Funding arb · Price arb /

LLY

RWAall LLY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0290%/8h= −31.8% APRpaid last 24h −0.083%

Price spread now: Bybit against Phoenix−0.030%7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Bybit

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

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Bybit is 0.030% cheaper against Phoenix than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix LLY	1,163.4	0.0207	pay 0.0026% / 1h	5m 12s	$1K	$9K	10x
Short	Bybit LLYUSDT	1,163.1	−0.0083	pay 0.0083% / 8h	5h 05m	$1.4M	$499K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$60.94
Price spread: −0.030% → 0.000%: −$3.01
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$81.95
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Bybit: live order book, 4 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	1.85 bp	63.4 bp −$63	doesn't fit	doesn't fit	doesn't fit

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 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
Nado LLY-PERP	−0.0347%	1h	1,163.4	+0.002%	$39K	$251	10x	as long as short
tradeXYZ xyz:LLY	−0.0100%	1h	1,162.3	−0.095%	$8.7M	$1.1M	10x	as long as short
Bybit LLYUSDTshort	−0.0083%	8h	1,163.1	−0.030%	$1.4M	$499K	25x
GRVT LLY_USDT_Perp	−0.0055%	8h	1,162.6	−0.069%	$988	$150K	10x	as long as short
Aftermath Perps LLYUSD	−0.0023%	1h	1,161.9	−0.125%	$47K	$50K	5x	as long as short
BloFin LLY-USDT	−0.0021%	8h	1,163.5	+0.007%	$87K	$87K	20x	as long as short
Aster LLYUSDT	0.0000%	8h	1,163.2	−0.020%	$23K	$3K	20x	as long as short
Binance LLYUSDT	0.0000%	8h	1,163.4	0.000%	$2.0M	$3.4M	20x	as long as short
OKX LLY-USDT-SWAP	0.0000%	8h	1,163.6	+0.017%	$820K	$553K	20x	as long as short
Gate LLY_USDT	0.0000%	8h	1,162.2	−0.103%	$1.3M	$638K	25x	as long as short

Show all 19 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget LLYUSDT	0.0000%	8h	1,163.5	+0.006%	$2.3M	$178K	20x	as long as short
Variational Omni LLY	0.0000%	8h	1,162.9	−0.039%	$190K	$20K	—	as long as short
SunX LLY-USDT	0.0000%	8h	1,163.3	−0.009%	$2K	$4.5M	10x	as long as short
HTX LLY-USDT	0.0000%	8h	1,163.3	−0.006%	$6K	$42K	20x	as long as short
KuCoin LLYUSDTM	+0.0018%	8h	1,162.8	−0.052%	$141K	$268K	20x	as long as short
Vest LLY-USD-PERP	+0.0046%	1h	1,162.3	−0.096%	—	—	25x	as long as short
QFEX LLY-USD	+0.0058%	1h	1,162	−0.117%	$1.2M	$3.2M	10x	as long as short
Phoenix LLYlong	+0.0207%	1h	1,163.4	long leg	$1K	$9K	10x
Injective LLY/USDC PERP	+0.0220%	1h	1,160	−0.292%	$20K	$37K	12x	as long as short