Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0077%/8h= −8.5% APRpaid last 24h −0.019%

Price spread now: Phemex against Ondo Perps+0.034%7-day average −0.006% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Ondo Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.095%−$9 on $10k

Price spread, last 3 days (all we have)−0.118%−$12 · spread now +0.034%, 7d avg −0.006%

Together, before fees−0.212%+ Points / potential airdropOndo Perps: Active · farm board−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.040% dearer against Ondo Perps than usual: you sell high and buy low (spread +0.034% now, against its 7-day average of −0.006%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 41 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps BTC-USD.P	86,718	0.0100	pay 0.0013% / 1h	25m 50s	$3.9M	$18.6M	25x
Short	Phemex BTCUSDT	86,747.9	0.0023	get 0.0023% / 8h	2h 25m	$150.3M	$471.8M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpFee PhemexbpOrdersPrice spread, now +0.034%Rate

Funding earned: −$16.27
Price spread: +0.034% → −0.006%: $4.01
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$29.26
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Phemex: live order book, 3 min ago. Net counts fees only.

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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.2 bp −$620	doesn't fit

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0235%	1h	86,655	−0.073%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,737.5	+0.022%	$431K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,583	−0.156%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,653	−0.075%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0073%	1h	86,784.5	+0.077%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,756.3	+0.044%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,785.2	+0.077%	$935.2M	$1.45B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,742.6	+0.028%	$847.6M	$704.9M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,782.1	+0.074%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0009%	8h	86,743	+0.029%	$506.6M	$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	86,736.1	+0.021%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDTshort	+0.0023%	8h	86,747.9	+0.034%	$150.3M	$471.8M	150x
BingX BTC-USDC	+0.0025%	8h	86,742.5	+0.028%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0032%	8h	86,744	+0.030%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.091%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0055%	8h	86,751.4	+0.039%	$5.19B	$5.68B	500x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,754	+0.042%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0057%	8h	86,745.5	+0.032%	$9.45B	$24.33B	150x	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	+0.0078%	8h	86,767.4	+0.057%	$2.56B	$12.74B	100x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,751.1	+0.038%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0083%	8h	86,751	+0.038%	$5.28B	$9.69B	150x	as long as short
Variational Omni BTC	+0.0095%	8h	86,614.5	−0.119%	$160.3M	$564.8M	—	as long as short
Lighter BTC	+0.0096%	1h	86,758.4	+0.047%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,760.1	+0.049%	$24.0M	$153.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,731	+0.015%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,723	+0.006%	$195K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,752.1	+0.039%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,698.7	−0.022%	$21.8M	$235.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,812	+0.108%	$3.82B	$5.13B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,757.7	+0.046%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.Plong	+0.0100%	1h	86,718	long leg	$3.9M	$18.6M	25x
Arcus BTC-USD	+0.0100%	1h	86,787.2	+0.080%	$7.8M	$94.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.162%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,760.1	+0.049%	$38.2M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587	−0.151%	$279.7M	$950.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,622.1	−0.111%	$217.5M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,626.6	−0.105%	$141.4M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,625.2	−0.107%	$30.8M	$205.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,777.7	+0.069%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,739	+0.024%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,756.5	+0.044%	$198K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,783.6	+0.076%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,793.6	+0.087%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,758.8	+0.047%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,741.8	+0.027%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,751	+0.038%	$60.6M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,759.1	+0.047%	$2.30B	$958.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,741.6	+0.027%	$46.3M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,759.8	+0.048%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,783.4	+0.075%	$188.5M	$932.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,796	+0.090%	$132.3M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0130%	8h	86,763	+0.052%	$9.6M	$725.8M	6.4x	as long as short
BloFin BTC-USDT	+0.0175%	8h	86,679.4	−0.045%	$417.3M	$653.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0201%	1h	86,773.4	+0.064%	$14.7M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,666.7	−0.059%	$614K	$7.1M	30x	as long as short