Funding you earn now, next payment 16:00 UTC−0.0599%/8h= −65.6% APRnext payment −$5.99 per $10,000 · paid last 24h −0.033%
Price spread now: Phemex against Binance+0.049%7-day average −0.005% · you sell dearer than you buy
Net, funding: paid 7d − costs−$134as in the Funding arb table
Net, price: spread back to 7d avg − costs−$123as in the Price arb table
costs, in and out, $10k−$1281.282% of the position
Funding, last 7 days−0.054%−$5 on $10k
+Price spread, last 4 days (all we have)+0.011%+$1 · spread now +0.049%, 7d avg −0.005%
=The price spread pays, funding is against you. Phemex is 0.054% dearer against Binance than usual: you sell high and buy low (spread +0.049% now, against its 7-day average of −0.005%): +$5 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 7 hours. At the pace of the last 7 days (−0.054% in total) that is about 6.9 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.054% in total (about -2.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$5.99 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Binance SMCIUSDT | 41.180 | 0.0599 | pay 0.0599% / 8h | 5h 44m | $3.4M | $5.3M | 20x |
| Short | Phemex SMCIUSDT | 41.200 | 0 | get 0.0000% / 8h | 5h 44m | $1.6M | $265K | 10x |
Binance SMCIUSDT
Phemex SMCIUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Binance. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$125.79
- Price spread: +0.049% → −0.005%
- $5.38
- Slippage, 4 orders
- −$106.23
- Fee Binance: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$248.64
- Costs to cover
- 1.282%
- Break-even
- never at this rate
Slippage from Binance: live order book, 1 min ago; Phemex: live order book, 1 min ago.
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 Binance live order book, 1 min ago | 2.43 bp | 16.1 bp −$16 | 46.5 bp −$465 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 1 min ago | 2.43 bp | 39.8 bp −$40 | doesn't fit | doesn't fit | doesn't fit |
SMCI on 17 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective SMCI/USDC PERP | −0.0220% | 1h | 40.650 | −1.287% | $4K | $80 | 12x | as long as short |
| Bybit SMCIUSDT | 0.0000% | 8h | 41.170 | −0.024% | $1.0M | $297K | 25x | as long as short |
| Gate SMCI_USDT | 0.0000% | 8h | 41.170 | −0.024% | $1.5M | $1.4M | 20x | as long as short |
| Bitget SMCIUSDT | 0.0000% | 8h | 41.197 | +0.041% | $1.3M | $473K | 20x | as long as short |
| Phemex SMCIUSDTshort | 0.0000% | 8h | 41.200 | +0.049% | $1.6M | $265K | 10x | |
| Lighter RH SMCI | +0.0032% | 1h | 41.167 | −0.032% | $40K | $14K | 10x | as long as short |
| OKX SMCI-USDT-SWAP | +0.0039% | 8h | 41.210 | +0.073% | $670K | $1.1M | 20x | as long as short |
| Paragon para:SMCI | +0.0060% | 1h | 41.167 | −0.032% | $158K | $241K | 10x | as long as short |
| QFEX SMCI-USD | +0.0080% | 1h | 41.180 | 0.000% | $1.1M | $1.8M | 10x | as long as short |
| KuCoin SMCIUSDTM | +0.0100% | 8h | 41.180 | 0.000% | $461K | $628K | 20x | as long as short |
Injective SMCI/USDC PERP
Bybit SMCIUSDT
Gate SMCI_USDT
Bitget SMCIUSDT
Lighter RH SMCI
OKX SMCI-USDT-SWAP
Paragon para:SMCI
QFEX SMCI-USD
KuCoin SMCIUSDTMShow all 17 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX SMCI-USDT | +0.0100% | 8h | 41.190 | +0.024% | $8K | $292K | 10x | as long as short |
| SoDEX SMCI-USD | +0.0207% | 1h | 41.160 | −0.049% | $131 | $3K | 10x | as long as short |
| Variational Omni SMCI | +0.0489% | 8h | 41.189 | +0.023% | $151K | $160K | — | as long as short |
| Binance SMCIUSDTlong | +0.0599% | 8h | 41.180 | long leg | $3.4M | $5.3M | 20x | |
| Extended SMCI-USD | +0.0600% | 1h | 41.167 | −0.033% | $577 | — | 10x | as long as short |
| BloFin SMCI-USDT | +0.0602% | 8h | 41.240 | +0.146% | $80K | $9K | 20x | as long as short |
| GRVT SMCI_USDT_Perp | +0.1731% | 8h | 41.260 | +0.194% | $522 | $164K | 10x | as long as short |
HTX SMCI-USDT
SoDEX SMCI-USD
Variational Omni SMCI
Extended SMCI-USD
BloFin SMCI-USDT
GRVT SMCI_USDT_Perp