Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0070%/8h= −7.6% APRpaid last 24h −0.028%

Price spread now: Phemex against Coinbase International−0.043%7-day average −0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$220.220% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.050%−$5 on $10k

Price spread, last 3 days (all we have)−0.011%−$1 · spread now −0.043%, 7d avg −0.044%

Together, before fees−0.061%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.044%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	86,573.2	0.0112	pay 0.0014% / 1h	54m 27s	$132.6M	$5.68B	50x
Short	Phemex BTCUSDT	86,535.8	0.0042	get 0.0042% / 8h	54m 27s	$149.9M	$478.0M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$14.64
Price spread: −0.043% → −0.044%: $0.11
Slippage, 4 orders: −$0.02
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$36.56
Costs to cover: 0.220%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; Phemex: 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 Coinbase International live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$512	10.1 bp −$5,042
Sell Phemex live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.5 bp −$65	7.4 bp −$740	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	−0.0159%	1h	86,468	−0.122%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,528	−0.052%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,601	+0.032%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,548.4	−0.029%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,551.1	−0.026%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0004%	8h	86,537.2	−0.042%	$503.8M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,554.4	−0.022%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0009%	8h	86,533.7	−0.046%	$850.4M	$713.8M	125x	as long as short
Deribit BTC-PERPETUAL	+0.0021%	1h	86,563.8	−0.011%	$917.2M	$1.49B	50x	as long as short
Reya BTCRUSDPERP	+0.0024%	1h	86,533	−0.046%	$6.7M	$145.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0040%	8h	86,542.2	−0.036%	—	$1.59B	—	as long as short
dYdX BTC-USD	+0.0041%	1h	86,547.3	−0.030%	$17.0M	$21.1M	50x	as long as short
Phemex BTCUSDTshort	+0.0042%	8h	86,535.8	−0.043%	$149.9M	$478.0M	150x
Bitget BTCUSDT	+0.0051%	8h	86,535.7	−0.043%	$2.96B	$5.12B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,533.5	−0.046%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0069%	8h	86,537.5	−0.041%	$5.13B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0070%	8h	86,539.3	−0.039%	$9.43B	$24.52B	150x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,538.9	−0.040%	$5.88B	$10.70B	200x	as long as short
Aftermath Perps BTCUSD	+0.0089%	1h	86,483.1	−0.104%	$79K	$220K	20x	as long as short
Lighter BTC	+0.0096%	1h	86,538.2	−0.040%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,538.2	−0.040%	$24.0M	$151.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,541	−0.037%	$8.5M	$52.5M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,544.2	−0.033%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,526	−0.055%	$199K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,562.9	−0.012%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,546.4	−0.031%	$21.9M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,613	+0.046%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,554.3	−0.022%	$41.2M	$521.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,546.3	−0.031%	$2.54B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,530	−0.050%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,571.9	−0.002%	$7.6M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,382.9	−0.220%	$571.1M	$18.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,528.6	−0.052%	$37.9M	$154.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,463.3	−0.127%	$155.7M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,420.7	−0.176%	$279.3M	$944.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,455.1	−0.136%	$217.0M	$173.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,442	−0.152%	$141.3M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,523.5	−0.057%	$30.7M	$204.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,583.1	+0.011%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,536	−0.043%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,542	−0.036%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,542.1	−0.036%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,572.5	−0.001%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,571.2	−0.002%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,459.3	−0.132%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,531	−0.049%	$60.5M	$337.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,522.6	−0.058%	$2.30B	$969.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,524.1	−0.057%	$45.3M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,554.8	−0.021%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,555.1	−0.021%	$192.1M	$948.0M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,536.9	−0.042%	$416K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0112%	1h	86,573.2	long leg	$132.6M	$5.68B	50x
Hibachi BTC/USDT-P	+0.0168%	1h	86,576.8	+0.004%	$718K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,530.5	−0.049%	$414.8M	$656.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0190% / S −0.0212%	1h	86,549.5	−0.027%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0202%	8h	86,556	−0.020%	$9.7M	$738.6M	6.4x	as long as short