Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0254%/8h= +27.8% APRpaid last 24h −0.037%

Price spread now: Phemex against Aftermath Perps+0.016%7-day average −0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$360.364% of the position

Long on Aftermath Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.072%−$7 on $10k

Price spread, last 3 days (all we have)−0.123%−$12 · spread now +0.016%, 7d avg −0.024%

Together, before fees−0.195%−$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Phemex is 0.041% dearer against Aftermath Perps than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.024%. Mind the row above: over the last 3 days funding on this pair cost −0.072%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.072% in total (about -8.5% 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	Aftermath Perps BTCUSD	86,609.6	−0.0227	get 0.0028% / 1h	35m 03s	$85K	$188K	20x
Short	Phemex BTCUSDT	86,623.8	0.0026	get 0.0026% / 8h	2h 35m	$149.5M	$471.0M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aftermath Perps. 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 Aftermath PerpsbpFee PhemexbpOrdersPrice spread, now +0.016%Rate

Funding earned: $53.26
Price spread: +0.016% → −0.024%: $4.09
Slippage, 4 orders: −$15.41
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: $20.94
Costs to cover: 0.364%
Break-even: 4.2 days

Slippage from Aftermath Perps: live order book, 54 min ago; Phemex: live order book, 4 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 Aftermath Perps live order book, 54 min ago	0.00 bp	15.8 bp −$16	28.2 bp −$282	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.8 bp −$68	7.5 bp −$753	doesn't fit

BTC on 56 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
Aftermath Perps BTCUSDlong	−0.0227%	1h	86,609.6	long leg	$85K	$188K	20x
Perpl BTC	−0.0223%	43m	86,627.7	+0.021%	$428K	$25.0M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,539	−0.081%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0088%	1h	86,624.9	+0.018%	$17.6M	$20.6M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,559	−0.058%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,628.2	+0.022%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,644.8	+0.041%	$935.8M	$1.43B	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	86,606.1	−0.004%	$844.1M	$704.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,635	+0.029%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,624.3	+0.017%	$505.8M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,617.9	+0.010%	$6.7M	$144.3M	40x	as long as short
BingX BTC-USDT	+0.0022%	8h	86,644.2	+0.040%	—	$1.59B	—	as long as short
Phemex BTCUSDTshort	+0.0026%	8h	86,623.8	+0.016%	$149.5M	$471.0M	150x
Bitget BTCUSDT	+0.0029%	8h	86,641.9	+0.037%	$2.95B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,610.8	+0.001%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.141%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0051%	8h	86,623.7	+0.016%	$5.18B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0052%	8h	86,643	+0.039%	$9.44B	$24.31B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,616.1	+0.008%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0070%	8h	86,650.9	+0.048%	$2.56B	$12.70B	100x	as long as short
Gate BTC_USDT	+0.0071%	8h	86,648.8	+0.045%	$5.86B	$10.63B	200x	as long as short
Bybit BTCUSDT	+0.0081%	8h	86,640.7	+0.036%	$5.28B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0092%	8h	86,584.3	−0.029%	$160.0M	$567.1M	—	as long as short
Lighter BTC	+0.0096%	1h	86,624	+0.017%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,629.3	+0.023%	$24.0M	$153.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,607	−0.003%	$8.5M	$52.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,681.3	+0.083%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,588	−0.025%	$195K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,595	−0.017%	$21.6M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,696	+0.100%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,629.1	+0.023%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,608	−0.002%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,672.2	+0.072%	$7.5M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	−0.003%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,633.4	+0.028%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,571.5	−0.044%	$279.6M	$949.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,662	+0.060%	$217.6M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,686.6	+0.089%	$141.7M	$322.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,590.4	−0.022%	$30.8M	$205.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,669.5	+0.069%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,626	+0.019%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,614	+0.005%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,630.2	+0.024%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,638.7	+0.034%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,618.3	+0.010%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,608.9	−0.001%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,608	−0.002%	$60.5M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,608.6	−0.001%	$2.30B	$957.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,632	+0.026%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,624.1	+0.017%	—	$98.3M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,645.2	+0.041%	$189.2M	$930.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,653.1	+0.050%	$131.9M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0123%	8h	86,624	+0.017%	$9.0M	$723.3M	6.4x	as long as short
BloFin BTC-USDT	+0.0172%	8h	86,606.7	−0.003%	$416.8M	$650.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,629.2	+0.023%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,617.4	+0.009%	$614K	$7.1M	30x	as long as short