Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h −0.153%

Price spread now: Bluefin against Phemex+0.054%7-day average −0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

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

costs, in and out, $10k−$260.258% of the position

Long on Phemex Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.227%−$23 on $10k

Price spread, last 4 days (all we have)−0.051%−$5 · spread now +0.054%, 7d avg −0.017%

Together, before fees−0.278%−$28 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Bluefin is 0.071% dearer against Phemex than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.017%. Mind the row above: over the last 7 days funding on this pair cost −0.227%, 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	85,603.9	0.0068	pay 0.0068% / 8h	3h 54m	$148.7M	$489.6M	150x
Short	Bluefin BTC-PERP	85,650.2	0.0100	get 0.0013% / 1h	54m 04s	$207K	$739K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now +0.054%Rate

Funding earned: $6.81
Price spread: +0.054% → −0.017%: $7.13
Slippage, 4 orders: −$6.79
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$11.85
Costs to cover: 0.258%
Break-even: 19.2 days

Slippage from Phemex: live order book, 5 min ago; Bluefin: live order book, 65 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, 5 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.4 bp −$739	doesn't fit
Sell Bluefin live order book, 65 min ago	2.16 bp	6.1 bp −$6	11.3 bp −$113	doesn't fit	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 BTC	−0.0179%	1h	85,646	+0.049%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,688	+0.098%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0037%	8h	85,591.4	−0.015%	$922.9M	$755.9M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,677.2	+0.086%	$417.5M	$676.0M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,654.6	+0.059%	$367K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,678.6	+0.087%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,638.1	+0.040%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,676.5	+0.085%	$24.8M	$222.7M	50x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,607.4	+0.004%	$515.8M	$1.10B	200x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,690	+0.101%	$340K	$26.9M	52x	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	85,605.1	+0.001%	—	$1.55B	—	as long as short
Phemex BTCUSDTlong	+0.0068%	8h	85,603.9	long leg	$148.7M	$489.6M	150x
Bitget BTCUSDT	+0.0080%	8h	85,600.1	−0.004%	$2.96B	$5.11B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0088%	1h	85,640.6	+0.043%	$885.4M	$1.58B	50x	as long as short
Reya BTCRUSDPERP	+0.0090%	1h	85,621.1	+0.020%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,610.7	+0.008%	$172.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,613.5	+0.011%	$23.9M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,655	+0.060%	$8.7M	$54.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,601.4	−0.003%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,638	+0.040%	$201K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,745.9	+0.166%	$5.3M	$9.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,685	+0.095%	$3.79B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,709.5	+0.123%	$40.5M	$582.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,625	+0.025%	$9.41B	$24.29B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,601.1	−0.003%	$5.19B	$9.83B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,611.9	+0.009%	$2.59B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,672	+0.080%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,656.9	+0.062%	$4.4M	$98.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,605.5	+0.002%	$5.52B	$10.73B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,598.1	−0.007%	$5.07B	$5.63B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,586.1	−0.021%	$35.7M	$176.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,637.7	+0.039%	$153.8M	$564.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,615.1	+0.013%	$279.7M	$922.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,633.8	+0.035%	$214.9M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,629.8	+0.030%	$140.0M	$315.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,638.2	+0.040%	$30.3M	$208.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,693.3	+0.104%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,636	+0.037%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,623.8	+0.023%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,603.1	−0.001%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	85,650.2	+0.054%	$207K	$739K	40x
Derive BTC-PERP	+0.0100%	1h	85,598.6	−0.006%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,650.9	+0.055%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,598	−0.007%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,601	−0.003%	$2.27B	$946.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,665.1	+0.071%	$677.0M	$718.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,576.5	−0.032%	$44.8M	$231.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,703.1	+0.116%	—	$107.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,636	+0.037%	$117.4M	$5.22B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,615.4	+0.013%	$187.5M	$956.4M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,698.5	+0.110%	$8.9M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,635.3	+0.037%	$13.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	85,678	+0.087%	$12.0M	$757.2M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0222%	1h	85,643.2	+0.046%	$78K	$220K	20x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,684.6	+0.094%	$704K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,638.4	+0.040%	$496K	$18.8M	6.7x	as long as short