Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0025%/8h= +2.8% APRpaid last 24h −0.049%

Price spread now: Phemex against Deribit−0.040%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$190.191% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 3 days (all we have)−0.012%−$1 · spread now −0.040%, 7d avg −0.051%

Together, before fees−0.066%−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.051%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.054%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	86,652.7	0	get 0.0000% / 1h	30m 34s	$935.1M	$1.44B	50x
Short	Phemex BTCUSDT	86,618	0.0025	get 0.0025% / 8h	2h 30m	$149.7M	$471.5M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now −0.040%Rate

Funding earned: $5.32
Price spread: −0.040% → −0.051%: $1.13
Slippage, 4 orders: −$0.07
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$12.62
Costs to cover: 0.191%
Break-even: 23.6 days

Slippage from Deribit: 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 Deribit live order book, 4 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	7.5 bp −$745	12.3 bp −$6,160
Sell Phemex live order book, 4 min ago	0.01 bp	6.0 bp −$6	7.0 bp −$70	7.9 bp −$787	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	−0.0233%	1h	86,613.5	−0.045%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,634.5	−0.021%	$428K	$24.9M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,590	−0.072%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0080%	1h	86,626.4	−0.030%	$17.6M	$20.5M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,574	−0.091%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,646.2	−0.008%	$362K	$2.4M	50x	as long as short
Deribit BTC-PERPETUALlong	0.0000%	1h	86,652.7	long leg	$935.1M	$1.44B	50x
KuCoin XBTUSDTM	+0.0002%	8h	86,616.2	−0.042%	$843.8M	$704.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,641.2	−0.013%	$37.0M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,601.3	−0.059%	$505.8M	$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	86,618.6	−0.039%	$6.7M	$144.3M	40x	as long as short
BingX BTC-USDC	+0.0023%	8h	86,610.3	−0.049%	—	$15.3M	—	as long as short
Phemex BTCUSDTshort	+0.0025%	8h	86,618	−0.040%	$149.7M	$471.5M	150x
Bitget BTCUSDT	+0.0031%	8h	86,617.9	−0.040%	$2.95B	$5.07B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.016%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0053%	8h	86,619.2	−0.039%	$5.19B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0053%	8h	86,619.2	−0.039%	$9.44B	$24.30B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,621.3	−0.036%	$2.4M	$1.3M	20x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,630.6	−0.025%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0073%	8h	86,630.3	−0.026%	$2.56B	$12.70B	100x	as long as short
Gate BTC_USDT	+0.0075%	8h	86,621.4	−0.036%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0082%	8h	86,616	−0.042%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0092%	8h	86,584.3	−0.079%	$160.0M	$567.1M	—	as long as short
Lighter BTC	+0.0096%	1h	86,633.7	−0.022%	$172.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,638.8	−0.016%	$24.0M	$153.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,620	−0.038%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,610	−0.049%	$193K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,667.4	+0.017%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,577.1	−0.087%	$21.7M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,694	+0.048%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,650.2	−0.003%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,627	−0.030%	$3.9M	$18.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,690.1	+0.043%	$7.5M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.086%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,624.7	−0.032%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,620.6	−0.037%	$279.9M	$950.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,619.4	−0.038%	$217.4M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,627.4	−0.029%	$141.4M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,600	−0.061%	$30.8M	$205.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,668.9	+0.019%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,625	−0.032%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,621	−0.037%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,632.5	−0.023%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,644.6	−0.009%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,625.8	−0.031%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,612.9	−0.046%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,618	−0.040%	$60.5M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,590.4	−0.072%	$2.30B	$957.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,606.5	−0.053%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,641.1	−0.013%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,657.4	+0.005%	$189.0M	$930.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,668.1	+0.018%	$132.0M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0124%	8h	86,624	−0.033%	$8.9M	$723.7M	6.4x	as long as short
BloFin BTC-USDT	+0.0173%	8h	86,599.6	−0.061%	$416.9M	$652.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,635.8	−0.020%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,646.1	−0.008%	$614K	$7.1M	30x	as long as short