Funding arb · Price arb /

HOOD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC+0.0257%/8hnext payment +$0.32 per $10,000 · paid last 24h +0.008%

Price spread now: Phoenix against Extended+0.119%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

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

costs, in and out, $10k−$450.446% of the position

Long on Extended Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.097%+$10 on $10k

Price spread, last 3 days (all we have)−0.307%−$31 · spread now +0.119%, 7d avg +0.009%

Together, before fees−0.209%+ Points / potential airdropExtended: Active · farm board−$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Phoenix is 0.110% dearer against Extended than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.009%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.097% in total (about 5.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.32 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended HOOD_24_5-USD	124.58	0	get 0.0000% / 1h	23m 37s	$421K	$1.2M	10x
Short	Phoenix HOOD	124.73	0.0257	get 0.0032% / 1h	23m 37s	$28K	$186K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Extended. 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 ExtendedbpFee PhoenixbpOrdersPrice spread, now +0.119%Rate

Funding earned: $53.91
Price spread: +0.119% → +0.009%: $10.99
Slippage, 4 orders: −$32.61
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $20.29
Costs to cover: 0.446%
Break-even: 4.4 days

Slippage from Extended: live order book, 4 min ago; Phoenix: live order book, 4 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 Extended live order book, 4 min ago	3.09 bp	11.4 bp −$11	69.1 bp −$691	doesn't fit	doesn't fit
Sell Phoenix live order book, 4 min ago	3.21 bp	10.8 bp −$11	23.5 bp −$235	doesn't fit	doesn't fit

HOOD on 30 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
Arcus HOOD-USD	−0.0761%	1h	124.62	+0.031%	$1.1M	$1.7M	10x	as long as short
Aster HOODUSDT	0.0000%	8h	124.60	+0.012%	$114K	$257K	20x	as long as short
Extended HOOD_24_5-USDlong	0.0000%	1h	124.58	long leg	$421K	$1.2M	10x
Binance HOODUSDT	0.0000%	8h	124.62	+0.033%	$24.1M	$81.6M	20x	as long as short
Bybit HOODUSDT	0.0000%	8h	124.56	−0.018%	$4.1M	$8.2M	25x	as long as short
OKX HOOD-USDT-SWAP	0.0000%	8h	124.63	+0.039%	$3.1M	$5.5M	20x	as long as short
RISEx HOOD/USDC	0.0000%	1h	124.59	+0.007%	$419K	$1.5M	10x	as long as short
Gate HOOD_USDT	0.0000%	8h	124.55	−0.026%	$547K	$7.7M	50x	as long as short
Variational Omni HOOD	0.0000%	8h	124.71	+0.106%	$2.4M	$1.0M	—	as long as short
GRVT HOOD_USDT_Perp	0.0000%	8h	124.67	+0.072%	$872K	$2.4M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HOODUSDT	0.0000%	8h	124.64	+0.047%	$1.0M	$8K	10x	as long as short
Polymarket Perps HOOD-USD	+0.0012%	1h	124.40	−0.146%	$253K	$275K	10x	as long as short
Vest HOOD-USD-PERP	+0.0046%	1h	124.53	−0.042%	—	$63K	25x	as long as short
SoDEX HOOD-USD	+0.0050%	1h	124.59	+0.007%	$747	$3K	10x	as long as short
Ondo Perps HOOD-USD.P	+0.0050%	1h	124.49	−0.074%	$1.4M	$1.3M	15x	as long as short
QFEX HOOD-USD	+0.0051%	1h	124.56	−0.018%	$1.3M	$3.9M	10x	as long as short
Bitget HOODUSDT	+0.0057%	8h	124.61	+0.023%	$5.8M	$8.9M	20x	as long as short
Pacifica HOOD	+0.0100%	1h	124.55	−0.025%	$78K	$103K	10x	as long as short
KuCoin HOODUSDTM	+0.0100%	8h	124.61	+0.023%	$1.3M	$1.1M	20x	as long as short
ApeX Omni HOODUSDT	+0.0100%	1h	124.63	+0.039%	$46K	$252K	50x	as long as short
Orderly PERP_HOOD_USDC_mythos	+0.0100%	8h	124.64	+0.047%	$2K	$2K	10x	as long as short
Aevo HOOD-PERP	+0.0104%	1h	124.60	+0.012%	$16K	—	10x	as long as short
BloFin HOOD-USDT	+0.0120%	8h	124.64	+0.047%	$192K	$119K	20x	as long as short
Lighter HOOD	+0.0208%	1h	124.60	+0.013%	$3.2M	$1.8M	10x	as long as short
tradeXYZ xyz:HOOD	+0.0216%	1h	124.56	−0.018%	$53.2M	$28.2M	10x	as long as short
Phoenix HOODshort	+0.0257%	1h	124.73	+0.119%	$28K	$186K	10x
Coinbase International HOOD-PERP-INTX	+0.0280%	1h	124.28	−0.242%	$470K	$1.5M	10x	as long as short
edgeX HOODUSDC	+0.0307%	4h	124.69	+0.086%	$375K	$306K	10x	as long as short
Injective HOOD/USDC PERP	+0.0323%	1h	124.35	−0.186%	$64K	$50K	30x	as long as short
Deribit HOOD_USDC-PERPETUAL	+0.0634%	1h	124.58	−0.001%	$6K	$180K	10x	as long as short