Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h −0.013%

Price spread now: Phemex against Bulk−0.028%7-day average −0.002% · 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−$22as in the Price arb table

costs, in and out, $10k−$190.190% of the position

Long on Bulk Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.044%−$4 on $10k

Price spread, last 4 days (all we have)−0.014%−$1 · spread now −0.028%, 7d avg −0.002%

Together, before fees−0.058%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.026% cheaper against Bulk than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	85,455.5	0.0100	pay 0.0013% / 1h	11m 40s	$679.5M	$683.6M	40x
Short	Phemex BTCUSDT	85,431.4	0.0067	get 0.0067% / 8h	3h 11m	$148.6M	$497.8M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bulk. 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 BulkbpFee PhemexbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$6.93
Price spread: −0.028% → −0.002%: −$2.59
Slippage, 4 orders: −$0.04
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$28.56
Costs to cover: 0.190%
Break-even: never at this rate

Slippage from Bulk: live order book, 3 min ago; Phemex: live order book, 3 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 Bulk live order book, 3 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$351	4.5 bp −$2,250
Sell Phemex live order book, 3 min ago	0.01 bp	6.0 bp −$6	7.0 bp −$70	7.8 bp −$776	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 BTC	−0.0140%	1h	85,504	+0.057%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,473	+0.020%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,439	−0.019%	$919.4M	$758.2M	125x	as long as short
BloFin BTC-USDT	−0.0027%	8h	85,453.8	−0.002%	$420.4M	$675.7M	150x	as long as short
Aster BTCUSDT	−0.0009%	8h	85,445.3	−0.012%	$514.5M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,470.3	+0.017%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,475.8	+0.024%	$503K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0003%	1h	85,450.1	−0.006%	$24.4M	$222.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,449.8	−0.007%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0029%	1h	85,493.3	+0.044%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0043%	1h	85,476.5	+0.025%	$872.2M	$1.60B	50x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,552	+0.113%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0046%	1h	85,430	−0.030%	$59.9M	$335.9M	40x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,453.2	−0.003%	—	$1.55B	—	as long as short
Phemex BTCUSDTshort	+0.0067%	8h	85,431.4	−0.028%	$148.6M	$497.8M	150x
Bitget BTCUSDT	+0.0079%	8h	85,452	−0.004%	$2.95B	$5.12B	150x	as long as short
Binance BTCUSDT	+0.0092%	8h	85,451.4	−0.005%	$9.44B	$24.47B	150x	as long as short
MEXC BTC_USDT	+0.0092%	8h	85,451.2	−0.005%	$5.07B	$5.68B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,466.2	+0.012%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,465.4	+0.012%	$23.9M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,452	−0.004%	$8.4M	$55.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,430.3	−0.030%	$2.8M	$3.5M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,438	−0.021%	$228K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,511.9	+0.066%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,531	+0.088%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,487.3	+0.037%	$40.4M	$591.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,450.1	−0.006%	$5.17B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,459.8	+0.005%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,465	+0.011%	$3.8M	$17.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,452.1	−0.004%	$4.7M	$99.4M	40x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	85,455.5	long leg	$679.5M	$683.6M	40x
Gate BTC_USDT	+0.0100%	8h	85,448.5	−0.008%	$5.53B	$10.85B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,431.4	−0.028%	$36.4M	$178.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,488.9	+0.039%	$154.5M	$565.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,507.9	+0.061%	$279.4M	$932.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,529.2	+0.086%	$214.9M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,566.9	+0.130%	$139.9M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,472	+0.019%	$30.2M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,510.4	+0.064%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,446	−0.011%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,437.5	−0.021%	$203K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,426	−0.035%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,478.8	+0.027%	$206K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,419.3	−0.042%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,433.1	−0.026%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,430.9	−0.029%	$2.26B	$950.1M	200x	as long as short
Reya BTCRUSDPERP	+0.0104%	1h	85,430.7	−0.029%	$6.6M	$147.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,411.3	−0.052%	$45.7M	$235.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,473.9	+0.021%	—	$106.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,471.4	+0.019%	$117.2M	$5.26B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,450.7	−0.006%	$187.7M	$956.7M	100x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,482	+0.031%	$11.5M	$753.3M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,489.4	+0.040%	$8.6M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,449.8	−0.007%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,508.7	+0.062%	$700K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0251%	1h	85,514.6	+0.069%	$78K	$222K	20x	as long as short