Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:36 UTC−0.0232%/8h= −25.4% APRpaid last 24h −0.021%

Price spread now: Perpl against Phoenix−0.003%7-day average −0.036% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.400%+$40 on $10k

Price spread, last 7 days+0.026%+$3 · spread now −0.003%, 7d avg −0.036%

Together, before fees+0.426%+ Points / potential airdropPerpl: Active · farm board+$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.033% dearer against Phoenix than usual: you sell high and buy low (spread −0.003% now, against its 7-day average of −0.036%): +$3 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 11 hours. Mind the row above: over the last 7 days funding on this pair paid +0.400%, 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	86,701	−0.0103	get 0.0013% / 1h	53m 23s	$2.2M	$12.4M	40x
Short	Perpl BTC	86,698.3	−0.0335	pay 0.0030% / 43m	40m 23s	$425K	$25.4M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now −0.003%Rate

Funding earned: −$48.69
Price spread: −0.003% → −0.036%: $3.33
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$66.16
Costs to cover: 0.208%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 6 min ago; Perpl: no order-book sample. Net counts fees only.

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	6.2 bp −$62	12.0 bp −$1,197	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Perpl BTCshort	−0.0335%	43m	86,698.3	−0.003%	$425K	$25.4M	6.7x
Aftermath Perps BTCUSD	−0.0190%	1h	86,813.6	+0.130%	$85K	$188K	20x	as long as short
Phoenix BTClong	−0.0103%	1h	86,701	long leg	$2.2M	$12.4M	40x
dYdX BTC-USD	−0.0085%	1h	86,742.3	+0.048%	$18.1M	$19.9M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,676	−0.029%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,712.2	+0.013%	$846.6M	$708.4M	125x	as long as short
Bluefin BTC-PERP	−0.0001%	1h	86,682.8	−0.021%	$160K	$575K	40x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,735	+0.039%	$361K	$2.5M	50x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,760	+0.068%	$8.8M	$725.2M	6.4x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,743.2	+0.049%	$36.7M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0015%	8h	86,706	+0.006%	$506.2M	$1.16B	200x	as long as short
BingX BTC-USDC	+0.0019%	8h	86,707.5	+0.007%	—	$15.3M	—	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,718.9	+0.021%	$6.8M	$143.9M	40x	as long as short
Phemex BTCUSDT	+0.0022%	8h	86,689.5	−0.013%	$149.5M	$469.1M	150x	as long as short
Bitget BTCUSDT	+0.0026%	8h	86,718.9	+0.021%	$2.95B	$5.08B	150x	as long as short
MEXC BTC_USDT	+0.0046%	8h	86,715.6	+0.017%	$5.21B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0047%	8h	86,715	+0.016%	$9.45B	$24.35B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,709.2	+0.009%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.036%	$315K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0056%	8h	86,701.9	+0.001%	$2.58B	$12.73B	100x	as long as short
Gate BTC_USDT	+0.0061%	8h	86,714.6	+0.016%	$5.86B	$10.55B	200x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,740.7	+0.046%	$9.0M	$42.1M	25x	as long as short
Bybit BTCUSDT	+0.0077%	8h	86,704.6	+0.004%	$5.29B	$9.70B	150x	as long as short
Variational Omni BTC	+0.0088%	8h	86,792.9	+0.106%	$161.2M	$563.4M	—	as long as short
GRVT BTC_USDT_Perp	+0.0095%	8h	86,798	+0.112%	$217.8M	$191.2M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,695.9	−0.006%	$172.4M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,702.3	+0.001%	$24.1M	$152.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,705	+0.005%	$8.5M	$52.1M	100x	as long as short
SoDEX BTC-USD	+0.0097%	1h	86,687	−0.016%	$60.5M	$336.4M	40x	as long as short
Orderly PERP_BTC_USDC	+0.0098%	8h	86,715.4	+0.017%	$2.5M	$8.4M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,738.5	+0.043%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,705	+0.005%	$202K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,711	+0.011%	$21.9M	$237.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,797	+0.111%	$3.86B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,719.5	+0.021%	$41.6M	$484.5M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,701	0.000%	$3.9M	$18.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,800.8	+0.115%	$7.6M	$95.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,919.5	+0.252%	$573.8M	$23.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,710.6	+0.011%	$38.3M	$148.1M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,752.1	+0.059%	$280.2M	$945.8M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,805.9	+0.121%	$142.0M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,699	−0.002%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,780.3	+0.092%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,731	+0.035%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,722.6	+0.025%	$201K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,704.9	+0.005%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,665.6	−0.041%	$3.4M	$5.6M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,686.2	−0.017%	$2.30B	$954.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,685.8	−0.018%	$46.2M	$228.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,739.7	+0.045%	—	$98.1M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,729.1	+0.032%	$192.7M	$927.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,738.4	+0.043%	$132.3M	$5.93B	50x	as long as short
BloFin BTC-USDT	+0.0166%	8h	86,801	+0.115%	$420.1M	$642.2M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0200%	1h	86,733.9	+0.038%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	86,708.9	+0.009%	$748K	$7.0M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0482%	1h	86,704.8	+0.004%	$922.4M	$1.38B	50x	as long as short