Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0134%/8h= +14.6% APRpaid last 24h +0.034%

Price spread now: edgeX against Phoenix−0.041%7-day average −0.089% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$160.164% of the position

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.093%−$9 on $10k

Price spread, last 7 days−0.029%−$3 · spread now −0.041%, 7d avg −0.089%

Together, before fees−0.122%+ Points / potential airdropedgeX: Active · farm board−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and edgeX is 0.048% dearer against Phoenix than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.089%. Mind the row above: over the last 7 days funding on this pair cost −0.093%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	85,472	−0.0034	get 0.0004% / 1h	44m 52s	$2.3M	$10.8M	40x
Short	edgeX BTCUSDC	85,436.8	0.0100	get 0.0050% / 4h	44m 52s	$283.3M	$959.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.041%Rate

Funding earned: $28.08
Price spread: −0.041% → −0.089%: $4.77
Slippage, 4 orders: −$0.45
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $16.41
Costs to cover: 0.164%
Break-even: 2.9 days

Slippage from Phoenix: live order book, 4 min ago; edgeX: 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 Phoenix live order book, 4 min ago	0.06 bp	3.7 bp −$4	5.6 bp −$56	11.1 bp −$1,111	doesn't fit
Sell edgeX live order book, 4 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	4.7 bp −$466	5.6 bp −$2,787

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
Hotstuff BTC-PERP	−0.0080%	1h	85,420	−0.061%	$8K	$3K	50x	as long as short
Phoenix BTClong	−0.0034%	1h	85,472	long leg	$2.3M	$10.8M	40x
KuCoin XBTUSDTM	−0.0027%	8h	85,431.3	−0.048%	$931.7M	$774.6M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,423.5	−0.057%	$420.9M	$682.7M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,432.4	−0.046%	$512.5M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,437.8	−0.040%	$348K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,451.6	−0.024%	$486K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0004%	1h	85,444.2	−0.033%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,431.4	−0.048%	$36.5M	—	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,433.1	−0.045%	$185.4M	$952.8M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0067%	1h	85,367	−0.123%	$338K	$24.6M	52x	as long as short
ApeX Omni BTCUSDT	+0.0067%	1h	85,418	−0.063%	$139.6M	$313.0M	100x	as long as short
BingX BTC-USDC	+0.0068%	8h	85,423.6	−0.057%	—	$17.4M	—	as long as short
Nado BTC-PERP	+0.0080%	1h	85,415.2	−0.067%	$24.1M	$220.0M	50x	as long as short
Bybit BTCUSDT	+0.0084%	8h	85,439.9	−0.038%	$5.14B	$9.97B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0090%	1h	85,461.2	−0.013%	$841.6M	$1.65B	50x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,428	−0.051%	$2.98B	$5.17B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,435	−0.043%	$169.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,434.6	−0.044%	$23.6M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,423	−0.057%	$8.4M	$57.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,415.5	−0.066%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,434.8	−0.044%	$5.05B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,445.8	−0.031%	$9.42B	$25.02B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,405	−0.078%	$271K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,459	−0.015%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,526	+0.063%	$3.76B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,447.3	−0.029%	$40.1M	$605.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,441.9	−0.035%	$2.60B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,417	−0.064%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,428.9	−0.050%	$4.7M	$96.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,349	−0.144%	$691.7M	$275.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,446.8	−0.029%	$5.54B	$11.02B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,425.6	−0.054%	$37.3M	$185.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,426.4	−0.053%	$156.0M	$554.8M	—	as long as short
edgeX BTCUSDCshort	+0.0100%	4h	85,436.8	−0.041%	$283.3M	$959.9M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	85,457.4	−0.017%	$214.5M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,472.8	+0.001%	$30.1M	$209.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,485.9	+0.016%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,424	−0.056%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,428	−0.051%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,422.6	−0.058%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,459.6	−0.015%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,424.1	−0.056%	$30.0M	$45.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,424.5	−0.056%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,423	−0.057%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,417.5	−0.064%	$2.26B	$965.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,430.6	−0.048%	$158.3M	$513.6M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,411.9	−0.070%	$45.5M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,433.2	−0.045%	—	$105.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,464	−0.009%	$112.4M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0137%	1h	85,414.6	−0.067%	$6.6M	$146.6M	40x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,453	−0.022%	$12.0M	$737.8M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,451.7	−0.024%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,430.7	−0.048%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,484.1	+0.014%	$684K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0285%	1h	85,438.8	−0.039%	$79K	$252K	20x	as long as short