The Spread page

One pair in depth — live books on both venues, the full cost picture at your size, and the history to judge whether the edge is real.

Page anatomy

Everything on the page answers one question: what does this pair pay, and what does it cost, at your size, right now.

Pair header

The header defines the pair. The asset selector picks the coin; the LONG and SHORT pickers choose a venue for each leg. Chips next to each venue show the market kind — perp or spot — and, where relevant, the settle currency of the contract. The swap control flips the legs when you want the opposite orientation. Arriving from a matrix row, all of this is pre-filled with the ranked pair.

The metrics strip

Eight numbers, one decision. Left to right:

FUNDING SPREAD — the pair’s income rate: fr8(short) - fr8(long), per 8h. The secondary value is the to-settle variant — what the position actually collects at the next settlements, given each leg’s schedule.

BASIS SPREAD — the price gap at entry, computed as short VWAP minus long VWAP at your notional, not from mids. Negative means you enter favorably (buy cheap, sell rich); positive is an up-front cost funding must repay.

FEES — round-trip taker fees across all four fills, both legs in and out, at each venue’s standard rate.

SLIPPAGE — the effective price impact of your notional walking both live books, entry and exit. This is the number that grows when you size up.

BREAKEVEN — the division already done: hours of funding at the current spread needed to cover basis plus fees plus slippage. 0.0h means the entry is immediately ahead; a breakeven longer than your belief in the rate means no trade.

PERSISTENCE — 7d sign-hold: how consistently each leg’s funding held its current sign over the last week. A dash means not enough history.

STABILITY — avgFr8 / sigma8: mean 8h rate against its volatility. High mean over low sigma reads as carry; anything else is a fresh print.

NEXT FUNDING — countdown to each leg’s next settlement, with per-leg intervals (L 1h · S 1h). This is when the income actually arrives.

Size panel

Enter your intended size once — as notional ($1,000) or coins; presets $100 / $500 / $1k / $5k. Size-sensitive metrics reprice live: SLIPPAGE, BASIS SPREAD (both are VWAP-at-size numbers) and therefore BREAKEVEN. FUNDING SPREAD and FEES percentages do not move with size — their dollar value does.

Price-spread chart

The main chart plots the pair’s mid-price basis in percent — the gap between the two venues’ mids — as candles, from 1m to 4h resolution. Use it to see whether the gap is opening or closing, how it behaved around past settlements, and where today’s level sits against the recent range.

What it is not: your entry. The line is built from venue mids; your executable basis is the VWAP-at-size number in the metrics strip, which includes crossing both books. On thin pairs the two can differ by the whole visible gap.

Funding-history chart

Below the price chart: funding over time. Columns mark each leg’s actual settlements at their native cadence; the overlaid line is the cumulative spread. The fr8 / APR toggle switches units; the L / S toggles isolate a leg; windows run 24h / 3d / 7d. The next collect marker shows where the upcoming settlements land.

Gaps in venue history are backfilled at coarser resolution and render as a line rather than columns — a visual cue that those points are interpolated coverage, not per-settlement prints.

Open interest

The OI panel tracks each leg’s open interest as percentage change over recent windows. Rising OI while a gap widens means new positioning is pushing it; falling OI means an unwind. When a venue exposes no OI history for the contract, the panel says so instead of drawing a flat line — absence of data is displayed as absence, and freshly tracked pairs may show a collecting state until enough snapshots accumulate.

Per-venue stats

Under the books, each leg gets a stat block: current funding with interval, basis to the pair’s reference, index price, open interest, 24h volume, and maker/taker fees. These are the same numbers the strip aggregates — split per venue so you can see which side of the pair contributes the edge and which contributes the risk.

Order books

Both venues’ books stream side by side, framed by the trade you would actually make: the long leg highlights BUY ASK (you buy at ask to open) and the short leg HIT BID (you sell at bid). Each side shows price, size and cumulative depth per level, with mid and the VWAP for your notional marked — the depth check from Reading liquidity, done for you at your size.

Market info

Contract terms per leg: minimum size, lot step, and maximum size at the current margin, in asset units. These caps decide how precisely the two legs can be matched — the residual after rounding to each venue’s step is exposure you keep. Check them before sizing, not after a partial fill.