Funding arb · Price arb /

LLY

RWAall LLY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0274%/8h= +30.1% APRpaid last 24h +0.077%

Price spread now: Phoenix against SunX−0.060%69s7-day average — · you buy dearer than you sell

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

Long on SunX 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 0.060% cheaper against SunX than usual: you would sell low and buy high (spread −0.060% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 17 hours of funding at the current rate (+$8 a day). The two prices were read 69 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	SunX LLY-USDT	1,166.6	0	get 0.0000% / 8h	3h 30m	$2K	$6.8M	10x
Short	Phoenix LLY	1,165.9	0.0274	get 0.0034% / 1h	30m 21s	$1K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. 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 SunXbpFee PhoenixbpOrdersPrice spread, now −0.060%Rate

Funding earned: $57.64
Price spread: −0.060% → 0.000%: −$6
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $36.64
Costs to cover: 0.150%
Break-even: 2.6 days

Slippage unknown: SunX: live order book, 9 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 SunX live order book, 9 min ago	46.32 bp	64.5 bp −$64	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
Aster LLYUSDT	0.0000%	8h	1,165	−0.133%	$24K	$3K	20x	as long as short
Binance LLYUSDT	0.0000%	8h	1,166.5	−0.010%	$2.0M	$3.2M	20x	as long as short
Bybit LLYUSDT	0.0000%	8h	1,166.2	−0.035%	$1.3M	$961K	25x	as long as short
OKX LLY-USDT-SWAP	0.0000%	8h	1,165.3	−0.111%	$818K	$565K	20x	as long as short
Gate LLY_USDT	0.0000%	8h	1,165.4	−0.100%	$1.3M	$911K	25x	as long as short
Bitget LLYUSDT	0.0000%	8h	1,167	+0.030%	$2.3M	$183K	20x	as long as short
Variational Omni LLY	0.0000%	8h	1,166.4	−0.018%	$191K	$18K	—	as long as short
GRVT LLY_USDT_Perp	0.0000%	8h	1,165.8	−0.069%	$769	$207K	10x	as long as short
SunX LLY-USDTlong	0.0000%	8h	1,166.6	long leg	$2K	$6.8M	10x
HTX LLY-USDT	0.0000%	8h	1,165.4	−0.101%	$5K	$40K	20x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps LLYUSD	+0.0016%	1h	1,165.9	−0.060%	$47K	$41K	5x	as long as short
BloFin LLY-USDT	+0.0028%	8h	1,166.1	−0.047%	$84K	$84K	20x	as long as short
Vest LLY-USD-PERP	+0.0046%	1h	1,166.2	−0.034%	—	—	25x	as long as short
QFEX LLY-USD	+0.0049%	1h	1,166.3	−0.029%	$1.2M	$4.5M	10x	as long as short
tradeXYZ xyz:LLY	+0.0050%	1h	1,165.8	−0.069%	$8.6M	$1.1M	10x	as long as short
KuCoin LLYUSDTM	+0.0100%	8h	1,164.6	−0.171%	$139K	$61K	20x	as long as short
Nado LLY-PERP	+0.0125%	1h	1,165.1	−0.129%	$39K	$251	10x	as long as short
Injective LLY/USDC PERP	+0.0220%	1h	1,176.6	+0.857%	$10K	$21K	12x	as long as short
Phoenix LLYshort	+0.0274%	1h	1,165.9	−0.060%	$1K	$7K	10x