Docs
Overview
Arb Terminal is a read-only funding-arbitrage scanner. It aggregates 23 venues (perpetual futures and spot) into one live view and turns that data into actionable arbitrage signals — perp-vs-perp funding spreads, perp-vs-spot cash-and-carry carries, and funding-hours spread opportunities. No trading, no private keys: only public market data.
What is funding?
Perpetual (perp) contracts never expire. To keep their price anchored to the underlying spot, venues periodically exchange a funding rate between longs and shorts — typically every 1h, 4h or 8h depending on the venue. When funding is positive, longs pay shorts; when negative, shorts pay longs.
An arbitrageur can harvest this flow while staying price-neutral: hold one long leg and one short leg of the same underlying on two venues with different funding, or buy spot and short the perp. The profit is the difference between the funding rates (the spread), not the direction of the market. The terminal exists to find, rank and alert on the best of these spreads.
Strategies
Spot arb
Long spot / short perp (cash & carry). Buy the asset on a spot venue and short the matching perp: you collect the perp's positive funding while staying neutral on price. Rows are ranked by EWMA 3d funding and pick the highest-paying perp per base.
Futures arb
Long A / short B (perp vs perp). Short the high-funding perp and go long the low-funding perp on the same underlying: you earn the spread between the two funding rates. Rows are ranked by the spread's EWMA 3d.
Funding-hours arb
Exploits venues that settle at different cadences (1h vs 4h vs 8h). Short the fast-settling leg to collect funding repeatedly during the gap, then flip into a market-neutral pair (short slow + long fast) at the slow venue's settlement.
Funding metrics
Every metric is computed from the annualized funding rate (% APR) derived from the settlement history. The 7d / 30d toggle in the top-right of each arb page switches the Avg column and its hover chart between a 7-day and 30-day lookback.
| Metric | Meaning |
|---|---|
| Live rate | Funding APR annualized from the current rate. The hover chart shows the funding history behind it. |
| EWMA 1d / 3d / 7d | Exponentially-weighted moving average of the annualized rate over 1, 3 and 7 days — smooths out settlement noise to show the steady level. |
| Slope | EWMA 1d minus EWMA 7d: the trend of funding (positive = rising, negative = falling). |
| Downspike | Worst rolling 8-hour sum of funding (annualized): how much the short leg can cost you in an adverse 8-hour window. |
| Avg 7d / Avg 30d | Simple average of the annualized rate over the last 7 or 30 days (window toggle). |
| Min 7d settle | The single most negative settlement in the last 7 days, per-settlement %. |
| Basis | Price difference between the two legs in basis points (a/b sides depend on the taker/maker mode). |
| Liq | USD notional available within a price band (0.1% – 5%) on each side. |
Pages
| Page | What it shows |
|---|---|
| Markets | Per-venue table (spot/perp), pair trading (7d price spread) and funding-hours arb. |
| Spot arb | Perp vs spot: long spot / short perp, ranked by EWMA 3d. |
| Futures arb | Perp vs perp: long A / short B, ranked by spread EWMA 3d. |
| Filters | Save, load and delete filter profiles for Spot arb and Futures arb. |
| Docs | This page. |
Asset classes
Every symbol is auto-classified into one of 4 classes, used by the filters on the arb pages and in the bot:
| Class | Examples |
|---|---|
| Crypto | BTC, ETH, SOL, PEPE, … |
| Stocks | Indices (SPX, NAS100, DAX, …) and single equities (AAPL, NVDA, TSLA, …) |
| Forex | FX pairs (EURUSD, USDJPY, …) and single currencies (EUR, GBP, JPY, …) |
| Commodities | WTI, BRENT, NATGAS, XAUT, SILVER, COPPER |
Market data & freshness
The gateway keeps every venue's WebSocket feed connected at all times and broadcasts deltas to the browser every 10s plus a full resync every 60s. REST data that has no public WS channel (mark, open interest, 24h stats, depth seed, funding history) is refreshed on a consolidated 15-minute cadence. Funding history and the chart payload refresh hourly, 5 minutes before each settlement boundary.
| Field | Meaning |
|---|---|
| bid / ask | Best bid/ask from the live order book, with size. |
| mark / index | Mark price (funding & liquidation reference) and the index/spot reference price. |
| fundingRate | Funding rate, normalised to % per settlement interval. |
| intervalHours | Settlement cadence, snapped to 1h / 2h / 4h / 8h / 24h. Some venues (Bitbase, XT) switch cadence per contract. |
| EWMA 1d/3d/7d | Exponentially-weighted average of the annualised rate over 1/3/7 days. |
| Liq 01–50 | USD notional available within a 0.01%–50% price band on each side. |
| Open interest | Open interest in USD notional (converted from base coin where venues report it that way). |
A market is considered live (and therefore shown) only when it has a bid, ask or mark above zero. Delisted contracts are filtered at the source: XT contracts with tradeSwitch=false are excluded, and venue cadence changes (e.g. Bitbase 8h → 4h → 1h) are picked up from the latest settlement record.
Supported venues
| Venue | Type | Venue | Type |
|---|---|---|---|
| Lighter | perp | Blofin | perp |
| Hyperliquid | perp | BingX | perp |
| Aster | perp | Bitbase | perp |
| Ondo | perp | RH Lighter | perp |
| Extended | perp | OKX.com | perp |
| Arcus | perp | Kraken | perp |
| Phoenix | perp | BTSE | perp |
| EveDex | perp | GMX | perp |
| MEXC Futures | perp | GM Trade | perp |
| Txflow | perp | RISEx | perp |
| Variational | perp | Polymarket Perps | perp |
| MEXC | spot |
Telegram bot
The bot sends a scan of the best opportunities a few minutes before each funding settlement, on the venues and symbols you configure. Main commands:
/start /menu configure (venues, mode, classes, thresholds) /mode perp|spot|all /watch [ids] /symbols [BASE] /class forex /ticker BTC best long/short venues for one symbol /chart BTC [7d|30d] PNG chart of the funding history /alert ... single-venue or spread alerts /alerts manage alerts /filters /filter /threshold /minliq /now scan now · /status · /pause /resume