Funding arb · Price arb /

LLY

RWAall LLY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0274%/8h= +30.0% APRpaid last 24h +0.077%

Price spread now: Phoenix against Gate−0.021%107s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.021% cheaper against Gate than usual: you would sell low and buy high (spread −0.021% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 6 hours of funding at the current rate (+$8 a day). The two prices were read 107 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	Gate LLY_USDT	1,165.4	0	get 0.0000% / 8h	1h 47m	$1.3M	$908K	25x
Short	Phoenix LLY	1,165.2	0.0274	get 0.0034% / 1h	47m 38s	$1K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now −0.021%Rate

Funding earned: $57.6
Price spread: −0.021% → 0.000%: −$2.06
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $33.54
Costs to cover: 0.220%
Break-even: 2.9 days

Slippage unknown: Gate: live order book, 4 min ago; Phoenix: no order-book sample. Net counts fees only.

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 Gate live order book, 4 min ago	8.85 bp	57.6 bp −$58	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

LLY on 19 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
QFEX LLY-USD	−0.0006%	1h	1,165.8	+0.028%	$1.2M	$4.9M	10x	as long as short
Aster LLYUSDT	0.0000%	8h	1,164.8	−0.057%	$24K	$3K	20x	as long as short
Bybit LLYUSDT	0.0000%	8h	1,165.4	−0.003%	$1.3M	$636K	25x	as long as short
OKX LLY-USDT-SWAP	0.0000%	8h	1,165.2	−0.021%	$819K	$563K	20x	as long as short
Gate LLY_USDTlong	0.0000%	8h	1,165.4	long leg	$1.3M	$908K	25x
Bitget LLYUSDT	0.0000%	8h	1,166.2	+0.067%	$2.3M	$176K	20x	as long as short
Variational Omni LLY	0.0000%	8h	1,166	+0.049%	$191K	$19K	—	as long as short
SunX LLY-USDT	0.0000%	8h	1,166	+0.048%	$2K	$6.6M	10x	as long as short
HTX LLY-USDT	0.0000%	8h	1,164.3	−0.101%	$6K	$40K	20x	as long as short
Aftermath Perps LLYUSD	+0.0011%	1h	1,165.1	−0.033%	$47K	$41K	5x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest LLY-USD-PERP	+0.0046%	1h	1,165	−0.038%	—	—	25x	as long as short
tradeXYZ xyz:LLY	+0.0050%	1h	1,166.2	+0.065%	$8.6M	$1.1M	10x	as long as short
KuCoin LLYUSDTM	+0.0100%	8h	1,166	+0.048%	$139K	$56K	20x	as long as short
Binance LLYUSDT	+0.0151%	8h	1,166.1	+0.060%	$2.0M	$3.1M	20x	as long as short
BloFin LLY-USDT	+0.0166%	8h	1,166.1	+0.059%	$84K	$84K	20x	as long as short
Injective LLY/USDC PERP	+0.0220%	1h	1,177.6	+1.043%	$10K	$21K	12x	as long as short
Nado LLY-PERP	+0.0273%	1h	1,165.1	−0.030%	$39K	$251	10x	as long as short
Phoenix LLYshort	+0.0274%	1h	1,165.2	−0.021%	$1K	$7K	10x
GRVT LLY_USDT_Perp	+0.0360%	8h	1,165.6	+0.017%	$233	$208K	10x	as long as short