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: Extended against Phoenix−0.040%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

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

Long on Phoenix Short on Extended

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)+0.228%+$23 · spread now −0.040%, 7d avg −0.009%

Together, before fees+0.131%+ Points / potential airdropExtended: Active · farm board+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Extended is 0.031% cheaper against Phoenix than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.009%). Swap the legs.

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	Phoenix HOOD	124.73	0.0257	pay 0.0032% / 1h	22m 59s	$28K	$186K	10x
Short	Extended HOOD_24_5-USD	124.68	0	get 0.0000% / 1h	22m 59s	$421K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.040%Rate

Funding earned: −$53.91
Price spread: −0.040% → −0.009%: −$3.13
Slippage, 4 orders: −$32.61
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$101.64
Costs to cover: 0.446%
Break-even: never at this rate

Slippage from Phoenix: live order book, 5 min ago; Extended: live order book, 5 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, 5 min ago	3.21 bp	10.8 bp −$11	23.5 bp −$235	doesn't fit	doesn't fit
Sell Extended live order book, 5 min ago	3.09 bp	11.6 bp −$12	117.1 bp −$1,171	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	−0.088%	$1.1M	$1.7M	10x	as long as short
Aster HOODUSDT	0.0000%	8h	124.66	−0.058%	$114K	$257K	20x	as long as short
Extended HOOD_24_5-USDshort	0.0000%	1h	124.68	−0.040%	$421K	$1.2M	10x
Binance HOODUSDT	0.0000%	8h	124.67	−0.048%	$24.1M	$81.7M	20x	as long as short
Bybit HOODUSDT	0.0000%	8h	124.58	−0.120%	$4.1M	$8.2M	25x	as long as short
OKX HOOD-USDT-SWAP	0.0000%	8h	124.68	−0.040%	$3.1M	$5.5M	20x	as long as short
RISEx HOOD/USDC	0.0000%	1h	124.59	−0.112%	$419K	$1.5M	10x	as long as short
Gate HOOD_USDT	0.0000%	8h	124.61	−0.096%	$548K	$7.7M	50x	as long as short
Variational Omni HOOD	0.0000%	8h	124.71	−0.013%	$2.4M	$1.0M	—	as long as short
GRVT HOOD_USDT_Perp	0.0000%	8h	124.67	−0.047%	$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	124.69	−0.032%	$1.0M	$8K	10x	as long as short
Polymarket Perps HOOD-USD	+0.0012%	1h	124.40	−0.265%	$253K	$275K	10x	as long as short
Vest HOOD-USD-PERP	+0.0046%	1h	124.53	−0.160%	—	$63K	25x	as long as short
SoDEX HOOD-USD	+0.0050%	1h	124.66	−0.060%	$747	$3K	10x	as long as short
Ondo Perps HOOD-USD.P	+0.0050%	1h	124.49	−0.192%	$1.4M	$1.3M	15x	as long as short
QFEX HOOD-USD	+0.0051%	1h	124.56	−0.136%	$1.3M	$3.9M	10x	as long as short
Bitget HOODUSDT	+0.0057%	8h	124.70	−0.024%	$5.8M	$8.9M	20x	as long as short
Pacifica HOOD	+0.0100%	1h	124.55	−0.144%	$78K	$103K	10x	as long as short
KuCoin HOODUSDTM	+0.0100%	8h	124.64	−0.072%	$1.3M	$1.1M	20x	as long as short
ApeX Omni HOODUSDT	+0.0100%	1h	124.63	−0.080%	$46K	$252K	50x	as long as short
Orderly PERP_HOOD_USDC_mythos	+0.0100%	8h	124.66	−0.056%	$2K	$2K	10x	as long as short
Aevo HOOD-PERP	+0.0104%	1h	124.64	−0.069%	$16K	—	10x	as long as short
BloFin HOOD-USDT	+0.0120%	8h	124.64	−0.072%	$192K	$119K	20x	as long as short
Lighter HOOD	+0.0208%	1h	124.69	−0.029%	$3.2M	$1.8M	10x	as long as short
tradeXYZ xyz:HOOD	+0.0215%	1h	124.62	−0.088%	$53.2M	$28.2M	10x	as long as short
Phoenix HOODlong	+0.0257%	1h	124.73	long leg	$28K	$186K	10x
Coinbase International HOOD-PERP-INTX	+0.0280%	1h	124.62	−0.088%	$419K	$1.5M	10x	as long as short
edgeX HOODUSDC	+0.0307%	4h	124.69	−0.033%	$375K	$306K	10x	as long as short
Injective HOOD/USDC PERP	+0.0323%	1h	124.35	−0.305%	$64K	$50K	30x	as long as short
Deribit HOOD_USDC-PERPETUAL	+0.0713%	1h	124.68	−0.040%	$6K	$180K	10x	as long as short