Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0126%/8h= +13.8% APRpaid last 24h −0.002%

Price spread now: Phemex against Phoenix+0.093%7-day average −0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

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

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

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 3 days (all we have)−0.135%−$13 · spread now +0.093%, 7d avg −0.032%

Together, before fees−0.116%−$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 Phemex is 0.124% dearer against Phoenix than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	86,539	−0.0103	get 0.0013% / 1h	32m 38s	$2.2M	$12.4M	40x
Short	Phemex BTCUSDT	86,619.1	0.0023	get 0.0023% / 8h	2h 32m	$149.6M	$471.3M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.093%Rate

Funding earned: $26.56
Price spread: +0.093% → −0.032%: $12.44
Slippage, 4 orders: −$0.36
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $19.63
Costs to cover: 0.194%
Break-even: 1.8 days

Slippage from Phoenix: live order book, 1 min ago; Phemex: live order book, 7 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, 1 min ago	0.06 bp	3.7 bp −$4	6.2 bp −$62	11.9 bp −$1,190	doesn't fit
Sell Phemex live order book, 7 min ago	0.01 bp	6.0 bp −$6	6.8 bp −$68	7.5 bp −$753	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
Aftermath Perps BTCUSD	−0.0230%	1h	86,618.2	+0.091%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,644.6	+0.122%	$428K	$24.9M	6.7x	as long as short
Phoenix BTClong	−0.0103%	1h	86,539	long leg	$2.2M	$12.4M	40x
dYdX BTC-USD	−0.0082%	1h	86,671.7	+0.153%	$17.6M	$20.5M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,605	+0.076%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,631.7	+0.107%	$363K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,654.7	+0.134%	$935.6M	$1.44B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,610.9	+0.083%	$844.1M	$704.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,645.9	+0.124%	$37.0M	—	200x	as long as short
Aster BTCUSDT	+0.0009%	8h	86,602.5	+0.073%	$505.6M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,617.5	+0.091%	$6.7M	$144.3M	40x	as long as short
BingX BTC-USDT	+0.0022%	8h	86,604.2	+0.075%	—	$1.59B	—	as long as short
Phemex BTCUSDTshort	+0.0023%	8h	86,619.1	+0.093%	$149.6M	$471.3M	150x
Bitget BTCUSDT	+0.0030%	8h	86,608	+0.080%	$2.95B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,627.1	+0.102%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	+0.116%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0052%	8h	86,611.9	+0.084%	$5.19B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0053%	8h	86,602.1	+0.073%	$9.43B	$24.31B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,614.2	+0.087%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0072%	8h	86,615.2	+0.088%	$2.56B	$12.70B	100x	as long as short
Gate BTC_USDT	+0.0074%	8h	86,609.9	+0.082%	$5.86B	$10.63B	200x	as long as short
Bybit BTCUSDT	+0.0082%	8h	86,601.4	+0.072%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0092%	8h	86,584.3	+0.052%	$160.0M	$567.1M	—	as long as short
Lighter BTC	+0.0096%	1h	86,629.3	+0.104%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,635.3	+0.111%	$24.0M	$153.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,605	+0.076%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,597	+0.067%	$194K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,668.9	+0.150%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,626	+0.100%	$21.6M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,687	+0.171%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,646.1	+0.124%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,614	+0.087%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,676.4	+0.159%	$7.5M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	+0.078%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,616.6	+0.090%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587.1	+0.056%	$279.7M	$950.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,619.4	+0.093%	$217.4M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,686.6	+0.171%	$141.7M	$322.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,593.6	+0.063%	$30.8M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,683.5	+0.167%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,632	+0.107%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,624.6	+0.099%	$195K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,642.7	+0.120%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,647	+0.125%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,632.2	+0.108%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,628.9	+0.104%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,620	+0.094%	$60.5M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,626.5	+0.101%	$2.30B	$957.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,592.1	+0.061%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,645.3	+0.123%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,657.7	+0.137%	$188.8M	$930.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,665	+0.146%	$132.0M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0123%	8h	86,654	+0.133%	$8.8M	$723.5M	6.4x	as long as short
BloFin BTC-USDT	+0.0173%	8h	86,611.4	+0.084%	$416.8M	$652.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,638.2	+0.115%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,648.5	+0.127%	$614K	$7.1M	30x	as long as short