Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0077%/8h= −8.4% APRpaid last 24h −0.008%

Price spread now: Phemex against Arcus−0.081%7-day average −0.020% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$180.181% of the position

Long on Arcus Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.034%−$3 on $10k

Price spread, last 3 days (all we have)−0.026%−$3 · spread now −0.081%, 7d avg −0.020%

Together, before fees−0.060%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.061% cheaper against Arcus than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.020%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus BTC-USD	86,689.3	0.0100	pay 0.0013% / 1h	32m 45s	$7.5M	$93.6M	40x
Short	Phemex BTCUSDT	86,619.1	0.0023	get 0.0023% / 8h	2h 32m	$149.6M	$471.3M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Arcus. 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 ArcusbpFee PhemexbpOrdersPrice spread, now −0.081%Rate

Funding earned: −$16.08
Price spread: −0.081% → −0.020%: −$6.06
Slippage, 4 orders: −$1.63
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$40.27
Costs to cover: 0.181%
Break-even: never at this rate

Slippage from Arcus: live order book, 1 min ago; Phemex: live order book, 6 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 Arcus live order book, 1 min ago	0.01 bp	3.9 bp −$4	4.8 bp −$48	6.9 bp −$687	doesn't fit
Sell Phemex live order book, 6 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 BTCUSD	−0.0230%	1h	86,618.2	−0.082%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,644.6	−0.052%	$428K	$24.9M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,539	−0.173%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0083%	1h	86,671.7	−0.020%	$17.6M	$20.5M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,624	−0.075%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,648.7	−0.047%	$363K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,654.7	−0.040%	$935.6M	$1.44B	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	86,606.4	−0.096%	$844.0M	$704.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,645.9	−0.050%	$37.0M	—	200x	as long as short
Aster BTCUSDT	+0.0009%	8h	86,605.1	−0.097%	$505.7M	$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	86,617.5	−0.083%	$6.7M	$144.3M	40x	as long as short
BingX BTC-USDT	+0.0022%	8h	86,617.5	−0.083%	—	$1.59B	—	as long as short
Phemex BTCUSDTshort	+0.0023%	8h	86,619.1	−0.081%	$149.6M	$471.3M	150x
Bitget BTCUSDT	+0.0030%	8h	86,617.2	−0.083%	$2.95B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,627.1	−0.072%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.058%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0052%	8h	86,611.2	−0.090%	$5.19B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0053%	8h	86,611.2	−0.090%	$9.44B	$24.31B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,636.8	−0.061%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0072%	8h	86,627	−0.072%	$2.56B	$12.70B	100x	as long as short
Gate BTC_USDT	+0.0073%	8h	86,621.5	−0.078%	$5.86B	$10.63B	200x	as long as short
Bybit BTCUSDT	+0.0082%	8h	86,614.2	−0.087%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0092%	8h	86,584.3	−0.121%	$160.0M	$567.1M	—	as long as short
Lighter BTC	+0.0096%	1h	86,629.3	−0.069%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,639.8	−0.057%	$24.0M	$153.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,621	−0.079%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,615	−0.086%	$194K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,680.4	−0.010%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,626	−0.073%	$21.6M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,687	−0.003%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,661	−0.033%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,637	−0.060%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USDlong	+0.0100%	1h	86,689.3	long leg	$7.5M	$93.6M	40x
Bulk BTC-USD	+0.0100%	1h	86,606.9	−0.095%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,616.6	−0.084%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587.1	−0.118%	$279.7M	$950.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,619.4	−0.081%	$217.4M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,686.6	−0.003%	$141.7M	$322.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,593.6	−0.110%	$30.8M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,683.5	−0.007%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,632	−0.066%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,624.6	−0.075%	$195K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,642.7	−0.054%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,647	−0.049%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,632.2	−0.066%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,628.9	−0.070%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,620	−0.080%	$60.5M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,626.5	−0.072%	$2.30B	$957.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,596.4	−0.107%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,645.3	−0.051%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,657.7	−0.036%	$188.8M	$930.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,665	−0.028%	$132.0M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0123%	8h	86,654	−0.041%	$8.8M	$723.5M	6.4x	as long as short
BloFin BTC-USDT	+0.0173%	8h	86,611.4	−0.090%	$416.8M	$652.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,638.2	−0.059%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,648.5	−0.047%	$614K	$7.1M	30x	as long as short