Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0098%/8h= +10.7% APRpaid last 24h +0.014%

Price spread now: Phemex against dYdX−0.062%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

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

costs, in and out, $10k−$240.242% of the position

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.076%+$8 on $10k

Price spread, last 3 days (all we have)−0.021%−$2 · spread now −0.062%, 7d avg −0.014%

Together, before fees+0.054%+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.048% cheaper against dYdX than usual: you would sell low and buy high (spread −0.062% now, against its 7-day average of −0.014%). If the spread goes back, that is −$5 on $10k: about 40 hours of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.076% in total) that is about 4.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BTC-USD	86,733.4	−0.0075	get 0.0009% / 1h	26m 42s	$17.6M	$20.5M	50x
Short	Phemex BTCUSDT	86,679.3	0.0023	get 0.0023% / 8h	2h 26m	$150.0M	$471.5M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against dYdX. 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 dYdXbpFee PhemexbpOrdersPrice spread, now −0.062%Rate

Funding earned: $20.52
Price spread: −0.062% → −0.014%: −$4.85
Slippage, 4 orders: −$2.19
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$8.52
Costs to cover: 0.242%
Break-even: 9.9 days

Slippage from dYdX: live order book, 2 min ago; Phemex: live order book, 2 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 dYdX live order book, 2 min ago	0.46 bp	6.0 bp −$6	11.6 bp −$116	15.7 bp −$1,568	19.0 bp −$9,500
Sell Phemex live order book, 2 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.2 bp −$620	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	−0.0234%	1h	86,639.4	−0.108%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,688.7	−0.052%	$427K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,583	−0.173%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,653	−0.093%	$9K	$3K	50x	as long as short
dYdX BTC-USDlong	−0.0075%	1h	86,733.4	long leg	$17.6M	$20.5M	50x
01 Exchange BTCUSD	0.0000%	1h	86,756.3	+0.026%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,715.7	−0.020%	$935.3M	$1.44B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,722.7	−0.012%	$845.0M	$704.6M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,702.4	−0.036%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,704.3	−0.034%	$506.4M	$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	86,677.7	−0.064%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDTshort	+0.0023%	8h	86,679.3	−0.062%	$150.0M	$471.5M	150x
BingX BTC-USDC	+0.0023%	8h	86,714.1	−0.022%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0032%	8h	86,712.3	−0.024%	$2.95B	$5.07B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.109%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0055%	8h	86,738.6	+0.006%	$5.19B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0055%	8h	86,732.2	−0.001%	$9.45B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,679.2	−0.063%	$2.4M	$1.3M	20x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,726	−0.009%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0077%	8h	86,722.6	−0.012%	$2.56B	$12.73B	100x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,725.9	−0.009%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0083%	8h	86,712.9	−0.024%	$5.28B	$9.68B	150x	as long as short
Variational Omni BTC	+0.0095%	8h	86,614.5	−0.137%	$160.3M	$564.8M	—	as long as short
Lighter BTC	+0.0096%	1h	86,752.1	+0.022%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,716.2	−0.020%	$24.0M	$153.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,668	−0.075%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,723	−0.012%	$195K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,752.1	+0.022%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,668.7	−0.075%	$21.8M	$235.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,770.3	+0.043%	$3.82B	$5.13B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,757.7	+0.028%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,718	−0.018%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,787.2	+0.062%	$7.8M	$94.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.179%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,681.7	−0.060%	$38.2M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587	−0.169%	$279.7M	$950.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,622.1	−0.128%	$217.5M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,626.6	−0.123%	$141.4M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,625.2	−0.125%	$30.8M	$205.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,724.6	−0.010%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,680	−0.062%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,682.2	−0.059%	$196K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,694.9	−0.044%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,708.4	−0.029%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,687.8	−0.053%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,666	−0.078%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,682	−0.059%	$60.5M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,680	−0.062%	$2.30B	$957.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,702.1	−0.036%	$46.3M	$228.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,698.1	−0.041%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,714.9	−0.021%	$188.4M	$932.0M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,723	−0.012%	$132.0M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0126%	8h	86,695	−0.044%	$9.0M	$723.7M	6.4x	as long as short
BloFin BTC-USDT	+0.0175%	8h	86,679.4	−0.062%	$417.3M	$653.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0189%	1h	86,691.8	−0.048%	$15.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,666.7	−0.077%	$614K	$7.1M	30x	as long as short