Funding arb · Price arb /

GOOGL

RWAall GOOGL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h +0.018%

Price spread now: Bybit against Phoenix+0.039%7-day average +0.077% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$310.305% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.065%−$7 on $10k

Price spread, last 4 days (all we have)+0.149%+$15 · spread now +0.039%, 7d avg +0.077%

Together, before fees+0.084%+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bybit is 0.038% cheaper against Phoenix than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.077%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix GOOGL	357.71	0.0112	pay 0.0014% / 1h	27m 22s	$138K	$36K	20x
Short	Bybit GOOGLUSDT	357.85	0.0015	get 0.0015% / 8h	5h 27m	$11.8M	$7.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phoenix. 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 PhoenixbpFee BybitbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$20.28
Price spread: +0.039% → +0.077%: −$3.76
Slippage, 4 orders: −$12.55
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$54.58
Costs to cover: 0.305%
Break-even: never at this rate

Slippage from Phoenix: live order book, 28 min ago; Bybit: live order book, 6 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 Phoenix live order book, 28 min ago	2.52 bp	8.4 bp −$8	17.2 bp −$172	doesn't fit	doesn't fit
Sell Bybit live order book, 6 min ago	0.14 bp	5.6 bp −$6	5.7 bp −$57	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	−0.0064%	1h	357.46	−0.070%	$524K	$1.1M	10x	as long as short
Nado GOOGL-PERP	−0.0053%	1h	357.59	−0.035%	$558K	$81K	20x	as long as short
Deribit GOOGL_USDC-PERPETUAL	−0.0002%	1h	357.45	−0.073%	$23K	$154K	10x	as long as short
Gate GOOGL_USDT	0.0000%	8h	357.62	−0.025%	$3.6M	$7.5M	100x	as long as short
Variational Omni GOOGL	0.0000%	8h	357.71	0.000%	$4.8M	$2.4M	—	as long as short
GRVT GOOGL_USDT_Perp	0.0000%	8h	357.81	+0.028%	$23K	$437K	10x	as long as short
SunX GOOGL-USDT	0.0000%	8h	357.73	+0.006%	$1K	$4.1M	20x	as long as short
HTX GOOGL-USDT	0.0000%	8h	357.80	+0.025%	$115K	$223K	30x	as long as short
Phemex GOOGLUSDT	0.0000%	4h	357.75	+0.011%	$2.7M	$77K	10x	as long as short
Aftermath Perps GOOGLUSD	+0.0003%	1h	357.58	−0.037%	$144K	$50K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit GOOGLUSDTshort	+0.0015%	8h	357.85	+0.039%	$11.8M	$7.5M	100x
Aster GOOGLUSDT	+0.0018%	8h	357.62	−0.026%	$366K	$458K	20x	as long as short
QFEX GOOGL-USD	+0.0028%	1h	357.66	−0.014%	$1.3M	$4.3M	10x	as long as short
Lighter RH GOOGL	+0.0032%	1h	357.75	+0.011%	$1.3M	$2.3M	20x	as long as short
Injective GOOGL/USDC PERP	+0.0033%	1h	357.12	−0.165%	$128K	$45K	30x	as long as short
Binance GOOGLUSDT	+0.0039%	8h	357.73	+0.006%	$72.9M	$141.2M	50x	as long as short
Extended GOOGL-USD	+0.0040%	1h	357.63	−0.022%	$426K	$1.8M	20x	as long as short
Arcus GOOGL-USD	+0.0040%	1h	357.48	−0.064%	$208K	$277K	10x	as long as short
Vest GOOGL-USD-PERP	+0.0046%	1h	357.82	+0.031%	—	$5K	25x	as long as short
tradeXYZ xyz:GOOGL	+0.0050%	1h	357.53	−0.050%	$99.1M	$21.8M	20x	as long as short
Polymarket Perps GOOG-USD	+0.0050%	1h	357.45	−0.073%	$686K	$429K	10x	as long as short
SoDEX GOOGL-USD	+0.0050%	1h	357.52	−0.053%	$137	$46K	10x	as long as short
Ondo Perps GOOGL-USD.P	+0.0050%	1h	357.49	−0.062%	$2.2M	$4.8M	15x	as long as short
Paradex GOOGL-USD-PERP	+0.0053%	8h	357.71	−0.001%	$293	$253	5x	as long as short
Hotstuff GOOGL-PERP	+0.0064%	1h	357.53	−0.050%	$33K	—	20x	as long as short
Bitget GOOGLUSDT	+0.0075%	8h	357.79	+0.022%	$17.0M	$9.3M	100x	as long as short
Pacifica GOOGL	+0.0100%	1h	357.51	−0.056%	$42K	$41K	10x	as long as short
KuCoin GOOGLUSDTM	+0.0100%	8h	357.50	−0.059%	$3.0M	$65K	20x	as long as short
ApeX Omni GOOGLUSDT	+0.0100%	1h	357.58	−0.036%	$22K	$10K	50x	as long as short
Orderly PERP_GOOGL_USDC	+0.0100%	8h	357.56	−0.042%	$10K	$10K	20x	as long as short
Aevo GOOGL-PERP	+0.0104%	1h	357.57	−0.038%	$25K	—	10x	as long as short
OKX GOOGL-USDT-SWAP	+0.0111%	8h	357.77	+0.017%	$13.8M	$12.4M	50x	as long as short
Phoenix GOOGLlong	+0.0112%	1h	357.71	long leg	$138K	$36K	20x
Lighter GOOGL	+0.0112%	1h	357.79	+0.022%	$2.1M	$1.2M	20x	as long as short
BloFin GOOGL-USDT	+0.0160%	8h	357.69	−0.006%	$697K	$234K	20x	as long as short
edgeX GOOGLUSDC	+0.0993%	4h	357.75	+0.011%	$209K	$1.2M	10x	as long as short