Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0002%/8h= +0.3% APRpaid last 24h +0.004%

Price spread now: Phemex against Injective+0.101%65s7-day average −0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$170.168% of the position

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.044%−$4 on $10k

Price spread, last 3 days (all we have)−0.092%−$9 · spread now +0.101%, 7d avg −0.018%

Together, before fees−0.136%−$14 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.120% dearer against Injective than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of −0.018%. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	86,559	0.0024	pay 0.0003% / 1h	37m 35s	$315K	$26.8M	52x
Short	Phemex BTCUSDT	86,646.7	0.0026	get 0.0026% / 8h	1h 37m	$150.3M	$473.6M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now +0.101%Rate

Funding earned: $0.49
Price spread: +0.101% → −0.018%: $11.97
Slippage, 4 orders: −$4.75
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$4.31
Costs to cover: 0.168%
Break-even: 68.3 days

Slippage from Injective: live order book, 2 min ago; Phemex: live order book, 7 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 Injective live order book, 2 min ago	2.02 bp	2.2 bp −$2	11.4 bp −$114	doesn't fit	doesn't fit
Sell Phemex live order book, 7 min ago	0.01 bp	6.0 bp −$6	6.5 bp −$65	7.5 bp −$746	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
Bluefin BTC-PERP	−0.0809%	1h	86,685.1	+0.146%	$141K	$618K	40x	as long as short
Aftermath Perps BTCUSD	−0.0161%	1h	86,650.9	+0.106%	$83K	$206K	20x	as long as short
Phoenix BTC	−0.0159%	1h	86,627	+0.079%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,606	+0.054%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0011%	1h	86,627.2	+0.079%	$17.5M	$20.3M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,603.6	+0.052%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0007%	8h	86,597.7	+0.045%	$505.3M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,598.6	+0.046%	$419K	$23.9M	6.7x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	86,590	+0.036%	$852.4M	$707.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,682.4	+0.143%	$36.9M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0006%	1h	86,601.5	+0.049%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,573.6	+0.017%	$6.7M	$144.8M	40x	as long as short
Injective BTC/USDC PERPlong	+0.0024%	1h	86,559	long leg	$315K	$26.8M	52x
Phemex BTCUSDTshort	+0.0026%	8h	86,646.7	+0.101%	$150.3M	$473.6M	150x
Deribit BTC-PERPETUAL	+0.0030%	1h	86,675.4	+0.134%	$925.3M	$1.47B	50x	as long as short
BingX BTC-USDC	+0.0032%	8h	86,584.2	+0.029%	—	$15.3M	—	as long as short
Hibachi BTC/USDT-P	+0.0040%	1h	86,683.5	+0.144%	$731K	$8.2M	30x	as long as short
Bitget BTCUSDT	+0.0042%	8h	86,585.1	+0.030%	$2.96B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0061%	8h	86,601.1	+0.049%	$5.19B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0062%	8h	86,586.6	+0.032%	$9.42B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,631.1	+0.083%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0076%	8h	86,592.4	+0.039%	$5.86B	$10.65B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,586.3	+0.032%	$5.27B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,614.1	+0.064%	$171.9M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,618.7	+0.069%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,587	+0.032%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,585	+0.030%	$204K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,631.6	+0.084%	$4.8M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,602.6	+0.050%	$21.8M	$233.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,662	+0.119%	$3.81B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,643.6	+0.098%	$41.1M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,584.5	+0.029%	$2.55B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,606	+0.054%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,678.3	+0.138%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.166%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,626	+0.077%	$38.5M	$153.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,696.3	+0.159%	$156.8M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,636.2	+0.089%	$280.0M	$943.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,641.8	+0.096%	$217.4M	$174.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,642.9	+0.097%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,666	+0.124%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,649.2	+0.104%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,587	+0.032%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,586	+0.031%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,664.9	+0.122%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,636.5	+0.089%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,628.3	+0.080%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,636	+0.089%	$60.5M	$337.0M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,654.4	+0.110%	$2.30B	$964.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,585.5	+0.031%	$46.3M	$225.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,662.4	+0.119%	—	$98.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,680.7	+0.141%	$131.8M	$5.72B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,671.8	+0.130%	$191.8M	$937.0M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,678.6	+0.138%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0181%	8h	86,634.4	+0.087%	$415.3M	$652.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0194%	8h	86,663	+0.120%	$9.7M	$727.7M	6.4x	as long as short