Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:14 UTC−0.0190%/8h= −20.8% APRpaid last 24h −0.027%

Price spread now: Perpl against Phemex+0.001%48s7-day average +0.014% · you sell dearer than you buy

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

Long on Phemex Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.367%+$37 on $10k

Price spread, last 4 days (all we have)+0.039%+$4 · spread now +0.001%, 7d avg +0.014%

Together, before fees+0.406%+ Points / potential airdropPerpl: Active · farm board+$41 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: −$6 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.367%, so the current rate has only just turned against you. The two prices were read 48 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	85,248.8	0.0078	pay 0.0078% / 8h	2h 21m	$147.3M	$505.1M	150x
Short	Perpl BTC	85,249.9	−0.0112	pay 0.0010% / 43m	1m 32s	$524K	$18.4M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.001%Rate

Funding earned: −$39.85
Price spread: +0.001% → +0.014%: −$1.22
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$66.88
Costs to cover: 0.258%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 min ago; Perpl: 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, 3 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.5 bp −$746	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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
Perpl BTCshort	−0.0112%	43m	85,249.9	+0.001%	$524K	$18.4M	6.7x
Phoenix BTC	−0.0111%	1h	85,134	−0.135%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,272	+0.027%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,235.9	−0.015%	$922.9M	$764.0M	125x	as long as short
BloFin BTC-USDT	−0.0035%	8h	85,137.3	−0.131%	$419.2M	$679.4M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,292.3	+0.051%	$354K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0016%	8h	85,262.7	+0.016%	$512.3M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,252	+0.004%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,214.5	−0.040%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	−0.028%	$338K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0035%	1h	85,254.5	+0.007%	$24.8M	$222.4M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,264.8	+0.019%	$187.2M	$954.1M	100x	as long as short
BingX BTC-USDC	+0.0067%	8h	85,246	−0.003%	—	$17.4M	—	as long as short
Phemex BTCUSDTlong	+0.0078%	8h	85,248.8	long leg	$147.3M	$505.1M	150x
Aevo BTC-PERP	+0.0080%	1h	85,233.3	−0.018%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,266.7	+0.021%	$5.05B	$5.73B	500x	as long as short
Bitget BTCUSDT	+0.0085%	8h	85,268.2	+0.023%	$2.95B	$5.15B	150x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,278.4	+0.035%	$9.42B	$24.81B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,260.4	+0.014%	$171.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,267.8	+0.022%	$23.7M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,283	+0.040%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,281.8	+0.039%	$117.0M	$5.39B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,248	−0.001%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,312.2	+0.074%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,351	+0.120%	$3.75B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,283	+0.040%	$40.2M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,269.6	+0.024%	$5.15B	$9.94B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,272.3	+0.028%	$2.58B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,273	+0.028%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,281.3	+0.038%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,163.7	−0.100%	$678.5M	$565.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,263.4	+0.017%	$5.50B	$11.00B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,249.3	+0.001%	$36.3M	$176.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,082	−0.196%	$154.2M	$566.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,112.3	−0.160%	$279.0M	$947.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,107.4	−0.166%	$213.8M	$166.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,093.4	−0.182%	$139.1M	$315.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,186.1	−0.074%	$30.1M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,327.9	+0.093%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,268	+0.023%	$11.0M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,205.6	−0.051%	$205K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,224.1	−0.029%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,274.6	+0.030%	$228K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,218.1	−0.036%	$29.9M	$48.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,101.4	−0.173%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,247	−0.002%	$59.7M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,225	−0.028%	$2.26B	$941.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,245	−0.004%	$45.2M	$239.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,212.5	−0.043%	—	$106.9M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0106%	1h	85,278.7	+0.035%	$866.9M	$1.61B	50x	as long as short
Reya BTCRUSDPERP	+0.0116%	1h	85,260	+0.013%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,207.5	−0.048%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0181%	8h	85,207	−0.049%	$11.6M	$743.5M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0225%	1h	85,186.2	−0.073%	$78K	$227K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,232.1	−0.020%	$688K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,294.4	+0.053%	$8.7M	$43.2M	25x	as long as short