Funding arb · Price arb /

GOOGL

RWAall GOOGL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0094%/8h= +10.3% APRpaid last 24h +0.010%

Price spread now: Phoenix against Bitget−0.087%99s7-day average −0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as 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−$330.327% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.093%+$9 on $10k

Price spread, last 4 days (all we have)−0.041%−$4 · spread now −0.087%, 7d avg −0.060%

Together, before fees+0.052%+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.026% cheaper against Bitget than usual: you would sell low and buy high (spread −0.087% now, against its 7-day average of −0.060%). If the spread goes back, that is −$3 on $10k: about 23 hours of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.093% in total) that is about 48 hours. The two prices were read 99 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	Bitget GOOGLUSDT	357.82	0.0018	pay 0.0018% / 8h	4h 39m	$17.5M	$9.6M	100x
Short	Phoenix GOOGL	357.51	0.0112	get 0.0014% / 1h	39m 43s	$138K	$36K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now −0.087%Rate

Funding earned: $19.7
Price spread: −0.087% → −0.060%: −$2.64
Slippage, 4 orders: −$13.65
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$15.6
Costs to cover: 0.327%
Break-even: 12.5 days

Slippage from Bitget: live order book, 4 min ago; Phoenix: live order book, 11 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 Bitget live order book, 4 min ago	0.84 bp	7.8 bp −$8	11.1 bp −$111	25.3 bp −$2,530	doesn't fit
Sell Phoenix live order book, 11 min ago	2.52 bp	8.4 bp −$8	17.2 bp −$172	doesn't fit	doesn't fit

GOOGL on 36 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
Coinbase International GOOGL-PERP-INTX	−0.0048%	1h	357.54	−0.078%	$526K	$1.1M	10x	as long as short
Gate GOOGL_USDT	0.0000%	8h	357.64	−0.050%	$3.6M	$7.4M	100x	as long as short
Variational Omni GOOGL	0.0000%	8h	357.71	−0.031%	$4.8M	$2.4M	—	as long as short
GRVT GOOGL_USDT_Perp	0.0000%	8h	357.78	−0.011%	$23K	$437K	10x	as long as short
SunX GOOGL-USDT	0.0000%	8h	357.77	−0.014%	$2K	$4.1M	20x	as long as short
HTX GOOGL-USDT	0.0000%	8h	357.90	+0.022%	$115K	$221K	30x	as long as short
Phemex GOOGLUSDT	0.0000%	4h	357.84	+0.006%	$2.7M	$86K	10x	as long as short
Deribit GOOGL_USDC-PERPETUAL	+0.0002%	1h	357.54	−0.078%	$24K	$155K	10x	as long as short
Aftermath Perps GOOGLUSD	+0.0012%	1h	357.63	−0.053%	$144K	$49K	10x	as long as short
Bitget GOOGLUSDTlong	+0.0018%	8h	357.82	long leg	$17.5M	$9.6M	100x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH GOOGL	+0.0032%	1h	357.74	−0.022%	$1.3M	$2.1M	20x	as long as short
Injective GOOGL/USDC PERP	+0.0033%	1h	357.12	−0.196%	$128K	$45K	30x	as long as short
Arcus GOOGL-USD	+0.0040%	1h	357.52	−0.084%	$208K	$277K	10x	as long as short
Vest GOOGL-USD-PERP	+0.0046%	1h	357.73	−0.025%	—	$5K	25x	as long as short
QFEX GOOGL-USD	+0.0050%	1h	357.67	−0.042%	$1.3M	$4.2M	10x	as long as short
Polymarket Perps GOOG-USD	+0.0050%	1h	357.51	−0.087%	$686K	$429K	10x	as long as short
SoDEX GOOGL-USD	+0.0050%	1h	357.52	−0.084%	$159	$46K	10x	as long as short
Ondo Perps GOOGL-USD.P	+0.0050%	1h	357.28	−0.151%	$2.3M	$4.9M	15x	as long as short
Aster GOOGLUSDT	+0.0054%	8h	357.89	+0.020%	$366K	$457K	20x	as long as short
tradeXYZ xyz:GOOGL	+0.0056%	1h	357.51	−0.087%	$99.0M	$20.5M	20x	as long as short
Extended GOOGL-USD	+0.0072%	1h	357.65	−0.048%	$426K	$1.8M	20x	as long as short
Binance GOOGLUSDT	+0.0074%	8h	357.74	−0.022%	$73.1M	$141.3M	50x	as long as short
Pacifica GOOGL	+0.0100%	1h	357.47	−0.097%	$42K	$41K	10x	as long as short
KuCoin GOOGLUSDTM	+0.0100%	8h	357.31	−0.143%	$3.0M	$91K	20x	as long as short
ApeX Omni GOOGLUSDT	+0.0100%	1h	357.40	−0.117%	$22K	$10K	50x	as long as short
Orderly PERP_GOOGL_USDC	+0.0100%	8h	357.60	−0.061%	$10K	$10K	20x	as long as short
Hotstuff GOOGL-PERP	+0.0104%	1h	357.54	−0.078%	$33K	—	20x	as long as short
Aevo GOOGL-PERP	+0.0104%	1h	357.63	−0.054%	$25K	—	10x	as long as short
Nado GOOGL-PERP	+0.0107%	1h	357.46	−0.100%	$558K	$80K	20x	as long as short
Paradex GOOGL-USD-PERP	+0.0109%	8h	357.68	−0.040%	$293	$253	5x	as long as short
Phoenix GOOGLshort	+0.0112%	1h	357.51	−0.087%	$138K	$36K	20x
OKX GOOGL-USDT-SWAP	+0.0115%	8h	357.72	−0.028%	$13.8M	$12.4M	50x	as long as short
Bybit GOOGLUSDT	+0.0177%	8h	357.83	+0.003%	$12.0M	$7.6M	100x	as long as short
BloFin GOOGL-USDT	+0.0193%	8h	357.77	−0.014%	$697K	$234K	20x	as long as short
Lighter GOOGL	+0.0304%	1h	357.75	−0.020%	$2.0M	$1.3M	20x	as long as short
edgeX GOOGLUSDC	+0.0546%	4h	357.75	−0.020%	$209K	$1.2M	10x	as long as short