Funding arb · Price arb /

GOOGL

RWAall GOOGL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.026%

Price spread now: Phoenix against BloFin+0.006%7-day average −0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$300.303% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.173%−$17 on $10k

Price spread, last 4 days (all we have)−0.335%−$33 · spread now +0.006%, 7d avg −0.065%

Together, before fees−0.508%−$51 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.070% dearer against BloFin than usual: you sell high and buy low (spread +0.006% now, against its 7-day average of −0.065%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 11 days. At the pace of the last 7 days (−0.173% in total) that is about 2.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin GOOGL-USDT	358.41	0.0110	pay 0.0110% / 8h	6h 54m	$685K	$237K	20x
Short	Phoenix GOOGL	358.43	0.0090	get 0.0011% / 1h	54m 11s	$138K	$36K	20x

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 +0.006%Rate

Funding earned: −$4.29
Price spread: +0.006% → −0.065%: $7.04
Slippage, 4 orders: −$11.28
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$27.54
Costs to cover: 0.303%
Break-even: never at this rate

Slippage from BloFin: live order book, 17 min ago; Phoenix: live order book, 32 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, 17 min ago	0.14 bp	6.7 bp −$7	8.4 bp −$84	14.5 bp −$1,447	doesn't fit
Sell Phoenix live order book, 32 min ago	2.81 bp	8.4 bp −$8	17.7 bp −$177	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	−0.0056%	1h	358.32	−0.025%	$514K	$1.1M	10x	as long as short
OKX GOOGL-USDT-SWAP	0.0000%	8h	358.46	+0.014%	$13.5M	$13.5M	50x	as long as short
Gate GOOGL_USDT	0.0000%	8h	358.24	−0.047%	$3.6M	$6.7M	100x	as long as short
Bitget GOOGLUSDT	0.0000%	8h	358.39	−0.006%	$17.4M	$9.4M	100x	as long as short
Variational Omni GOOGL	0.0000%	8h	358.62	+0.057%	$5.0M	$2.5M	—	as long as short
SunX GOOGL-USDT	0.0000%	8h	358.44	+0.008%	$1K	$3.8M	20x	as long as short
Deribit GOOGL_USDC-PERPETUAL	0.0000%	1h	358.14	−0.075%	$24K	$150K	10x	as long as short
HTX GOOGL-USDT	0.0000%	8h	358.54	+0.036%	$115K	$213K	30x	as long as short
Phemex GOOGLUSDT	0.0000%	4h	358.61	+0.056%	$2.7M	$99K	10x	as long as short
Aster GOOGLUSDT	+0.0009%	8h	358.30	−0.030%	$368K	$423K	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit GOOGLUSDT	+0.0017%	8h	358.36	−0.014%	$11.5M	$7.4M	100x	as long as short
Extended GOOGL-USD	+0.0024%	1h	358.33	−0.024%	$424K	$2.5M	20x	as long as short
Binance GOOGLUSDT	+0.0027%	8h	358.41	+0.001%	$72.7M	$142.2M	50x	as long as short
Aftermath Perps GOOGLUSD	+0.0028%	1h	358.40	−0.003%	$145K	$43K	10x	as long as short
Lighter RH GOOGL	+0.0032%	1h	358.33	−0.022%	$1.4M	$1.8M	20x	as long as short
Injective GOOGL/USDC PERP	+0.0033%	1h	357.12	−0.360%	$128K	$45K	30x	as long as short
GRVT GOOGL_USDT_Perp	+0.0043%	8h	358.59	+0.050%	$23K	$451K	10x	as long as short
Vest GOOGL-USD-PERP	+0.0046%	1h	358.49	+0.022%	—	$5K	25x	as long as short
QFEX GOOGL-USD	+0.0048%	1h	358.34	−0.020%	$1.3M	$4.1M	10x	as long as short
tradeXYZ xyz:GOOGL	+0.0050%	1h	358.20	−0.059%	$98.0M	$21.6M	20x	as long as short
Polymarket Perps GOOG-USD	+0.0050%	1h	358.24	−0.047%	$686K	$413K	10x	as long as short
SoDEX GOOGL-USD	+0.0050%	1h	358.27	−0.039%	$123	$46K	10x	as long as short
Ondo Perps GOOGL-USD.P	+0.0050%	1h	358.20	−0.059%	$2.3M	$4.0M	15x	as long as short
Nado GOOGL-PERP	+0.0055%	1h	358.17	−0.066%	$551K	$81K	20x	as long as short
Paradex GOOGL-USD-PERP	+0.0063%	8h	358.34	−0.021%	$294	$253	5x	as long as short
Arcus GOOGL-USD	+0.0081%	1h	358.19	−0.061%	$211K	$283K	10x	as long as short
KuCoin GOOGLUSDTM	+0.0088%	8h	358.15	−0.073%	$3.0M	$186K	20x	as long as short
Phoenix GOOGLshort	+0.0090%	1h	358.43	+0.006%	$138K	$36K	20x
Pacifica GOOGL	+0.0100%	1h	358.37	−0.010%	$42K	$23K	10x	as long as short
ApeX Omni GOOGLUSDT	+0.0100%	1h	358.37	−0.011%	$22K	$10K	50x	as long as short
Orderly PERP_GOOGL_USDC	+0.0100%	8h	358.26	−0.042%	$10K	$11K	20x	as long as short
Aevo GOOGL-PERP	+0.0104%	1h	358.25	−0.045%	$25K	—	10x	as long as short
BloFin GOOGL-USDTlong	+0.0110%	8h	358.41	long leg	$685K	$237K	20x
Hotstuff GOOGL-PERP	+0.0160%	1h	358.23	−0.050%	$33K	—	20x	as long as short
edgeX GOOGLUSDC	+0.0180%	4h	358.50	+0.024%	$209K	$1.2M	10x	as long as short
Lighter GOOGL	+0.0192%	1h	358.39	−0.006%	$2.0M	$1.8M	20x	as long as short