Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0042%/8h= −4.6% APRpaid last 24h +0.015%

Price spread now: Nado against Phemex−0.055%7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$190.191% of the position

Long on Phemex Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.038%+$4 on $10k

Price spread, last 4 days (all we have)+0.100%+$10 · spread now −0.055%, 7d avg −0.004%

Together, before fees+0.139%+ Points / potential airdropNado: Active · farm board+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Nado is 0.051% cheaper against Phemex than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.004%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	85,467	0.0100	pay 0.0100% / 8h	4h 46m	$151.0M	$483.1M	150x
Short	Nado BTC-PERP	85,420.4	0.0058	get 0.0007% / 1h	46m 35s	$22.6M	$219.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.055%Rate

Funding earned: −$8.73
Price spread: −0.055% → −0.004%: −$5.05
Slippage, 4 orders: −$0.14
Fee Phemex: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$32.93
Costs to cover: 0.191%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Nado: 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	6.9 bp −$69	7.7 bp −$771	doesn't fit
Sell Nado live order book, 3 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.3 bp −$434	10.9 bp −$5,429

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	−0.1041%	1h	85,488.9	+0.026%	$194K	$725K	40x	as long as short
Phoenix BTC	−0.0179%	1h	85,568	+0.118%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,464	−0.004%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,483.2	+0.019%	$366K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,469.1	+0.002%	$417.7M	$665.3M	150x	as long as short
KuCoin XBTUSDTM	−0.0003%	8h	85,419.8	−0.055%	$916.8M	$749.5M	125x	as long as short
dYdX BTC-USD	0.0000%	1h	85,499.7	+0.038%	$16.7M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,502.2	+0.041%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,460	−0.008%	$515.0M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,471.3	+0.005%	$6.9M	$97.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0058%	8h	85,473.2	+0.007%	—	$17.1M	—	as long as short
Nado BTC-PERPshort	+0.0058%	1h	85,420.4	−0.055%	$22.6M	$219.1M	50x
Bitget BTCUSDT	+0.0075%	8h	85,469.9	+0.003%	$2.96B	$5.02B	150x	as long as short
Reya BTCRUSDPERP	+0.0078%	1h	85,457.6	−0.011%	$6.7M	$146.6M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,463	−0.005%	$2.4M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,480.9	+0.016%	$9.33B	$24.01B	150x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,499.1	+0.038%	$5.04B	$5.58B	500x	as long as short
SoDEX BTC-USD	+0.0095%	1h	85,451	−0.019%	$59.9M	$336.1M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,477	+0.012%	$173.6M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,514.3	+0.055%	$23.8M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,483	+0.019%	$8.4M	$52.6M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,555	+0.103%	$4.1M	$8.5M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,466	−0.001%	$233K	$7.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,554	+0.102%	$3.74B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,525.3	+0.068%	$40.0M	$575.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,475.6	+0.010%	$5.25B	$9.66B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,490.3	+0.027%	$2.57B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,486	+0.022%	$3.9M	$18.0M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,696.6	+0.269%	$648.3M	$574.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,497.1	+0.035%	$5.53B	$10.56B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,455.4	−0.014%	$35.8M	$175.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,584.4	+0.137%	$156.6M	$560.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,552.4	+0.100%	$279.4M	$918.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,550.2	+0.097%	$214.8M	$166.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,565.9	+0.116%	$139.9M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,504.3	+0.044%	$30.2M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,530.1	+0.074%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,471	+0.005%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,520	+0.062%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,454.6	−0.015%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,457.3	−0.011%	$29.9M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,500.6	+0.039%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,441.2	−0.030%	$2.26B	$939.8M	200x	as long as short
Phemex BTCUSDTlong	+0.0100%	8h	85,467	long leg	$151.0M	$483.1M	150x
Extended BTC-USD	+0.0104%	1h	85,466	−0.001%	$44.5M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,541.2	+0.087%	—	$106.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,482.5	+0.018%	$117.4M	$5.15B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,617	+0.176%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,466.3	−0.001%	$188.8M	$953.1M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0172%	1h	85,497.6	+0.036%	$893.4M	$1.53B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,518.9	+0.061%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	85,567.8	+0.118%	$694K	$7.9M	30x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,510.7	+0.051%	$8.3M	$42.4M	25x	as long as short
Aftermath Perps BTCUSD	+0.0204%	1h	85,612.2	+0.170%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,553	+0.101%	$10.4M	$758.9M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,485.3	+0.021%	$498K	$18.9M	6.7x	as long as short