Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0259%/8h= −28.4% APRpaid last 24h −0.010%

Price spread now: Phoenix against OKX−0.204%106s7-day average +0.053% · 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—prices read too far apart to compare

costs, in and out, $10k−$170.174% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 7 days+0.275%+$27 · spread now −0.204%, 7d avg +0.053%

Together, before fees+0.208%+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Phoenix is 0.257% cheaper against OKX than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of +0.053%). Swap the legs. The two prices were read 106 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.066% in total (about -3.5% 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	OKX BTC-USDT-SWAP	86,528.3	0.0100	pay 0.0100% / 8h	55m 43s	$2.54B	$12.73B	100x
Short	Phoenix BTC	86,352	−0.0159	pay 0.0020% / 1h	55m 43s	$2.2M	$11.7M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now −0.204%Rate

Funding earned: −$54.39
Price spread: −0.204% → +0.053%: −$25.66
Slippage, 4 orders: −$0.36
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$97.41
Costs to cover: 0.174%
Break-even: never at this rate

Slippage from OKX: 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 OKX live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.2 bp −$523	6.6 bp −$3,318
Sell Phoenix live order book, 3 min ago	0.06 bp	3.6 bp −$4	5.0 bp −$50	9.7 bp −$973	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 BTCshort	−0.0159%	1h	86,352	−0.204%	$2.2M	$11.7M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,460	−0.079%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,424	−0.121%	$332K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,541.5	+0.015%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,508.9	−0.022%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0005%	8h	86,521.5	−0.008%	$503.8M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,527.1	−0.001%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0008%	8h	86,515.7	−0.015%	$850.2M	$713.6M	125x	as long as short
Reya BTCRUSDPERP	+0.0024%	1h	86,489.3	−0.045%	$6.7M	$145.2M	40x	as long as short
BingX BTC-USDC	+0.0040%	8h	86,512.2	−0.019%	—	$15.4M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BTCUSDT	+0.0042%	8h	86,522.6	−0.007%	$149.9M	$478.0M	150x	as long as short
Deribit BTC-PERPETUAL	+0.0043%	1h	86,570.3	+0.048%	$917.4M	$1.49B	50x	as long as short
dYdX BTC-USD	+0.0050%	1h	86,547.3	+0.022%	$17.0M	$21.1M	50x	as long as short
Bitget BTCUSDT	+0.0051%	8h	86,520.4	−0.009%	$2.96B	$5.12B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,523.2	−0.006%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0069%	8h	86,518.9	−0.011%	$5.13B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,514.5	−0.016%	$9.43B	$24.52B	150x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,540.1	+0.014%	$5.88B	$10.69B	200x	as long as short
Aftermath Perps BTCUSD	+0.0084%	1h	86,439.6	−0.103%	$79K	$220K	20x	as long as short
Lighter BTC	+0.0096%	1h	86,529.7	+0.002%	$170.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,540.4	+0.014%	$24.0M	$151.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,502	−0.030%	$8.5M	$52.5M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,522.5	−0.007%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,520	−0.010%	$200K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,553	+0.028%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,465	−0.073%	$21.9M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,586	+0.067%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,543.8	+0.018%	$41.2M	$521.5M	50x	as long as short
OKX BTC-USDT-SWAPlong	+0.0100%	8h	86,528.3	long leg	$2.54B	$12.73B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	86,540	+0.014%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,566.5	+0.044%	$7.6M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,382.9	−0.168%	$571.1M	$18.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,529.5	+0.001%	$37.9M	$154.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,337.9	−0.220%	$155.6M	$568.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,393.2	−0.156%	$279.2M	$943.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,348.3	−0.208%	$216.7M	$173.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,396.2	−0.153%	$141.2M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,425.5	−0.119%	$30.7M	$204.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,535.4	+0.008%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,502	−0.030%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,513.3	−0.017%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,533.2	+0.006%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,553	+0.029%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,565.9	+0.043%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,459.3	−0.080%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,531	+0.003%	$60.5M	$337.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,514	−0.017%	$2.30B	$969.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,515.9	−0.014%	$45.3M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,515.4	−0.015%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,563.1	+0.040%	$192.3M	$947.8M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,483.7	−0.052%	$417K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,579.7	+0.059%	$132.4M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,481.4	−0.054%	$718K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,471.5	−0.066%	$414.6M	$655.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0190% / S −0.0213%	1h	86,518.8	−0.011%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0202%	8h	86,527	−0.002%	$9.8M	$738.3M	6.4x	as long as short