Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0021%/8h= +2.3% APRpaid last 24h +0.027%

Price spread now: Coinbase International against Phemex+0.114%59s7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

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

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.051%+$5 on $10k

Price spread, last 4 days (all we have)−0.070%−$7 · spread now +0.114%, 7d avg +0.044%

Together, before fees−0.019%−$2 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 Coinbase International is 0.069% dearer against Phemex than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.044%. The two prices were read 59 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	85,511.7	0.0091	pay 0.0091% / 8h	5h 40m	$148.2M	$478.5M	150x
Short	Coinbase International BTC-PERP-INTX	85,608.9	0.0112	get 0.0014% / 1h	40m 16s	$130.6M	$5.08B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.114%Rate

Funding earned: $4.41
Price spread: +0.114% → +0.044%: $6.92
Slippage, 4 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$10.69
Costs to cover: 0.220%
Break-even: 23.9 days

Slippage from Phemex: live order book, 4 min ago; Coinbase International: live order book, 4 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, 4 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.8 bp −$776	doesn't fit
Sell Coinbase International live order book, 4 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.5 bp −$550	12.0 bp −$6,019

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	−0.0160%	1h	85,485	−0.031%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,596	+0.099%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,579.9	+0.080%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,512.5	+0.001%	$414.8M	$661.8M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,549.1	+0.044%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,600.9	+0.104%	$36.7M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,591.1	+0.093%	$22.8M	$221.7M	50x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	85,563.3	+0.060%	$918.3M	$749.6M	125x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,576.6	+0.076%	$515.7M	$1.11B	200x	as long as short
BingX BTC-USDC	+0.0054%	8h	85,580.5	+0.080%	—	$17.1M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0067%	1h	85,576	+0.075%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,585.6	+0.086%	$2.95B	$5.02B	150x	as long as short
HTX BTC-USDT	+0.0071%	8h	85,501.8	−0.012%	$2.26B	$933.1M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.123%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,579.1	+0.079%	$2.5M	$1.7M	20x	as long as short
SunX BTC-USDT	+0.0083%	8h	85,551.4	+0.046%	$2.9M	$6.1M	100x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,581.7	+0.082%	$5.04B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,591.2	+0.093%	$9.33B	$23.91B	150x	as long as short
Phemex BTCUSDTlong	+0.0091%	8h	85,511.7	long leg	$148.2M	$478.5M	150x
Lighter BTC	+0.0096%	1h	85,578.7	+0.078%	$169.8M	$987.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,580.1	+0.080%	$23.9M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,591	+0.093%	$8.4M	$52.0M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0098%	1h	85,617.9	+0.124%	$893.1M	$1.52B	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,620.2	+0.127%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,546	+0.040%	$203K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,647	+0.158%	$3.77B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,608.8	+0.114%	$40.1M	$571.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,599.6	+0.103%	$5.34B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,599.6	+0.103%	$2.56B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,562	+0.059%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,542.6	+0.036%	$7.2M	$97.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	+0.060%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,595.8	+0.098%	$5.55B	$10.47B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,518.2	+0.008%	$35.0M	$171.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,503.7	−0.009%	$154.4M	$549.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,579.7	+0.080%	$278.9M	$926.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,591.1	+0.093%	$214.8M	$164.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,603.5	+0.107%	$140.0M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,631	+0.140%	$30.3M	$211.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,632.7	+0.141%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,572	+0.071%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,591.9	+0.094%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,586.9	+0.088%	$2.3M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,631.8	+0.140%	$197K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,587.6	+0.089%	$30.0M	$52.5M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,587	+0.088%	$59.9M	$336.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,562.7	+0.060%	$44.1M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,543.4	+0.037%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0112%	1h	85,608.9	+0.114%	$130.6M	$5.08B	50x
RISEx BTC/USDC	+0.0120%	1h	85,607.3	+0.112%	$8.3M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,600.6	+0.104%	$187.8M	$948.4M	100x	as long as short
Aftermath Perps BTCUSD	+0.0194%	1h	85,589.4	+0.091%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,675.7	+0.192%	$704K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,592	+0.094%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,576	+0.075%	$10.6M	$760.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,585	+0.086%	$522K	$19.5M	6.7x	as long as short