Funding arb · Price arb /

NFLX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.022%

Price spread now: Injective against Phemex+5.829%65s7-day average −4.983% · you sell dearer than you buy

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

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.128%−$13 on $10k

Price spread, last 4 days (all we have)−15.937%−$1,594 · spread now +5.829%, 7d avg −4.983%

Together, before fees−16.065%−$1,606 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Injective is 10.812% dearer against Phemex than usual: you sell high and buy low: +$1,081 more if the spread goes back to its 7-day average of −4.983%. Mind the row above: over the last 7 days funding on this pair cost −0.128%, so the current rate has only just turned in your favour. The two prices were read 65 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 -0.128% in total (about -6.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NFLXUSDT	74.110	0	get 0.0000% / 8h	6h 57m	$1.4M	$344K	10x
Short	Injective NFLX/USDC PERP	78.430	0.0220	get 0.0028% / 1h	57m 31s	$87K	$126K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phemex. 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 PhemexbpFee InjectivebpOrdersPrice spread, now +5.829%Rate

Funding earned: $46.2
Price spread: +5.829% → −4.983%: $1,081.23
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $1,115.41
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 5 min ago; Injective: live order book, 26 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 Phemex live order book, 5 min ago	1.35 bp	40.1 bp −$40	doesn't fit	doesn't fit	doesn't fit
Sell Injective live order book, 26 min ago	48.15 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

NFLX on 21 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 NFLXUSDT	0.0000%	8h	74.246	+0.183%	$12K	$5K	20x	as long as short
OKX NFLX-USDT-SWAP	0.0000%	8h	74.110	0.000%	$887K	$789K	20x	as long as short
QFEX NFLX-USD	0.0000%	1h	74.030	−0.108%	$1.1M	$1.4M	10x	as long as short
Gate NFLX_USDT	0.0000%	8h	74.130	+0.027%	$1.4M	$1.1M	25x	as long as short
Bitget NFLXUSDT	0.0000%	8h	74.110	0.000%	$4.2M	$624K	50x	as long as short
SunX NFLX-USDT	0.0000%	8h	74.102	−0.011%	$1K	$4.2M	10x	as long as short
HTX NFLX-USDT	0.0000%	8h	74.036	−0.100%	$10K	$52K	20x	as long as short
Phemex NFLXUSDTlong	0.0000%	8h	74.110	long leg	$1.4M	$344K	10x
Vest NFLX-USD-PERP	+0.0046%	1h	74.030	−0.108%	—	$21K	25x	as long as short
tradeXYZ xyz:NFLX	+0.0050%	1h	74.018	−0.124%	$5.0M	$2.9M	10x	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps NFLX-USD.P	+0.0050%	1h	74.020	−0.121%	$64K	$138K	10x	as long as short
Extended NFLX-USD	+0.0096%	1h	74.023	−0.117%	$12K	$19K	10x	as long as short
KuCoin NFLXUSDTM	+0.0100%	8h	74.100	−0.013%	$152K	$106K	20x	as long as short
Aevo NFLX-PERP	+0.0104%	1h	74.106	−0.005%	$227	—	10x	as long as short
Injective NFLX/USDC PERPshort	+0.0220%	1h	78.430	+5.829%	$87K	$126K	12x
Phoenix NFLX	+0.0238%	1h	74.052	−0.078%	$12K	$77K	10x	as long as short
Variational Omni NFLX	+0.0249%	8h	74.131	+0.029%	$76K	$124K	—	as long as short
Binance NFLXUSDT	+0.0256%	8h	74.112	+0.003%	$5.4M	$5.6M	20x	as long as short
Bybit NFLXUSDT	+0.0340%	8h	74.110	0.000%	$1.3M	$832K	50x	as long as short
BloFin NFLX-USDT	+0.0381%	8h	74.120	+0.013%	$47K	$82K	20x	as long as short
GRVT NFLX_USDT_Perp	+0.0787%	8h	74.130	+0.027%	$254	$123K	10x	as long as short