Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.016%

Price spread now: Bullet against Phemex+0.002%7-day average +0.003% · 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−$22as in the Price arb table

costs, in and out, $10k−$220.223% of the position

Long on Phemex Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.027%+$3 on $10k

Price spread, last 4 days (all we have)+0.069%+$7 · spread now +0.002%, 7d avg +0.003%

Together, before fees+0.096%+$10 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	86,072.8	0.0100	pay 0.0100% / 8h	7h 16m	$167.2M	$500.6M	150x
Short	Bullet BTC-USD	86,074.6	0.0100	get 0.0013% / 1h	16m 09s	$211K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now +0.002%Rate

Funding earned: $0
Price spread: +0.002% → +0.003%: −$0.12
Slippage, 4 orders: −$2.27
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$22.39
Costs to cover: 0.223%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Bullet: live order book, 3 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, 3 min ago	0.01 bp	6.0 bp −$6	6.5 bp −$65	8.3 bp −$833	doesn't fit
Sell Bullet live order book, 3 min ago	0.06 bp	4.8 bp −$5	7.5 bp −$75	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
Bluefin BTC-PERP	−0.0549%	1h	86,121.7	+0.057%	$195K	$684K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,949	−0.144%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,950	−0.143%	$424.0M	$623.5M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,981.2	−0.106%	$354K	$2.1M	50x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,924	−0.173%	$308K	$26.8M	52x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,960	−0.131%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0025%	8h	86,062.1	−0.012%	$924.2M	$687.1M	125x	as long as short
Aster BTCUSDT	+0.0043%	8h	86,024.4	−0.056%	$506.3M	$995.4M	200x	as long as short
dYdX BTC-USD	+0.0044%	1h	85,967.8	−0.122%	$16.8M	$19.5M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	86,088.9	+0.019%	$188.5M	$874.1M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,933	−0.162%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDT	+0.0080%	8h	86,024.9	−0.056%	—	$1.48B	—	as long as short
Nado BTC-PERP	+0.0086%	1h	85,974.1	−0.115%	$22.4M	$210.2M	50x	as long as short
Bybit BTCUSDT	+0.0089%	8h	86,053.1	−0.023%	$5.11B	$9.17B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,078.6	+0.007%	$173.1M	$960.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,082.7	+0.012%	$23.2M	$136.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,974	−0.115%	$8.8M	$52.3M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,068.5	−0.005%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,966	−0.124%	$249K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,008.6	−0.075%	$5.8M	$9.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,991.2	−0.095%	$40.4M	$591.1M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,043.2	−0.034%	$9.43B	$23.21B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,035.6	−0.043%	$2.61B	$10.87B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,977	−0.111%	$3.9M	$16.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,988.7	−0.098%	$4.7M	$95.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,041.2	−0.037%	$5.50B	$10.10B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,065.6	−0.008%	$5.09B	$5.83B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	86,036.4	−0.042%	$2.99B	$4.62B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,044.3	−0.033%	$37.9M	$187.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,817.8	−0.296%	$156.4M	$529.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,822.2	−0.291%	$287.2M	$971.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,846.1	−0.263%	$215.6M	$155.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,826.9	−0.286%	$137.1M	$305.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,905.6	−0.194%	$30.3M	$214.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,091.9	+0.022%	—	$9.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,057	−0.018%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	86,074.6	+0.002%	$211K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,066.5	−0.007%	$2.6M	$9.4M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,444.6	−0.730%	$28.8M	$52.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,971.6	−0.118%	$3.1M	$7.0M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,064	−0.010%	$60.2M	$258.0M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,065	−0.009%	$2.27B	$916.0M	200x	as long as short
Phemex BTCUSDTlong	+0.0100%	8h	86,072.8	long leg	$167.2M	$500.6M	150x
Bulk BTC-USD	+0.0100%	1h	85,869.6	−0.236%	$707.4M	$169.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,043	−0.035%	$46.4M	$225.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,990.2	−0.096%	—	$94.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,111	+0.044%	$112.7M	$5.33B	50x	as long as short
Reya BTCRUSDPERP	+0.0152%	1h	85,897.3	−0.204%	$6.6M	$134.6M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0153%	1h	86,112.8	+0.046%	$830.1M	$1.61B	50x	as long as short
Hyperliquid BTC	+0.0155%	1h	86,114	+0.048%	$3.87B	$4.77B	40x	as long as short
Kalshi KXBTCPERP	+0.0189%	8h	86,009	−0.074%	$11.0M	$726.7M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,967.7	−0.122%	$9.0M	$40.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0198% / S −0.0174%	1h	85,957.3	−0.134%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0328%	1h	85,948	−0.145%	$698K	$7.4M	30x	as long as short
Aftermath Perps BTCUSD	+0.0363%	1h	85,841.8	−0.268%	$81K	$256K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,922.7	−0.174%	$481K	$17.0M	6.7x	as long as short