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= −8.5% APRpaid last 24h +0.169%

Price spread now: Phemex against Bluefin−0.030%7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$240.238% of the position

Long on Bluefin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.222%+$22 on $10k

Price spread, last 3 days (all we have)+0.027%+$3 · spread now −0.030%, 7d avg +0.021%

Together, before fees+0.249%+$25 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 0.051% cheaper against Bluefin than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.021%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.222%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	86,796.2	0.0100	pay 0.0013% / 1h	20m 18s	$141K	$619K	40x
Short	Phemex BTCUSDT	86,770	0.0023	get 0.0023% / 8h	2h 20m	$150.2M	$471.8M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bluefin. 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 BluefinbpFee PhemexbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$16.28
Price spread: −0.030% → +0.021%: −$5.1
Slippage, 4 orders: −$4.83
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$45.21
Costs to cover: 0.238%
Break-even: never at this rate

Slippage from Bluefin: live order book, 4 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 Bluefin live order book, 4 min ago	1.09 bp	6.3 bp −$6	10.4 bp −$104	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.2 bp −$62	7.3 bp −$734	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	−0.0238%	1h	86,747.2	−0.057%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,781.5	−0.017%	$429K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,781	−0.018%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,764	−0.037%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0065%	1h	86,773.8	−0.026%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,786.4	−0.011%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,809.1	+0.015%	$933.0M	$1.45B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,792.6	−0.004%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,757.6	−0.044%	$849.6M	$707.3M	125x	as long as short
Aster BTCUSDT	+0.0009%	8h	86,760.3	−0.041%	$506.7M	$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	86,753.9	−0.049%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDTshort	+0.0023%	8h	86,770	−0.030%	$150.2M	$471.8M	150x
BingX BTC-USDT	+0.0026%	8h	86,772.5	−0.027%	—	$1.60B	—	as long as short
Bitget BTCUSDT	+0.0035%	8h	86,769.9	−0.030%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.181%	$315K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,771.1	−0.029%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,763.2	−0.038%	$5.20B	$5.70B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,784	−0.014%	$9.44B	$24.35B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,772.1	−0.028%	$9.2M	$41.8M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,773.7	−0.026%	$5.86B	$10.67B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0084%	8h	86,798	+0.002%	$2.56B	$12.75B	100x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,779.3	−0.019%	$5.29B	$9.71B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,790.7	−0.006%	$171.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,794	−0.003%	$24.2M	$154.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,760	−0.042%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,751	−0.052%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,809.6	+0.015%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,765.8	−0.035%	$21.8M	$235.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,835	+0.045%	$3.82B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,795.5	−0.001%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,762	−0.039%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,828.5	+0.037%	$7.5M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,792.1	−0.005%	$573.3M	$22.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,768.7	−0.032%	$38.1M	$148.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,754.4	−0.048%	$159.6M	$567.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,783.9	−0.014%	$280.3M	$951.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,756.8	−0.045%	$217.9M	$187.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,768.2	−0.032%	$141.6M	$322.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,768	−0.033%	$30.8M	$204.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,821.6	+0.029%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,761	−0.041%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,770	−0.030%	$198K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,783.4	−0.015%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERPlong	+0.0100%	1h	86,796.2	long leg	$141K	$619K	40x
Derive BTC-PERP	+0.0100%	1h	86,780	−0.019%	$30.1M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,770.9	−0.029%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,772	−0.028%	$60.6M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,762	−0.039%	$2.30B	$959.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,760.4	−0.041%	$46.3M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,788.9	−0.008%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,812.8	+0.019%	$188.0M	$933.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,825.4	+0.034%	$132.2M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0146%	8h	86,804	+0.009%	$9.6M	$727.0M	6.4x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,760.2	−0.041%	$415.6M	$655.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,786.7	−0.011%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,785.5	−0.012%	$705K	$7.3M	30x	as long as short