Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0173%/8h= +19.0% APRpaid last 24h +0.003%

Price spread now: Bitget against Phoenix−0.035%7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

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

costs, in and out, $10k−$190.194% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.042%+$4 on $10k

Price spread, last 7 days−0.033%−$3 · spread now −0.035%, 7d avg −0.054%

Together, before fees+0.009%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.054%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	86,462	−0.0118	get 0.0015% / 1h	10m 53s	$2.2M	$11.8M	40x
Short	Bitget BTCUSDT	86,431.8	0.0055	get 0.0055% / 8h	10m 53s	$2.96B	$5.13B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.035%Rate

Funding earned: $36.43
Price spread: −0.035% → −0.054%: $1.89
Slippage, 4 orders: −$0.43
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: $18.9
Costs to cover: 0.194%
Break-even: 3.4 days

Slippage from Phoenix: live order book, 8 min ago; Bitget: live order book, 3 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, 8 min ago	0.06 bp	3.7 bp −$4	5.5 bp −$55	11.1 bp −$1,111	doesn't fit
Sell Bitget live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.8 bp −$683	7.4 bp −$3,688

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	−0.0118%	1h	86,462	long leg	$2.2M	$11.8M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,422	−0.046%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.135%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,433.4	−0.033%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,433.2	−0.033%	$358K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,463.4	+0.002%	$414K	$22.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,438.3	−0.027%	$36.8M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,442.8	−0.022%	$501.4M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0021%	8h	86,441.8	−0.023%	$833.8M	$728.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0035%	1h	86,421.7	−0.047%	$6.7M	$145.5M	40x	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	+0.0042%	8h	86,422.3	−0.046%	—	$15.4M	—	as long as short
Bitget BTCUSDTshort	+0.0055%	8h	86,431.8	−0.035%	$2.96B	$5.13B	150x
Phemex BTCUSDT	+0.0056%	8h	86,414.8	−0.055%	$150.5M	$478.4M	150x	as long as short
dYdX BTC-USD	+0.0065%	1h	86,456.7	−0.006%	$16.9M	$21.2M	50x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,411.8	−0.058%	$2.5M	$1.4M	20x	as long as short
MEXC BTC_USDT	+0.0073%	8h	86,440.6	−0.025%	$5.16B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0074%	8h	86,432.5	−0.034%	$9.43B	$24.55B	150x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,439.2	−0.026%	$5.85B	$10.81B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,425.3	−0.042%	$170.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,433.4	−0.033%	$23.9M	$152.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,418	−0.051%	$8.5M	$52.3M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,437.4	−0.028%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,411	−0.059%	$196K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,461.8	0.000%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,437.5	−0.028%	$21.8M	$234.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,513.6	+0.060%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,459.2	−0.003%	$41.1M	$535.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,441.4	−0.024%	$2.55B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,449	−0.015%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,463.9	+0.002%	$7.3M	$95.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,449	−0.015%	$572.1M	$12.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,412.4	−0.057%	$37.9M	$156.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,407.7	−0.063%	$157.0M	$567.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,408.7	−0.062%	$279.1M	$946.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,427	−0.040%	$217.0M	$172.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,423.1	−0.045%	$141.3M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,450.5	−0.013%	$30.7M	$206.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,478.7	+0.019%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,424	−0.044%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,427	−0.040%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,415.4	−0.054%	$2.5M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,447.2	−0.017%	$140K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,449.7	−0.014%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,434.9	−0.031%	$3.4M	$5.3M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,408	−0.062%	$60.4M	$338.0M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,402.5	−0.069%	$2.29B	$968.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,430.5	−0.036%	$45.7M	$227.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,463.9	+0.002%	—	$100.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,443	−0.022%	$192.8M	$953.2M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,456.3	−0.007%	$132.2M	$5.64B	50x	as long as short
Aftermath Perps BTCUSD	+0.0156%	1h	86,461.8	0.000%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,476.8	+0.017%	$717K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0194%	8h	86,439.9	−0.026%	$415.1M	$658.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0199% / S −0.0223%	1h	86,434	−0.032%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0207%	8h	86,458	−0.005%	$10.0M	$750.9M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0275%	1h	86,469.1	+0.008%	$912.2M	$1.49B	50x	as long as short