Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0056%/8h= −6.1% APRpaid last 24h +0.010%

Price spread now: RISEx against Phemex+0.033%7-day average +0.020% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

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

Long on Phemex Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.028%+$3 on $10k

Price spread, last 3 days (all we have)−0.003%$0 · spread now +0.033%, 7d avg +0.020%

Together, before fees+0.025%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.020%, 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	85,595.1	0.0100	pay 0.0100% / 8h	6h 02m	$150.7M	$480.1M	150x
Short	RISEx BTC/USDC	85,623.4	0.0044	get 0.0006% / 1h	2m 38s	$8.4M	$42.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$11.74
Price spread: +0.033% → +0.020%: $1.34
Slippage, 4 orders: −$1.11
Fee Phemex: 6 bp × 2 orders: −$12
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$29.51
Costs to cover: 0.191%
Break-even: never at this rate

Slippage from Phemex: live order book, 7 min ago; RISEx: live order book, 2 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, 7 min ago	0.01 bp	6.0 bp −$6	6.5 bp −$65	doesn't fit	doesn't fit
Sell RISEx live order book, 2 min ago	0.01 bp	3.0 bp −$3	3.0 bp −$30	9.8 bp −$980	doesn't fit

BTC on 55 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	−0.0144%	1h	85,616	+0.024%	$2.1M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,647	+0.061%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,633.2	+0.045%	$362K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,643.5	+0.057%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,636.5	+0.048%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,661	+0.077%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0024%	8h	85,588.2	−0.008%	$516.1M	$1.12B	200x	as long as short
KuCoin XBTUSDTM	+0.0025%	8h	85,587.5	−0.009%	$902.1M	$748.9M	125x	as long as short
Nado BTC-PERP	+0.0031%	1h	85,638.8	+0.051%	$22.6M	$225.6M	50x	as long as short
RISEx BTC/USDCshort	+0.0044%	1h	85,623.4	+0.033%	$8.4M	$42.2M	25x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0055%	8h	85,593.9	−0.001%	—	$1.55B	—	as long as short
HTX BTC-USDT	+0.0059%	8h	85,627.2	+0.038%	$2.27B	$934.3M	200x	as long as short
Reya BTCRUSDPERP	+0.0062%	1h	85,611.3	+0.019%	$6.7M	$146.3M	40x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,585.3	−0.011%	$2.95B	$5.03B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,626.5	+0.037%	$2.5M	$1.7M	20x	as long as short
SunX BTC-USDT	+0.0081%	8h	85,609.7	+0.017%	$2.9M	$6.6M	100x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,588.2	−0.008%	$5.07B	$5.76B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,587.6	−0.009%	$9.33B	$23.99B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,589.9	−0.006%	$170.3M	$996.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,595.8	+0.001%	$23.9M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,627	+0.037%	$8.4M	$51.7M	100x	as long as short
ApeX Omni BTCUSDT	+0.0097%	1h	85,611.5	+0.019%	$140.0M	$317.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,634.3	+0.046%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,568	−0.032%	$205K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,669	+0.086%	$3.76B	$4.92B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,623	+0.033%	$40.2M	$569.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,594.9	0.000%	$5.32B	$9.63B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,594.7	0.000%	$2.56B	$12.16B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,593	−0.002%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,565.2	−0.035%	$7.1M	$96.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,593.7	−0.002%	$5.58B	$10.61B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,584.9	−0.012%	$35.0M	$167.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,602.8	+0.009%	$154.0M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,588.5	−0.008%	$278.4M	$938.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,608.4	+0.016%	$214.9M	$162.9M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,627.7	+0.038%	$30.3M	$210.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,678.2	+0.097%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,618	+0.027%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,620	+0.029%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,633.7	+0.045%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,671.9	+0.090%	$197K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,634.2	+0.046%	$30.0M	$56.1M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,638	+0.050%	$60.0M	$336.5M	40x	as long as short
Phemex BTCUSDTlong	+0.0100%	8h	85,595.1	long leg	$150.7M	$480.1M	150x
Bulk BTC-USD	+0.0100%	1h	85,593.2	−0.002%	$605.0M	$283.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,567.9	−0.032%	$44.1M	$228.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,632.2	+0.043%	—	$101.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,667	+0.084%	$130.8M	$5.09B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,653.9	+0.069%	$187.1M	$952.9M	100x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	85,669.3	+0.087%	$682K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0181%	1h	85,648.7	+0.063%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0186%	1h	85,627.8	+0.038%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,650	+0.064%	$10.2M	$765.4M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0257%	1h	85,688.7	+0.109%	$895.0M	$1.52B	50x	as long as short
Perpl BTC	+0.0447%	43m	85,651.5	+0.066%	$512K	$19.9M	6.7x	as long as short