Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0260%/8h= +28.5% APRpaid last 24h +0.010%

Price spread now: Gate against Phoenix+0.105%47s7-day average −0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$220.224% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.032%+$3 on $10k

Price spread, last 7 days−0.153%−$15 · spread now +0.105%, 7d avg −0.053%

Together, before fees−0.121%−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Gate is 0.158% dearer against Phoenix than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of −0.053%. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.032% in total (about 1.6% 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	85,485	−0.0160	get 0.0020% / 1h	44m 38s	$2.2M	$10.3M	40x
Short	Gate BTC_USDT	85,574.6	0.0100	get 0.0100% / 8h	5h 44m	$5.55B	$10.44B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.105%Rate

Funding earned: $54.57
Price spread: +0.105% → −0.053%: $15.81
Slippage, 4 orders: −$0.37
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $48.01
Costs to cover: 0.224%
Break-even: 0.8 days

Slippage from Phoenix: live order book, 4 min ago; Gate: live order book, 5 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	6.2 bp −$62	12.0 bp −$1,203	doesn't fit
Sell Gate live order book, 5 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	9.8 bp −$980	11.4 bp −$5,715

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	−0.0160%	1h	85,485	long leg	$2.2M	$10.3M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,585	+0.117%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,562.4	+0.091%	$367K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,579.2	+0.110%	$416.4M	$660.4M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,596.8	+0.131%	$16.7M	$20.9M	50x	as long as short
Nado BTC-PERP	+0.0002%	1h	85,570.3	+0.100%	$22.6M	$221.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,575.4	+0.106%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0015%	8h	85,560.9	+0.089%	$906.7M	$748.8M	125x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,579.4	+0.110%	$515.7M	$1.11B	200x	as long as short
BingX BTC-USDT	+0.0053%	8h	85,575.6	+0.106%	—	$1.54B	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0066%	1h	85,563	+0.091%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,562.3	+0.090%	$2.95B	$5.02B	150x	as long as short
HTX BTC-USDT	+0.0074%	8h	85,575	+0.105%	$2.27B	$931.3M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.154%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,582	+0.113%	$2.5M	$1.7M	20x	as long as short
Phemex BTCUSDT	+0.0083%	8h	85,581.7	+0.113%	$148.3M	$478.3M	150x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,579.3	+0.110%	$5.04B	$5.60B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,570.7	+0.100%	$9.33B	$23.88B	150x	as long as short
SunX BTC-USDT	+0.0088%	8h	85,537.4	+0.061%	$2.9M	$6.1M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,585.7	+0.118%	$169.5M	$986.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,591.7	+0.125%	$23.9M	$147.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,558	+0.085%	$8.4M	$51.8M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,617.8	+0.155%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,537	+0.061%	$205K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,645	+0.187%	$3.77B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,613.6	+0.150%	$40.1M	$571.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,580.4	+0.112%	$5.33B	$9.59B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,575.3	+0.106%	$2.56B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,570	+0.099%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,531.4	+0.054%	$7.2M	$97.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	+0.091%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDTshort	+0.0100%	8h	85,574.6	+0.105%	$5.55B	$10.44B	200x
Backpack BTC_USDC_PERP	+0.0100%	1h	85,605	+0.140%	$35.0M	$171.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,485	0.000%	$154.0M	$550.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,439.2	−0.054%	$278.7M	$931.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,432.8	−0.061%	$214.5M	$161.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,513.3	+0.033%	$139.9M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,470.3	−0.017%	$30.3M	$211.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,597.6	+0.132%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,560	+0.088%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,570	+0.099%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,582	+0.113%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,624.3	+0.163%	$197K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,581	+0.112%	$30.0M	$52.6M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,586	+0.118%	$59.9M	$336.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,547.7	+0.073%	$44.1M	$227.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,505	+0.023%	—	$105.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,623.1	+0.162%	$130.9M	$5.07B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,594.7	+0.128%	$8.3M	$42.2M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0133%	1h	85,625.1	+0.164%	$894.3M	$1.52B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,615.9	+0.153%	$187.4M	$948.7M	100x	as long as short
Aftermath Perps BTCUSD	+0.0199%	1h	85,546.7	+0.072%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,464.2	−0.024%	$698K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,575	+0.105%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,567	+0.096%	$10.6M	$760.0M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,582	+0.113%	$528K	$19.6M	6.7x	as long as short