Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0083%/8h= −9.1% APRpaid last 24h −0.019%

Price spread now: 01 Exchange against Phemex−0.025%7-day average +0.018% · 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−$26as in the Price arb table

costs, in and out, $10k−$220.221% of the position

Long on Phemex Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.057%−$6 on $10k

Price spread, last 4 days (all we have)+0.112%+$11 · spread now −0.025%, 7d avg +0.018%

Together, before fees+0.055%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and 01 Exchange is 0.043% cheaper against Phemex than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.018%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	85,674.7	0.0067	pay 0.0067% / 8h	3h 54m	$148.7M	$489.4M	150x
Short	01 Exchange BTCUSD	85,652.9	−0.0016	pay 0.0002% / 1h	54m 48s	$366K	$2.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.025%Rate

Funding earned: −$17.42
Price spread: −0.025% → +0.018%: −$4.3
Slippage, 4 orders: −$3.11
Fee Phemex: 6 bp × 2 orders: −$12
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$43.82
Costs to cover: 0.221%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; 01 Exchange: live order book, 4 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, 4 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.4 bp −$739	doesn't fit
Sell 01 Exchange live order book, 4 min ago	0.01 bp	6.2 bp −$6	10.4 bp −$104	doesn't fit	doesn't fit

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
Phoenix BTC	−0.0179%	1h	85,646	−0.033%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,653	−0.025%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0037%	8h	85,671.3	−0.004%	$923.9M	$754.1M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,677.2	+0.003%	$417.5M	$676.0M	150x	as long as short
01 Exchange BTCUSDshort	−0.0016%	1h	85,652.9	−0.025%	$366K	$2.3M	50x
dYdX BTC-USD	0.0000%	1h	85,635.6	−0.046%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,688.6	+0.016%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,659.3	−0.018%	$516.1M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0016%	1h	85,631	−0.051%	$24.9M	$222.6M	50x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,690	+0.018%	$340K	$26.9M	52x	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	+0.0063%	8h	85,660.3	−0.017%	—	$17.1M	—	as long as short
Phemex BTCUSDTlong	+0.0067%	8h	85,674.7	long leg	$148.7M	$489.4M	150x
Bitget BTCUSDT	+0.0080%	8h	85,677.6	+0.003%	$2.96B	$5.11B	150x	as long as short
Reya BTCRUSDPERP	+0.0090%	1h	85,661.7	−0.015%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,683.4	+0.010%	$172.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,688.4	+0.016%	$23.9M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,640	−0.041%	$8.7M	$54.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,662.8	−0.014%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,611	−0.074%	$202K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,696.1	+0.025%	$5.3M	$9.2M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,678.2	+0.004%	$40.5M	$582.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,677.5	+0.003%	$9.42B	$24.29B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,676.5	+0.002%	$5.20B	$9.83B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,679.5	+0.006%	$2.59B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,633	−0.049%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,635.8	−0.045%	$4.4M	$98.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	−0.219%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,683.9	+0.011%	$5.52B	$10.72B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,671.2	−0.004%	$5.07B	$5.63B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,676.5	+0.002%	$35.7M	$176.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,637.7	−0.043%	$153.8M	$564.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,615.1	−0.070%	$279.7M	$922.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,633.8	−0.048%	$214.9M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,629.8	−0.052%	$140.0M	$315.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,614	−0.071%	$30.2M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,698.4	+0.028%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,660	−0.017%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,675	0.000%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,672.3	−0.003%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,717.5	+0.050%	$207K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,668.1	−0.008%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,623.2	−0.060%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,682	+0.009%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,670.2	−0.005%	$2.27B	$946.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,643.1	−0.037%	$44.8M	$231.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,671.8	−0.003%	—	$107.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,717.9	+0.050%	$117.4M	$5.22B	50x	as long as short
Hyperliquid BTC	+0.0106%	1h	85,758	+0.097%	$3.79B	$5.00B	40x	as long as short
Deribit BTC-PERPETUAL	+0.0111%	1h	85,716.4	+0.049%	$885.7M	$1.58B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,706.7	+0.037%	$187.8M	$956.2M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,668.3	−0.007%	$8.9M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,682.1	+0.009%	$13.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	85,670	−0.005%	$12.0M	$757.1M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0224%	1h	85,644.5	−0.035%	$78K	$220K	20x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,652.3	−0.026%	$703K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,626.2	−0.057%	$498K	$18.8M	6.7x	as long as short