Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:48 UTC−0.0270%/8h= −29.5% APRpaid last 24h +0.022%

Price spread now: Phemex against Perpl+0.008%7-day average −0.013% · you sell dearer than you buy

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

Long on Perpl Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.368%−$37 on $10k

Price spread, last 4 days (all we have)−0.100%−$10 · spread now +0.008%, 7d avg −0.013%

Together, before fees−0.468%+ Points / potential airdropPerpl: Active · farm board−$47 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.021% dearer against Perpl than usual: you sell high and buy low (spread +0.008% now, against its 7-day average of −0.013%): +$2 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl BTC	85,617.5	0.0335	pay 0.0030% / 43m	14m 02s	$496K	$18.8M	6.7x
Short	Phemex BTCUSDT	85,624.2	0.0065	get 0.0065% / 8h	4h 00m	$148.6M	$489.1M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Perpl. 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 PerplbpFee PhemexbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$56.6
Price spread: +0.008% → −0.013%: $2.11
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$80.28
Costs to cover: 0.258%
Break-even: never at this rate

Slippage unknown: Perpl: no order-book sample; Phemex: live order book, 4 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 Perpl no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.5 bp −$65	7.5 bp −$746	doesn't fit

Perpl: 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
Phoenix BTC	−0.0179%	1h	85,565	−0.061%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,581	−0.043%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,603.9	−0.016%	$367K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0035%	8h	85,603.4	−0.016%	$922.1M	$752.1M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,600	−0.020%	$417.7M	$670.1M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,636.3	+0.022%	$36.6M	—	200x	as long as short
dYdX BTC-USD	+0.0010%	1h	85,629.7	+0.014%	$16.8M	$21.3M	50x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,600.6	−0.020%	$25.0M	$221.9M	50x	as long as short
Aster BTCUSDT	+0.0014%	8h	85,628.6	+0.013%	$516.1M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,603.5	−0.016%	$4.2M	$98.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0063%	8h	85,628.6	+0.013%	—	$1.54B	—	as long as short
Phemex BTCUSDTshort	+0.0065%	8h	85,624.2	+0.008%	$148.6M	$489.1M	150x
Bitget BTCUSDT	+0.0079%	8h	85,662.2	+0.052%	$2.96B	$5.10B	150x	as long as short
Bluefin BTC-PERP	+0.0081%	1h	85,675.6	+0.068%	$207K	$739K	40x	as long as short
Reya BTCRUSDPERP	+0.0088%	1h	85,626.4	+0.010%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,642.4	+0.029%	$172.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,641.9	+0.028%	$23.9M	$149.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,618	+0.001%	$8.7M	$53.6M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,618.2	+0.001%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,586	−0.037%	$204K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,670.3	+0.062%	$5.2M	$9.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,714	+0.113%	$3.79B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,644.7	+0.032%	$40.3M	$581.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,623.8	+0.007%	$9.38B	$24.19B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,618.1	+0.001%	$5.20B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,677.3	+0.070%	$2.59B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,624	+0.008%	$3.8M	$17.8M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	−0.152%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,625.6	+0.009%	$5.52B	$10.78B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,630.2	+0.015%	$5.07B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,614.6	−0.003%	$35.7M	$177.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,565.9	−0.060%	$153.8M	$564.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,523.8	−0.109%	$279.4M	$922.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,554.3	−0.074%	$214.7M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,562.4	−0.064%	$139.9M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,544.2	−0.086%	$30.2M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,662.5	+0.053%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,620	+0.003%	$11.1M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,633.7	+0.019%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,626.8	+0.011%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,618.9	+0.002%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,595.5	−0.026%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,633	+0.018%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,620.6	+0.004%	$2.27B	$943.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,632.9	+0.018%	$44.8M	$231.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,592.5	−0.029%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,665.9	+0.057%	$117.3M	$5.21B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0106%	1h	85,669.5	+0.061%	$886.7M	$1.58B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,610	−0.009%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,648.4	+0.036%	$187.7M	$953.6M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,638.9	+0.025%	$8.4M	$42.6M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,634.1	+0.019%	$13.2M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0211%	1h	85,558.2	−0.069%	$78K	$220K	20x	as long as short
Kalshi KXBTCPERP	+0.0220%	8h	85,638	+0.024%	$10.4M	$755.0M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,621.2	+0.004%	$702K	$7.8M	30x	as long as short
Perpl BTClong	+0.0335%	43m	85,617.5	long leg	$496K	$18.8M	6.7x