Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0073%/8h= −8.0% APRpaid last 24h −0.014%

Price spread now: dYdX against Phemex+0.026%7-day average +0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$330.330% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.076%−$8 on $10k

Price spread, last 3 days (all we have)+0.002%$0 · spread now +0.026%, 7d avg +0.014%

Together, before fees−0.074%−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.014%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	86,533.9	0.0100	pay 0.0100% / 8h	7h 58m	$152.8M	$479.5M	150x
Short	dYdX BTC-USD	86,556.2	0.0027	get 0.0003% / 1h	58m 00s	$17.0M	$21.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$15.33
Price spread: +0.026% → +0.014%: $1.21
Slippage, 4 orders: −$10.97
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$47.08
Costs to cover: 0.330%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; dYdX: 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	6.0 bp −$60	7.7 bp −$767	doesn't fit
Sell dYdX live order book, 1 min ago	2.54 bp	13.4 bp −$13	17.4 bp −$174	22.0 bp −$2,201	53.4 bp −$26.7K

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	−0.2924%	1h	86,564.5	+0.035%	$140K	$664K	40x	as long as short
Phoenix BTC	−0.0118%	1h	86,586	+0.060%	$2.2M	$11.1M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,520	−0.016%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,540.9	+0.008%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,549.3	+0.018%	$414K	$22.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,558.2	+0.028%	$37.0M	—	200x	as long as short
Aster BTCUSDT	+0.0016%	8h	86,519.8	−0.016%	$501.9M	$1.15B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.095%	$333K	$26.9M	52x	as long as short
dYdX BTC-USDshort	+0.0027%	1h	86,556.2	+0.026%	$17.0M	$21.2M	50x
KuCoin XBTUSDTM	+0.0028%	8h	86,524.6	−0.011%	$835.0M	$728.6M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0039%	1h	86,524.6	−0.011%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0045%	8h	86,517	−0.020%	—	$1.59B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,544.1	+0.012%	$8.4M	$42.8M	25x	as long as short
Bitget BTCUSDT	+0.0058%	8h	86,515.4	−0.021%	$2.97B	$5.12B	150x	as long as short
SoDEX BTC-USD	+0.0065%	1h	86,520	−0.016%	$60.5M	$338.0M	40x	as long as short
MEXC BTC_USDT	+0.0076%	8h	86,509.9	−0.028%	$5.14B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0077%	8h	86,508.8	−0.029%	$9.44B	$24.55B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,544.1	+0.012%	$2.5M	$1.2M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0092%	1h	86,559.2	+0.029%	$909.6M	$1.50B	50x	as long as short
Lighter BTC	+0.0096%	1h	86,545.5	+0.013%	$170.4M	$979.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,550	+0.019%	$23.7M	$148.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,524	−0.011%	$8.5M	$52.2M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,510.3	−0.027%	$5.27B	$9.78B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,513	−0.024%	$198K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,557.1	+0.027%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,548.5	+0.017%	$22.0M	$233.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,607	+0.084%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,553.4	+0.023%	$40.8M	$540.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,513.1	−0.024%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,539	+0.006%	$3.9M	$18.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,568.3	+0.040%	$7.3M	$96.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,523.6	−0.012%	$572.9M	$12.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,520.1	−0.016%	$5.87B	$10.42B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,527.3	−0.008%	$37.8M	$156.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,554.4	+0.024%	$157.4M	$568.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,550.1	+0.019%	$279.6M	$948.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,585.4	+0.059%	$217.4M	$171.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,575	+0.047%	$141.8M	$323.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,590	+0.065%	$30.7M	$208.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,583.9	+0.058%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,523	−0.013%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,536	+0.002%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,518.3	−0.018%	$2.5M	$9.3M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,556.5	+0.026%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,529.9	−0.005%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,516.5	−0.020%	$2.30B	$969.9M	200x	as long as short
Phemex BTCUSDTlong	+0.0100%	8h	86,533.9	long leg	$152.8M	$479.5M	150x
Extended BTC-USD	+0.0104%	1h	86,498.1	−0.041%	$45.8M	$224.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,563.8	+0.035%	—	$100.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,563	+0.034%	$132.2M	$5.63B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,550.3	+0.019%	$193.4M	$951.1M	100x	as long as short
Aftermath Perps BTCUSD	+0.0163%	1h	86,564.6	+0.035%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,624.7	+0.105%	$717K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0197%	8h	86,561	+0.031%	$415.4M	$659.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0224%	1h	86,551.5	+0.020%	$14.9M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	86,576	+0.049%	$10.0M	$756.5M	6.4x	as long as short