Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0086%/8h= +9.4% APRpaid last 24h +0.007%

Price spread now: Backpack against Phemex−0.002%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$220.220% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.079%−$8 on $10k

Price spread, last 3 days (all we have)+0.021%+$2 · spread now −0.002%, 7d avg −0.029%

Together, before fees−0.059%−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.026% dearer against Phemex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.029%. Mind the row above: over the last 7 days funding on this pair cost −0.079%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	86,900	0.0014	pay 0.0014% / 8h	2h 58m	$149.3M	$468.0M	150x
Short	Backpack BTC_USDC_PERP	86,897.9	0.0100	get 0.0013% / 1h	58m 29s	$38.5M	$147.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now −0.002%Rate

Funding earned: $18.07
Price spread: −0.002% → −0.029%: $2.62
Slippage, 4 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$1.33
Costs to cover: 0.220%
Break-even: 7.5 days

Slippage from Phemex: live order book, 6 min ago; Backpack: 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	8.7 bp −$866	doesn't fit
Sell Backpack live order book, 1 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.9 bp −$693	42.5 bp −$21.3K

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
Perpl BTC	−0.0335%	43m	86,902.3	+0.003%	$419K	$25.5M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0178%	1h	86,926.8	+0.031%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0123%	1h	86,928	+0.032%	$2.2M	$11.7M	40x	as long as short
dYdX BTC-USD	−0.0108%	1h	86,918.8	+0.022%	$18.1M	$20.0M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,889	−0.013%	$9K	$3K	50x	as long as short
Bluefin BTC-PERP	−0.0006%	1h	86,903.6	+0.004%	$160K	$575K	40x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,866.4	−0.039%	$838.4M	$708.9M	125x	as long as short
Deribit BTC-PERPETUAL	+0.0001%	1h	86,954.8	+0.063%	$925.7M	$1.38B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,841.5	−0.067%	$36.7M	—	200x	as long as short
01 Exchange BTCUSD	+0.0008%	1h	86,886.4	−0.016%	$367K	$2.5M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BTCUSDTlong	+0.0014%	8h	86,900	long leg	$149.3M	$468.0M	150x
BingX BTC-USDT	+0.0018%	8h	86,883.9	−0.019%	—	$1.59B	—	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,839.8	−0.069%	$6.8M	$143.6M	40x	as long as short
Aster BTCUSDT	+0.0022%	8h	86,887.6	−0.014%	$507.1M	$1.17B	200x	as long as short
Bitget BTCUSDT	+0.0024%	8h	86,853.9	−0.053%	$2.96B	$5.12B	150x	as long as short
SoDEX BTC-USD	+0.0034%	1h	86,907	+0.008%	$60.9M	$336.4M	40x	as long as short
ApeX Omni BTCUSDT	+0.0043%	1h	86,961.7	+0.071%	$142.1M	$322.3M	100x	as long as short
Binance BTCUSDT	+0.0047%	8h	86,850.5	−0.057%	$9.47B	$24.41B	150x	as long as short
MEXC BTC_USDT	+0.0047%	8h	86,840.9	−0.068%	$5.21B	$5.59B	500x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,924.8	+0.029%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,984	+0.097%	$316K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0053%	8h	86,857.4	−0.049%	$2.60B	$12.78B	100x	as long as short
Gate BTC_USDT	+0.0061%	8h	86,883.9	−0.018%	$5.87B	$10.51B	200x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,887.5	−0.014%	$9.3M	$42.2M	25x	as long as short
Bybit BTCUSDT	+0.0076%	8h	86,857.1	−0.049%	$5.32B	$9.74B	150x	as long as short
Variational Omni BTC	+0.0087%	8h	87,051.5	+0.174%	$161.3M	$562.4M	—	as long as short
Popdex BTCUSDT	+0.0088%	1h	86,864	−0.041%	$8.5M	$52.2M	100x	as long as short
Lighter BTC	+0.0096%	1h	86,899.6	0.000%	$173.0M	$998.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,915.5	+0.018%	$24.2M	$152.2M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	86,958.8	+0.068%	$218.3M	$188.5M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0096%	8h	86,930.8	+0.035%	$2.5M	$8.4M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,925.6	+0.030%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,865	−0.040%	$190K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,880.7	−0.022%	$23.2M	$238.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,926	+0.030%	$3.87B	$5.13B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,925.8	+0.030%	$41.7M	$484.5M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,895	−0.006%	$4.0M	$18.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,959.9	+0.069%	$7.6M	$95.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,919.5	+0.022%	$573.8M	$23.8M	40x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	86,897.9	−0.002%	$38.5M	$147.6M	75x
edgeX BTCUSDC	+0.0100%	4h	86,942.3	+0.049%	$280.8M	$944.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,944	+0.051%	$30.9M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,932.6	+0.037%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,862	−0.044%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,821.2	−0.091%	$202K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,920.8	+0.024%	$30.1M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,926.5	+0.030%	$3.4M	$5.6M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,914	+0.016%	$2.31B	$957.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,870.9	−0.034%	$46.5M	$230.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	87,001.9	+0.117%	—	$98.0M	500x	as long as short
Kalshi KXBTCPERP	+0.0105%	8h	86,984	+0.097%	$8.8M	$728.4M	6.4x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,952.5	+0.060%	$195.4M	$927.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,959	+0.068%	$132.6M	$5.99B	50x	as long as short
BloFin BTC-USDT	+0.0167%	8h	86,893.9	−0.007%	$420.5M	$644.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0200%	1h	86,940.7	+0.047%	$15.5M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	86,974	+0.085%	$753K	$7.0M	30x	as long as short