Funding arb · Price arb /

LLY

RWAall LLY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0206%/8h= −22.5% APRpaid last 24h −0.083%

Price spread now: OKX against Phoenix−0.154%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 OKX

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 −$6 a day on $10k at the current rate, and OKX is 0.154% cheaper against Phoenix than usual: you would sell low and buy high (−$15 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	1,167.8	0.0206	pay 0.0026% / 1h	38m 47s	$1K	$7K	10x
Short	OKX LLY-USDT-SWAP	1,166	0	get 0.0000% / 8h	1h 38m	$790K	$567K	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 −0.154%Rate

Funding earned: −$43.21
Price spread: −0.154% → 0.000%: −$15.41
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$75.63
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; OKX: live order book, 2 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 OKX live order book, 2 min ago	2.14 bp	25.1 bp −$25	333.6 bp −$3,336	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 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
BloFin LLY-USDT	−0.0020%	8h	1,166.9	−0.080%	$84K	$86K	20x	as long as short
Aster LLYUSDT	0.0000%	8h	1,166.3	−0.125%	$24K	$3K	20x	as long as short
Binance LLYUSDT	0.0000%	8h	1,166.7	−0.091%	$2.0M	$3.2M	20x	as long as short
Bybit LLYUSDT	0.0000%	8h	1,166.3	−0.126%	$1.3M	$401K	25x	as long as short
OKX LLY-USDT-SWAPshort	0.0000%	8h	1,166	−0.154%	$790K	$567K	20x
Gate LLY_USDT	0.0000%	8h	1,166.4	−0.122%	$1.3M	$810K	25x	as long as short
Bitget LLYUSDT	0.0000%	8h	1,166.7	−0.098%	$2.3M	$169K	20x	as long as short
Variational Omni LLY	0.0000%	8h	1,166.7	−0.095%	$193K	$18K	—	as long as short
GRVT LLY_USDT_Perp	0.0000%	8h	1,166.5	−0.110%	$257	$178K	10x	as long as short
SunX LLY-USDT	0.0000%	8h	1,166.8	−0.086%	$1K	$5.8M	10x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX LLY-USDT	0.0000%	8h	1,165	−0.236%	$5K	$41K	20x	as long as short
QFEX LLY-USD	+0.0012%	1h	1,165.8	−0.173%	$1.2M	$3.6M	10x	as long as short
Aftermath Perps LLYUSD	+0.0013%	1h	1,166.4	−0.120%	$47K	$40K	5x	as long as short
Vest LLY-USD-PERP	+0.0046%	1h	1,166	−0.156%	—	—	25x	as long as short
tradeXYZ xyz:LLY	+0.0050%	1h	1,166.4	−0.120%	$8.7M	$1.2M	10x	as long as short
KuCoin LLYUSDTM	+0.0100%	8h	1,166.2	−0.137%	$137K	$68K	20x	as long as short
Nado LLY-PERP	+0.0106%	1h	1,165.7	−0.182%	$39K	$251	10x	as long as short
Phoenix LLYlong	+0.0206%	1h	1,167.8	long leg	$1K	$7K	10x
Injective LLY/USDC PERP	+0.0220%	1h	1,177.5	+0.831%	$7K	$24K	12x	as long as short