Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0095%/8h= −10.4% APRpaid last 24h +0.028%

Price spread now: BloFin against Phoenix+0.219%7-day average −0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs+$5as in the Price arb table

costs, in and out, $10k−$200.195% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.113%+$11 on $10k

Price spread, last 4 days (all we have)−0.423%−$42 · spread now +0.219%, 7d avg −0.030%

Together, before fees−0.311%−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.248% dearer against Phoenix than usual: you sell high and buy low (spread +0.219% now, against its 7-day average of −0.030%): +$25 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 8.7 days. Mind the row above: over the last 7 days funding on this pair paid +0.113%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	85,520	0.0075	pay 0.0009% / 1h	22m 51s	$2.3M	$10.4M	40x
Short	BloFin BTC-USDT	85,706.9	−0.0020	pay 0.0020% / 8h	7h 22m	$425.8M	$654.2M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.219%Rate

Funding earned: −$19.94
Price spread: +0.219% → −0.030%: $24.82
Slippage, 4 orders: −$0.53
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$14.65
Costs to cover: 0.195%
Break-even: from the start

Slippage from Phoenix: live order book, 6 min ago; BloFin: live order book, 6 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, 6 min ago	0.06 bp	3.7 bp −$4	5.8 bp −$58	11.2 bp −$1,124	doesn't fit
Sell BloFin live order book, 6 min ago	0.05 bp	6.1 bp −$6	6.2 bp −$62	6.7 bp −$666	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
Bluefin BTC-PERP	−0.0830%	1h	85,756.1	+0.276%	$194K	$785K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,640	+0.140%	$8K	$2K	50x	as long as short
BloFin BTC-USDTshort	−0.0020%	8h	85,706.9	+0.219%	$425.8M	$654.2M	150x
Injective BTC/USDC PERP	−0.0006%	1h	85,652	+0.154%	$307K	$26.2M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,654.9	+0.158%	$354K	$2.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,715	+0.228%	$36.7M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0021%	8h	85,699.8	+0.210%	$944.1M	$755.3M	125x	as long as short
Aster BTCUSDT	+0.0036%	8h	85,681.1	+0.188%	$504.1M	$1.06B	200x	as long as short
dYdX BTC-USD	+0.0053%	1h	85,491.8	−0.033%	$16.8M	$20.8M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,757.2	+0.277%	$186.4M	$915.3M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTClong	+0.0075%	1h	85,520	long leg	$2.3M	$10.4M	40x
BingX BTC-USDC	+0.0080%	8h	85,704.2	+0.215%	—	$17.3M	—	as long as short
Nado BTC-PERP	+0.0085%	1h	85,650.1	+0.152%	$24.3M	$213.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,741.1	+0.259%	$172.0M	$950.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,737.6	+0.254%	$23.5M	$135.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,659	+0.163%	$8.7M	$56.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,713.7	+0.226%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,632	+0.131%	$263K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,705.3	+0.217%	$5.7M	$9.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,679.3	+0.186%	$40.3M	$602.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,701.8	+0.213%	$9.42B	$24.47B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,728.1	+0.243%	$5.10B	$9.67B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,749	+0.268%	$2.62B	$11.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,672	+0.178%	$3.9M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,664	+0.168%	$5.0M	$96.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,303.3	−0.253%	$702.0M	$164.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,705.1	+0.216%	$5.51B	$9.97B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,696.8	+0.207%	$5.06B	$5.78B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,748.9	+0.268%	$2.99B	$4.95B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,705.3	+0.217%	$37.7M	$192.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,352.3	−0.196%	$155.8M	$535.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,427	−0.109%	$285.6M	$964.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,464	−0.066%	$214.5M	$157.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,415	−0.123%	$136.6M	$312.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,531.9	+0.014%	$30.2M	$217.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,720.3	+0.234%	—	$9.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,686	+0.194%	$10.9M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,700	+0.210%	$210K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,710.5	+0.223%	$2.7M	$9.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,444.6	−0.088%	$28.8M	$52.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,735.7	+0.252%	$3.1M	$6.9M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,731	+0.247%	$60.0M	$311.9M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,722.5	+0.237%	$2.27B	$954.8M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,730.8	+0.246%	$165.2M	$510.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,671.9	+0.178%	$45.7M	$237.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,669.2	+0.174%	—	$104.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,772.9	+0.296%	$112.1M	$5.39B	50x	as long as short
Reya BTCRUSDPERP	+0.0151%	1h	85,671.2	+0.177%	$6.6M	$136.1M	40x	as long as short
Hyperliquid BTC	+0.0154%	1h	85,824	+0.355%	$3.86B	$4.73B	40x	as long as short
Kalshi KXBTCPERP	+0.0190%	8h	85,686	+0.194%	$10.8M	$735.9M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,678.2	+0.185%	$8.9M	$41.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0198% / S −0.0175%	1h	85,718.7	+0.232%	$12.9M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0214%	1h	85,777.8	+0.301%	$833.0M	$1.64B	50x	as long as short
Hibachi BTC/USDT-P	+0.0344%	1h	85,586.9	+0.078%	$690K	$7.6M	30x	as long as short
Aftermath Perps BTCUSD	+0.0346%	1h	85,517.9	−0.002%	$81K	$259K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,748.2	+0.267%	$453K	$17.2M	6.7x	as long as short