Funding arb · Price arb /

GOOGL

RWAall GOOGL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0179%/8h= +19.6% APRpaid last 24h +0.038%

Price spread now: Phoenix against SunX−0.084%51s7-day average −0.064% · you buy dearer than you sell

Net, funding: paid 7d − costs−$99as 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−$1171.172% of the position

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.185%+$19 on $10k

Price spread, last 4 days (all we have)−0.069%−$7 · spread now −0.084%, 7d avg −0.064%

Together, before fees+0.116%+$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.064%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate. The two prices were read 51 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	SunX GOOGL-USDT	358.05	0	get 0.0000% / 8h	3h 15m	$2K	$4.1M	20x
Short	Phoenix GOOGL	357.75	0.0179	get 0.0022% / 1h	15m 24s	$138K	$36K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. 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 SunXbpFee PhoenixbpOrdersPrice spread, now −0.084%Rate

Funding earned: $37.6
Price spread: −0.084% → −0.064%: −$1.95
Slippage, 4 orders: −$102.24
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$81.6
Costs to cover: 1.172%
Break-even: 22.2 days

Slippage from SunX: live order book, 3 min ago; Phoenix: live order book, 30 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 SunX live order book, 3 min ago	44.83 bp	49.3 bp −$49	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 30 min ago	3.08 bp	9.3 bp −$9	20.1 bp −$201	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
Gate GOOGL_USDT	0.0000%	8h	357.89	−0.045%	$3.6M	$7.4M	100x	as long as short
Bitget GOOGLUSDT	0.0000%	8h	358.09	+0.011%	$17.5M	$9.7M	100x	as long as short
SunX GOOGL-USDTlong	0.0000%	8h	358.05	long leg	$2K	$4.1M	20x
Deribit GOOGL_USDC-PERPETUAL	0.0000%	1h	357.78	−0.075%	$24K	$156K	10x	as long as short
HTX GOOGL-USDT	0.0000%	8h	357.98	−0.020%	$115K	$217K	30x	as long as short
Phemex GOOGLUSDT	0.0000%	4h	358.11	+0.017%	$2.7M	$85K	10x	as long as short
Coinbase International GOOGL-PERP-INTX	+0.0016%	1h	357.67	−0.106%	$522K	$1.1M	10x	as long as short
Nado GOOGL-PERP	+0.0017%	1h	357.78	−0.077%	$558K	$86K	20x	as long as short
Aftermath Perps GOOGLUSD	+0.0022%	1h	357.77	−0.077%	$145K	$47K	10x	as long as short
Lighter RH GOOGL	+0.0032%	1h	358.05	0.000%	$1.3M	$2.1M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT GOOGL_USDT_Perp	+0.0033%	8h	358.02	−0.008%	$24K	$444K	10x	as long as short
Variational Omni GOOGL	+0.0033%	8h	357.99	−0.016%	$4.8M	$2.4M	—	as long as short
Injective GOOGL/USDC PERP	+0.0033%	1h	357.12	−0.260%	$128K	$45K	30x	as long as short
Arcus GOOGL-USD	+0.0040%	1h	357.74	−0.087%	$208K	$279K	10x	as long as short
Vest GOOGL-USD-PERP	+0.0046%	1h	358.01	−0.011%	—	$5K	25x	as long as short
tradeXYZ xyz:GOOGL	+0.0050%	1h	357.82	−0.064%	$99.3M	$20.7M	20x	as long as short
Polymarket Perps GOOG-USD	+0.0050%	1h	357.79	−0.073%	$686K	$429K	10x	as long as short
SoDEX GOOGL-USD	+0.0050%	1h	357.79	−0.073%	$148	$46K	10x	as long as short
Ondo Perps GOOGL-USD.P	+0.0050%	1h	357.63	−0.117%	$2.3M	$4.9M	15x	as long as short
QFEX GOOGL-USD	+0.0064%	1h	357.95	−0.028%	$1.3M	$4.2M	10x	as long as short
Paradex GOOGL-USD-PERP	+0.0068%	8h	357.94	−0.030%	$294	$253	5x	as long as short
OKX GOOGL-USDT-SWAP	+0.0083%	8h	357.96	−0.025%	$13.8M	$12.5M	50x	as long as short
Hotstuff GOOGL-PERP	+0.0088%	1h	357.81	−0.067%	$33K	—	20x	as long as short
Aster GOOGLUSDT	+0.0089%	8h	357.80	−0.071%	$366K	$426K	20x	as long as short
Pacifica GOOGL	+0.0100%	1h	357.97	−0.023%	$42K	$41K	10x	as long as short
KuCoin GOOGLUSDTM	+0.0100%	8h	357.59	−0.128%	$3.0M	$106K	20x	as long as short
ApeX Omni GOOGLUSDT	+0.0100%	1h	357.70	−0.098%	$22K	$10K	50x	as long as short
Orderly PERP_GOOGL_USDC	+0.0100%	8h	357.89	−0.045%	$10K	$11K	20x	as long as short
Aevo GOOGL-PERP	+0.0104%	1h	357.92	−0.036%	$25K	—	10x	as long as short
Binance GOOGLUSDT	+0.0109%	8h	358.05	−0.001%	$72.5M	$142.6M	50x	as long as short
Extended GOOGL-USD	+0.0112%	1h	357.95	−0.029%	$419K	$1.2M	20x	as long as short
Phoenix GOOGLshort	+0.0179%	1h	357.75	−0.084%	$138K	$36K	20x
Lighter GOOGL	+0.0208%	1h	358.04	−0.003%	$2.0M	$1.3M	20x	as long as short
BloFin GOOGL-USDT	+0.0228%	8h	358.01	−0.011%	$694K	$234K	20x	as long as short
Bybit GOOGLUSDT	+0.0246%	8h	358.10	+0.014%	$12.1M	$7.5M	100x	as long as short
edgeX GOOGLUSDC	+0.0533%	4h	357.99	−0.017%	$209K	$1.2M	10x	as long as short