Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h −0.025%

Price spread now: Jupiter Perps against Phemex+0.027%7-day average +0.013% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Jupiter Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.102%−$10 on $10k

Price spread, last 3 days (all we have)+0.022%+$2 · spread now +0.027%, 7d avg +0.013%

Together, before fees−0.080%−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.013%, 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	86,636.9	0.0024	pay 0.0024% / 8h	2h 27m	$149.9M	$471.4M	150x
Short	Jupiter Perps WBTC-PERP	86,660.6	L +0.0104% / S +0.0048%	pay 0.0006% / 1h	27m 58s	—	$98.4M	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Jupiter Perps against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Jupiter PerpsbpOrdersPrice spread, now +0.027%Rate

Funding earned: −$15.21
Price spread: +0.027% → +0.013%: $1.44
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Net: −$37.77
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 6 min ago; Jupiter Perps: no order-book sample. Net counts fees only.

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	7.3 bp −$728	doesn't fit
Sell Jupiter Perps no order-book sample	—	—	—	—	—

Jupiter Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Aftermath Perps BTCUSD	−0.0235%	1h	86,626.7	−0.012%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,651.2	+0.017%	$428K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,583	−0.062%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,628	−0.010%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0080%	1h	86,626.4	−0.012%	$17.6M	$20.5M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,655.1	+0.021%	$362K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,658.9	+0.025%	$935.3M	$1.44B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,645.4	+0.010%	$844.3M	$704.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,647.7	+0.012%	$36.8M	—	200x	as long as short
Aster BTCUSDT	+0.0007%	8h	86,652.5	+0.018%	$506.1M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,625.4	−0.013%	$6.7M	$144.4M	40x	as long as short
BingX BTC-USDC	+0.0023%	8h	86,660.5	+0.027%	—	$15.2M	—	as long as short
Phemex BTCUSDTlong	+0.0024%	8h	86,636.9	long leg	$149.9M	$471.4M	150x
Bitget BTCUSDT	+0.0032%	8h	86,662.1	+0.029%	$2.95B	$5.07B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	+0.002%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0053%	8h	86,661.8	+0.029%	$5.20B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0054%	8h	86,667.9	+0.036%	$9.44B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,626.8	−0.012%	$2.4M	$1.3M	20x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,649.7	+0.015%	$9.1M	$42.0M	25x	as long as short
Gate BTC_USDT	+0.0076%	8h	86,669.7	+0.038%	$5.86B	$10.64B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0076%	8h	86,679.8	+0.050%	$2.56B	$12.71B	100x	as long as short
Bybit BTCUSDT	+0.0082%	8h	86,668.7	+0.037%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0095%	8h	86,614.5	−0.026%	$160.3M	$564.8M	—	as long as short
Lighter BTC	+0.0096%	1h	86,635.2	−0.002%	$172.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,639.7	+0.003%	$24.0M	$153.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,639	+0.002%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,632	−0.006%	$193K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,690.7	+0.062%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,638.1	+0.001%	$21.7M	$235.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,712	+0.087%	$3.82B	$5.13B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,670.7	+0.039%	$40.9M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,647	+0.012%	$3.9M	$18.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,710.7	+0.085%	$7.5M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.068%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,632.7	−0.005%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587	−0.058%	$279.7M	$950.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,622.1	−0.017%	$217.5M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,626.6	−0.012%	$141.4M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,606.5	−0.035%	$30.8M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,686.9	+0.058%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,642	+0.006%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,627	−0.011%	$196K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,642.3	+0.006%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,653.2	+0.019%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,636.1	−0.001%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,643.8	+0.008%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,619	−0.021%	$60.5M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,626.4	−0.012%	$2.30B	$957.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,648.2	+0.013%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERPshort	L +0.0104% / S +0.0048%	1h	86,660.6	+0.027%	—	$98.4M	500x
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,651.4	+0.017%	$188.7M	$931.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,664.1	+0.031%	$131.9M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0126%	8h	86,660	+0.027%	$8.9M	$723.6M	6.4x	as long as short
BloFin BTC-USDT	+0.0174%	8h	86,596.5	−0.047%	$417.0M	$653.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,641.1	+0.005%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,636.4	−0.001%	$614K	$7.1M	30x	as long as short