Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0213%/8h= −23.3% APRpaid last 24h −0.007%

Price spread now: Phoenix against BingX−0.117%109s7-day average +0.092% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$170.174% of the position

Long on BingX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 7 days+0.199%+$20 · spread now −0.117%, 7d avg +0.092%

Together, before fees+0.156%+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phoenix is 0.210% cheaper against BingX than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of +0.092%). Swap the legs. The two prices were read 109 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.043% in total (about -2.2% 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	BingX BTC-USDC	85,585.3	0.0053	pay 0.0053% / 8h	5h 43m	—	$17.0M	—
Short	Phoenix BTC	85,485	−0.0160	pay 0.0020% / 1h	43m 40s	$2.2M	$10.3M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BingX. 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 BingXbpFee PhoenixbpOrdersPrice spread, now −0.117%Rate

Funding earned: −$44.7
Price spread: −0.117% → +0.092%: −$20.96
Slippage, 4 orders: −$0.39
Fee BingX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$83.05
Costs to cover: 0.174%
Break-even: never at this rate

Slippage from BingX: live order book, 10 min ago; Phoenix: live order book, 5 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 BingX live order book, 10 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.0 bp −$600	7.4 bp −$3,677
Sell Phoenix live order book, 5 min ago	0.06 bp	3.6 bp −$4	5.0 bp −$50	10.0 bp −$999	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
Phoenix BTCshort	−0.0160%	1h	85,485	−0.117%	$2.2M	$10.3M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,585	0.000%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,562.4	−0.027%	$367K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,579.2	−0.007%	$416.4M	$660.4M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,596.8	+0.013%	$16.7M	$20.9M	50x	as long as short
Nado BTC-PERP	+0.0004%	1h	85,555	−0.035%	$22.8M	$221.8M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,559.7	−0.030%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0014%	8h	85,600.7	+0.018%	$906.8M	$749.4M	125x	as long as short
Aster BTCUSDT	+0.0020%	8h	85,600	+0.017%	$515.8M	$1.11B	200x	as long as short
BingX BTC-USDClong	+0.0053%	8h	85,585.3	long leg	—	$17.0M	—

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0066%	1h	85,554.5	−0.036%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,598.8	+0.016%	$2.95B	$5.02B	150x	as long as short
HTX BTC-USDT	+0.0073%	8h	85,548.6	−0.043%	$2.27B	$931.9M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.037%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,557.5	−0.033%	$2.5M	$1.7M	20x	as long as short
Phemex BTCUSDT	+0.0083%	8h	85,556.9	−0.033%	$148.2M	$478.5M	150x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,606.5	+0.025%	$5.03B	$5.60B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,615.4	+0.035%	$9.34B	$23.88B	150x	as long as short
SunX BTC-USDT	+0.0088%	8h	85,533.6	−0.060%	$2.9M	$6.1M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0095%	1h	85,597.5	+0.014%	$893.6M	$1.52B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,622.7	+0.044%	$169.6M	$986.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,622.7	+0.044%	$23.9M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,558	−0.032%	$8.4M	$51.8M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,651.5	+0.077%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,537	−0.056%	$205K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,682	+0.113%	$3.78B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,645	+0.070%	$40.2M	$571.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,617	+0.037%	$5.34B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,609.5	+0.028%	$2.56B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,587	+0.002%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,564.6	−0.024%	$7.3M	$97.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	−0.026%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,625	+0.046%	$5.55B	$10.45B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,561.1	−0.028%	$35.1M	$171.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,485	−0.117%	$154.0M	$550.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,439.2	−0.171%	$278.7M	$931.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,432.8	−0.178%	$214.5M	$161.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,513.3	−0.084%	$139.9M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,470.3	−0.134%	$30.3M	$211.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,619.9	+0.040%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,562	−0.027%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,551.2	−0.040%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,557.2	−0.033%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,601.3	+0.019%	$197K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,555.7	−0.035%	$30.0M	$52.5M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,561	−0.028%	$59.9M	$336.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,568.4	−0.020%	$44.1M	$227.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,615.3	+0.035%	—	$105.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,600	+0.017%	$130.8M	$5.08B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,594.7	+0.011%	$8.3M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,585.1	0.000%	$187.5M	$948.7M	100x	as long as short
Aftermath Perps BTCUSD	+0.0198%	1h	85,559.9	−0.030%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,598.6	+0.016%	$707K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,556.1	−0.034%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,608	+0.027%	$10.5M	$760.3M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,580	−0.006%	$525K	$19.5M	6.7x	as long as short