Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0212%/8h= +23.2% APRpaid last 24h +0.014%

Price spread now: Binance against Phoenix−0.279%7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$170.172% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

Price spread, last 7 days+0.221%+$22 · spread now −0.279%, 7d avg −0.052%

Together, before fees+0.291%+$29 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.227% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.279% now, against its 7-day average of −0.052%). If the spread goes back, that is −$23 on $10k: about 3.6 days of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.071% in total) that is about 22 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.071% in total (about 3.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	86,359	−0.0129	get 0.0016% / 1h	18m 38s	$2.2M	$11.2M	40x
Short	Binance BTCUSDT	86,118.4	0.0083	get 0.0083% / 8h	7h 18m	$9.38B	$24.33B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. 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 PhoenixbpFee BinancebpOrdersPrice spread, now −0.279%Rate

Funding earned: $44.59
Price spread: −0.279% → −0.052%: −$22.68
Slippage, 4 orders: −$0.24
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: $4.67
Costs to cover: 0.172%
Break-even: 6.3 days

Slippage from Phoenix: live order book, 5 min ago; Binance: live order book, 11 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 Phoenix live order book, 5 min ago	0.06 bp	3.6 bp −$4	6.4 bp −$64	12.4 bp −$1,244	doesn't fit
Sell Binance live order book, 11 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$514	7.3 bp −$3,628

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 BTClong	−0.0129%	1h	86,359	long leg	$2.2M	$11.2M	40x
Bluefin BTC-PERP	−0.0120%	1h	86,242.4	−0.135%	$144K	$666K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,268	−0.105%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,263.8	−0.110%	$363K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,264.1	−0.110%	$480K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,277.5	−0.094%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0023%	1h	86,139	−0.255%	$16.9M	$20.5M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	−0.001%	$343K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0029%	8h	86,121.7	−0.275%	$499.4M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0042%	8h	86,126.4	−0.269%	$828.8M	$718.0M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0047%	1h	86,268	−0.105%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDT	+0.0050%	8h	86,137.3	−0.257%	—	$1.57B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,265.6	−0.108%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0064%	8h	86,135.2	−0.259%	$2.96B	$5.05B	150x	as long as short
SoDEX BTC-USD	+0.0077%	1h	86,158	−0.233%	$60.3M	$338.2M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,212.5	−0.170%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDTshort	+0.0083%	8h	86,118.4	−0.279%	$9.38B	$24.33B	150x
MEXC BTC_USDT	+0.0083%	8h	86,123.2	−0.273%	$5.12B	$5.73B	500x	as long as short
Deribit BTC-PERPETUAL	+0.0090%	1h	86,206.6	−0.176%	$902.2M	$1.51B	50x	as long as short
Gate BTC_USDT	+0.0092%	8h	86,147.4	−0.245%	$5.76B	$10.58B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,155.7	−0.235%	$170.1M	$989.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,160.7	−0.230%	$23.6M	$151.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,260	−0.115%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,226	−0.154%	$197K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,174.1	−0.214%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,260.1	−0.115%	$22.0M	$227.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,213	−0.169%	$3.78B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,160.4	−0.230%	$40.5M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,150.7	−0.241%	$5.24B	$9.67B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,171	−0.218%	$2.56B	$12.45B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,132	−0.263%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,169.9	−0.219%	$7.2M	$95.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,151.7	−0.240%	$35.7M	$159.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,271.9	−0.101%	$157.9M	$558.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,274.4	−0.098%	$278.7M	$950.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,277	−0.095%	$216.6M	$165.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,283.5	−0.087%	$141.3M	$321.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,268.7	−0.105%	$30.6M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,309.7	−0.057%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,271	−0.102%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,268.7	−0.105%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,211.9	−0.170%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,209.6	−0.173%	$30.3M	$56.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,225.7	−0.154%	$3.3M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,139.7	−0.254%	$2.29B	$960.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,161.1	−0.229%	$154.9M	$473.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,411.1	+0.060%	$576.0M	$32.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,141.8	−0.251%	$46.1M	$222.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,324.9	−0.039%	—	$98.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,206.5	−0.177%	$132.5M	$5.33B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,189.8	−0.196%	$191.9M	$945.4M	100x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,323	−0.042%	$714K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,364.3	+0.006%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,139.1	−0.255%	$415.1M	$640.9M	150x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,253	−0.123%	$10.4M	$765.6M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0221%	1h	86,278.5	−0.093%	$14.5M	—	200x	as long as short