Funding arb · Price arb /

HOOD

RWAall HOOD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0197%/8h= −21.5% APRpaid last 24h −0.066%

Price spread now: OKX against Phoenix−0.188%66s7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as 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−$510.512% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.115%−$11 on $10k

Price spread, last 4 days (all we have)+0.255%+$26 · spread now −0.188%, 7d avg +0.002%

Together, before fees+0.140%+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and OKX is 0.190% cheaper against Phoenix than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of +0.002%). Swap the legs. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.115% in total (about -6.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix HOOD	122.31	0.0197	pay 0.0025% / 1h	2m 25s	$28K	$239K	10x
Short	OKX HOOD-USDT-SWAP	122.08	0	get 0.0000% / 8h	6h 02m	$2.7M	$5.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.188%Rate

Funding earned: −$41.31
Price spread: −0.188% → +0.002%: −$18.97
Slippage, 4 orders: −$34.19
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$111.47
Costs to cover: 0.512%
Break-even: never at this rate

Slippage from Phoenix: live order book, 46 min ago; OKX: live order book, 3 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, 46 min ago	3.28 bp	11.7 bp −$12	26.0 bp −$260	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	3.27 bp	15.7 bp −$16	32.2 bp −$322	doesn't fit	doesn't fit

HOOD on 30 exchanges

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
Aster HOODUSDT	0.0000%	8h	122.21	−0.082%	$110K	$285K	20x	as long as short
OKX HOOD-USDT-SWAPshort	0.0000%	8h	122.08	−0.188%	$2.7M	$5.9M	20x
Gate HOOD_USDT	0.0000%	8h	122.16	−0.123%	$582K	$6.9M	50x	as long as short
Bitget HOODUSDT	0.0000%	8h	122.14	−0.139%	$5.6M	$9.1M	20x	as long as short
Deribit HOOD_USDC-PERPETUAL	0.0000%	1h	122.19	−0.098%	$6K	$41K	10x	as long as short
Phemex HOODUSDT	0.0000%	8h	122.29	−0.016%	$1.0M	$7K	10x	as long as short
Bybit HOODUSDT	+0.0004%	8h	122.14	−0.139%	$3.7M	$7.4M	25x	as long as short
Arcus HOOD-USD	+0.0040%	1h	122.07	−0.196%	$1.1M	$1.9M	10x	as long as short
Vest HOOD-USD-PERP	+0.0046%	1h	121.99	−0.262%	—	$64K	25x	as long as short
Polymarket Perps HOOD-USD	+0.0050%	1h	122.02	−0.237%	$252K	$338K	10x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX HOOD-USD	+0.0050%	1h	122.31	−0.001%	$728	$4K	10x	as long as short
Ondo Perps HOOD-USD.P	+0.0050%	1h	121.94	−0.303%	$1.3M	$1.2M	15x	as long as short
Variational Omni HOOD	+0.0058%	8h	122.46	+0.124%	$2.3M	$906K	—	as long as short
QFEX HOOD-USD	+0.0062%	1h	122.07	−0.196%	$1.3M	$2.7M	10x	as long as short
Pacifica HOOD	+0.0100%	1h	122.13	−0.144%	$73K	$113K	10x	as long as short
KuCoin HOODUSDTM	+0.0100%	8h	122.26	−0.041%	$1.7M	$1.5M	20x	as long as short
ApeX Omni HOODUSDT	+0.0100%	1h	122.23	−0.065%	$5K	$29K	50x	as long as short
Orderly PERP_HOOD_USDC_mythos	+0.0100%	8h	122.09	−0.180%	$2K	$2K	10x	as long as short
Aevo HOOD-PERP	+0.0104%	1h	122.07	−0.196%	$16K	—	10x	as long as short
tradeXYZ xyz:HOOD	+0.0166%	1h	122.06	−0.204%	$51.4M	$25.6M	10x	as long as short
Coinbase International HOOD-PERP-INTX	+0.0176%	1h	121.81	−0.409%	$229K	$1.6M	10x	as long as short
Lighter HOOD	+0.0192%	1h	122.21	−0.083%	$2.9M	$3.0M	10x	as long as short
Phoenix HOODlong	+0.0197%	1h	122.31	long leg	$28K	$239K	10x
Binance HOODUSDT	+0.0204%	8h	122.13	−0.147%	$21.3M	$87.4M	20x	as long as short
Extended HOOD_24_5-USD	+0.0208%	1h	122.12	−0.155%	$427K	$2.5M	10x	as long as short
BloFin HOOD-USDT	+0.0325%	8h	122.43	+0.098%	$175K	$181K	20x	as long as short
edgeX HOODUSDC	+0.0344%	4h	122.46	+0.121%	$369K	$303K	10x	as long as short
GRVT HOOD_USDT_Perp	+0.0424%	8h	122.39	+0.066%	$859K	$1.7M	10x	as long as short
Injective HOOD/USDC PERP	+0.0440%	1h	121.69	−0.507%	$28K	$96K	30x	as long as short
RISEx HOOD/USDC	+0.1124%	1h	122.19	−0.094%	$437K	$1.3M	10x	as long as short