
Sell Phoenix live order book, 25 min ago	2.62 bp	9.6 bp −$10	19.1 bp −$191	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	573.05	−0.048%	$20K	$49K	20x	as long as short
Gate DELL_USDT	0.0000%	8h	573.48	+0.028%	$4.1M	$7.2M	50x	as long as short
Bitget DELLUSDT	0.0000%	8h	573.38	+0.010%	$3.6M	$4.7M	20x	as long as short
Lighter DELL	+0.0032%	1h	573.77	+0.078%	$34K	$12K	10x	as long as short
Injective DELL/USDC PERP	+0.0033%	1h	571.67	−0.288%	$8K	$83K	12x	as long as short
KuCoin DELLUSDTM	+0.0100%	8h	573.03	−0.051%	$939K	$28K	20x	as long as short
Orderly PERP_DELL_USDC_mythos	+0.0100%	8h	573.96	+0.112%	$3K	$336	10x	as long as short
HTX DELL-USDT	+0.0100%	8h	573.81	+0.085%	$17K	$58K	10x	as long as short
Bybit DELLUSDTlong	+0.0113%	8h	573.32	long leg	$6.1M	$4.0M	50x
tradeXYZ xyz:DELL	+0.0116%	1h	573.06	−0.045%	$7.5M	$6.9M	10x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps DELL-USD	+0.0216%	1h	573.24	−0.014%	$7K	$54K	10x	as long as short
OKX DELL-USDT-SWAP	+0.0263%	8h	573.54	+0.038%	$5.8M	$6.7M	20x	as long as short
edgeX DELLUSDC	+0.0449%	4h	573.56	+0.042%	$5K	$335K	10x	as long as short
Variational Omni DELL	+0.0481%	8h	573.50	+0.032%	$259K	$61K	—	as long as short
BloFin DELL-USDT	+0.0566%	8h	573.55	+0.040%	$321K	$234K	20x	as long as short
Extended DELL-USD	+0.0568%	1h	573.34	+0.004%	$335K	$1.1M	10x	as long as short
GRVT DELL_USDT_Perp	+0.0568%	8h	573.75	+0.075%	$1K	$147K	10x	as long as short
Binance DELLUSDT	+0.0571%	8h	573.51	+0.033%	$18.4M	$67.0M	20x	as long as short
Phoenix DELLshort	+0.0863%	1h	573.86	+0.094%	$3K	$228K	10x
Nado DELL-PERP	+0.0898%	1h	573.04	−0.050%	$69K	$20K	10x	as long as short