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= +8.4% APRpaid last 24h +0.008%

Price spread now: Arcus against Phemex+0.081%7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$180.181% of the position

Long on Phemex Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.034%+$3 on $10k

Price spread, last 3 days (all we have)+0.026%+$3 · spread now +0.081%, 7d avg +0.020%

Together, before fees+0.060%+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Arcus is 0.061% dearer against Phemex than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	86,619.1	0.0023	pay 0.0023% / 8h	2h 32m	$149.6M	$471.3M	150x
Short	Arcus BTC-USD	86,689.3	0.0100	get 0.0013% / 1h	32m 48s	$7.5M	$93.6M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Phemex. 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 PhemexbpFee ArcusbpOrdersPrice spread, now +0.081%Rate

Funding earned: $16.08
Price spread: +0.081% → +0.020%: $6.07
Slippage, 4 orders: −$1.63
Fee Phemex: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $4.03
Costs to cover: 0.181%
Break-even: 5.2 days

Slippage from Phemex: live order book, 6 min ago; Arcus: live order book, 1 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 Phemex live order book, 6 min ago	0.01 bp	6.0 bp −$6	6.2 bp −$62	7.8 bp −$778	doesn't fit
Sell Arcus live order book, 1 min ago	0.01 bp	2.3 bp −$2	2.3 bp −$23	4.0 bp −$401	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
Aftermath Perps BTCUSD	−0.0230%	1h	86,618.2	−0.001%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,644.6	+0.029%	$428K	$24.9M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,539	−0.092%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0083%	1h	86,671.7	+0.061%	$17.6M	$20.5M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,624	+0.006%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,648.7	+0.034%	$363K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,654.7	+0.041%	$935.6M	$1.44B	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	86,606.4	−0.015%	$844.0M	$704.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,645.9	+0.031%	$37.0M	—	200x	as long as short
Aster BTCUSDT	+0.0009%	8h	86,605.1	−0.016%	$505.7M	$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	86,617.5	−0.002%	$6.7M	$144.3M	40x	as long as short
BingX BTC-USDT	+0.0022%	8h	86,617.5	−0.002%	—	$1.59B	—	as long as short
Phemex BTCUSDTlong	+0.0023%	8h	86,619.1	long leg	$149.6M	$471.3M	150x
Bitget BTCUSDT	+0.0030%	8h	86,617.2	−0.002%	$2.95B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,627.1	+0.009%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	+0.023%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0052%	8h	86,611.2	−0.009%	$5.19B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0053%	8h	86,611.2	−0.009%	$9.44B	$24.31B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,636.8	+0.020%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0072%	8h	86,627	+0.009%	$2.56B	$12.70B	100x	as long as short
Gate BTC_USDT	+0.0073%	8h	86,621.5	+0.003%	$5.86B	$10.63B	200x	as long as short
Bybit BTCUSDT	+0.0082%	8h	86,614.2	−0.006%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0092%	8h	86,584.3	−0.040%	$160.0M	$567.1M	—	as long as short
Lighter BTC	+0.0096%	1h	86,629.3	+0.012%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,639.8	+0.024%	$24.0M	$153.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,621	+0.002%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,615	−0.005%	$194K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,680.4	+0.071%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,626	+0.008%	$21.6M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,687	+0.078%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,661	+0.048%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,637	+0.021%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USDshort	+0.0100%	1h	86,689.3	+0.081%	$7.5M	$93.6M	40x
Bulk BTC-USD	+0.0100%	1h	86,606.9	−0.014%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,616.6	−0.003%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587.1	−0.037%	$279.7M	$950.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,619.4	0.000%	$217.4M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,686.6	+0.078%	$141.7M	$322.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,593.6	−0.029%	$30.8M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,683.5	+0.074%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,632	+0.015%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,624.6	+0.006%	$195K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,642.7	+0.027%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,647	+0.032%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,632.2	+0.015%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,628.9	+0.011%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,620	+0.001%	$60.5M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,626.5	+0.009%	$2.30B	$957.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,596.4	−0.026%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,645.3	+0.030%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,657.7	+0.045%	$188.8M	$930.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,665	+0.053%	$132.0M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0123%	8h	86,654	+0.040%	$8.8M	$723.5M	6.4x	as long as short
BloFin BTC-USDT	+0.0173%	8h	86,611.4	−0.009%	$416.8M	$652.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,638.2	+0.022%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,648.5	+0.034%	$614K	$7.1M	30x	as long as short