Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0023%/8h= +2.6% APRpaid last 24h +0.017%

Price spread now: Vest against Phemex+0.101%45s7-day average +0.016% · you sell dearer than you buy

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

Long on Phemex Short on Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.006%+$1 on $10k

Price spread, last 4 days (all we have)−0.098%−$10 · spread now +0.101%, 7d avg +0.016%

Together, before fees−0.092%+ Points / potential airdropVest: Active · farm board−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Vest is 0.085% dearer against Phemex than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.016%. The two prices were read 45 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	85,372.6	0.0077	pay 0.0077% / 8h	2h 15m	$147.8M	$505.4M	150x
Short	Vest BTC-PERP	85,459	0.0100	get 0.0013% / 1h	15m 24s	—	$10.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now +0.101%Rate

Funding earned: $4.91
Price spread: +0.101% → +0.016%: $8.51
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Vest: 1 bp × 2 orders: −$2
Net: −$0.58
Costs to cover: 0.140%
Break-even: 7.8 days

Slippage unknown: Phemex: live order book, 4 min ago; Vest: 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, 4 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.6 bp −$763	doesn't fit
Sell Vest no order-book sample	—	—	—	—	—

Vest: 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 BTC	−0.0112%	43m	85,396.2	+0.028%	$526K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,391	+0.022%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,415	+0.050%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0053%	8h	85,377.2	+0.005%	$923.3M	$765.0M	125x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,377.4	+0.006%	$419.8M	$681.8M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,374.6	+0.002%	$513.0M	$1.09B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,406	+0.039%	$354K	$2.4M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,386.9	+0.017%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,395.8	+0.027%	$36.5M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,349	−0.028%	$339K	$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	+0.0041%	1h	85,384.2	+0.014%	$24.8M	$222.6M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,397.9	+0.030%	$187.4M	$954.9M	100x	as long as short
BingX BTC-USDC	+0.0067%	8h	85,368.8	−0.004%	—	$17.5M	—	as long as short
Phemex BTCUSDTlong	+0.0077%	8h	85,372.6	long leg	$147.8M	$505.4M	150x
Bitget BTCUSDT	+0.0086%	8h	85,385	+0.015%	$2.95B	$5.16B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,378	+0.006%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,394.2	+0.025%	$5.05B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,390.9	+0.021%	$9.45B	$24.86B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,405.1	+0.038%	$171.1M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,410.3	+0.044%	$23.7M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,396	+0.027%	$8.3M	$55.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,416	+0.051%	$117.2M	$5.42B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,370	−0.003%	$239K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,445.8	+0.086%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,472	+0.116%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,423.3	+0.059%	$40.0M	$597.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,382.2	+0.011%	$5.15B	$9.95B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,390	+0.020%	$2.58B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,386	+0.016%	$3.8M	$17.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,403.1	+0.036%	$4.6M	$98.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,163.7	−0.245%	$678.5M	$565.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,383.9	+0.013%	$5.50B	$11.04B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,376	+0.004%	$36.3M	$176.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,365.9	−0.008%	$154.5M	$559.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,351.5	−0.025%	$279.6M	$950.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,345.8	−0.031%	$214.4M	$167.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,371.5	−0.001%	$139.6M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,363.6	−0.011%	$30.1M	$207.8M	40x	as long as short
Vest BTC-PERPshort	+0.0100%	1h	85,459	+0.101%	—	$10.9M	50x
Polymarket Perps BTC-USD	+0.0100%	1h	85,387	+0.017%	$11.0M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,388.5	+0.019%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,392.7	+0.024%	$2.6M	$9.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,434.4	+0.072%	$228K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,359.6	−0.015%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,364.7	−0.009%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,383	+0.012%	$59.8M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,375.3	+0.003%	$2.26B	$941.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,370.8	−0.002%	$45.0M	$239.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,395.9	+0.027%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0117%	1h	85,378.5	+0.007%	$6.6M	$147.5M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,390.7	+0.021%	$13.0M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0183%	1h	85,425.9	+0.062%	$866.8M	$1.61B	50x	as long as short
Kalshi KXBTCPERP	+0.0194%	8h	85,407	+0.040%	$11.5M	$743.6M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0222%	1h	85,329.9	−0.050%	$79K	$227K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,419.4	+0.055%	$689K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,420.2	+0.056%	$8.7M	$43.3M	25x	as long as short