Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0203%/8h= −22.2% APRpaid last 24h +0.015%

Price spread now: Phoenix against edgeX−0.014%7-day average +0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$160.164% of the position

Long on edgeX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.129%+$13 on $10k

Price spread, last 7 days+0.081%+$8 · spread now −0.014%, 7d avg +0.093%

Together, before fees+0.210%+ Points / potential airdropedgeX: Active · farm board+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phoenix is 0.106% cheaper against edgeX than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.093%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.129%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.129% in total (about 6.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX BTCUSDC	86,590.7	0.0100	pay 0.0050% / 4h	2h 46m	$279.7M	$948.0M	100x
Short	Phoenix BTC	86,579	−0.0103	pay 0.0013% / 1h	46m 06s	$2.2M	$12.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against edgeX. 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 edgeXbpFee PhoenixbpOrdersPrice spread, now −0.014%Rate

Funding earned: −$42.64
Price spread: −0.014% → +0.093%: −$10.63
Slippage, 4 orders: −$0.38
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$69.65
Costs to cover: 0.164%
Break-even: never at this rate

Slippage from edgeX: live order book, 3 min ago; Phoenix: 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 edgeX live order book, 3 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	4.7 bp −$470	5.7 bp −$2,854
Sell Phoenix live order book, 3 min ago	0.06 bp	3.6 bp −$4	4.9 bp −$49	9.5 bp −$946	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
Perpl BTC	−0.0335%	43m	86,626.3	+0.041%	$432K	$25.1M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0208%	1h	86,662	+0.082%	$85K	$188K	20x	as long as short
dYdX BTC-USD	−0.0105%	1h	86,651.2	+0.070%	$18.0M	$20.0M	50x	as long as short
Phoenix BTCshort	−0.0103%	1h	86,579	−0.014%	$2.2M	$12.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,620	+0.034%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,571.4	−0.022%	$846.2M	$707.8M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,643.5	+0.061%	$361K	$2.5M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,626.8	+0.042%	$938.6M	$1.42B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,631	+0.047%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	86,577.1	−0.016%	$505.4M	$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	86,602.6	+0.014%	$6.7M	$144.0M	40x	as long as short
BingX BTC-USDT	+0.0021%	8h	86,567.5	−0.027%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0025%	8h	86,592.1	+0.002%	$149.4M	$470.7M	150x	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,567.8	−0.026%	$2.94B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0048%	8h	86,575.5	−0.018%	$5.19B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,596.8	+0.007%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0049%	8h	86,574	−0.019%	$9.43B	$24.29B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.163%	$315K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0062%	8h	86,579.8	−0.013%	$2.57B	$12.69B	100x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,639.7	+0.057%	$9.2M	$42.1M	25x	as long as short
Gate BTC_USDT	+0.0066%	8h	86,579.1	−0.013%	$5.86B	$10.59B	200x	as long as short
Bybit BTCUSDT	+0.0079%	8h	86,574.7	−0.018%	$5.27B	$9.65B	150x	as long as short
Variational Omni BTC	+0.0088%	8h	86,626.8	+0.042%	$159.8M	$564.2M	—	as long as short
Lighter BTC	+0.0096%	1h	86,602.1	+0.013%	$171.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,596.6	+0.007%	$24.0M	$152.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,619	+0.033%	$8.5M	$52.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0097%	8h	86,590	−0.001%	$217.4M	$189.0M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0099%	8h	86,615.1	+0.028%	$2.5M	$8.5M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,672.7	+0.095%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,608	+0.020%	$200K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,623.5	+0.038%	$21.7M	$235.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,647	+0.065%	$3.83B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,653.4	+0.072%	$41.0M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,621	+0.035%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,691.5	+0.116%	$7.4M	$94.3M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,665	+0.086%	$572.2M	$23.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,577.3	−0.015%	$38.1M	$148.2M	75x	as long as short
edgeX BTCUSDClong	+0.0100%	4h	86,590.7	long leg	$279.7M	$948.0M	100x
ApeX Omni BTCUSDT	+0.0100%	1h	86,636.4	+0.053%	$141.8M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,613.9	+0.027%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,671.6	+0.093%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,612	+0.025%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,607.9	+0.020%	$198K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,623.5	+0.038%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,602.4	+0.014%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,615.9	+0.029%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,588	−0.003%	$60.4M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,589	−0.002%	$2.30B	$955.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,580.8	−0.011%	$46.6M	$229.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,646.7	+0.065%	—	$98.0M	500x	as long as short
Kalshi KXBTCPERP	+0.0113%	8h	86,648	+0.066%	$8.8M	$723.0M	6.4x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,618.9	+0.033%	$191.3M	$927.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,635.6	+0.052%	$131.9M	$5.88B	50x	as long as short
BloFin BTC-USDT	+0.0168%	8h	86,618.6	+0.032%	$418.8M	$642.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0198%	1h	86,626.3	+0.041%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	86,644.2	+0.062%	$600K	$7.2M	30x	as long as short