Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h −0.005%

Price spread now: Phemex against SoDEX−0.022%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on SoDEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.011%−$1 on $10k

Price spread, last 4 days (all we have)+0.014%+$1 · spread now −0.022%, 7d avg +0.004%

Together, before fees+0.003%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Phemex is 0.026% cheaper against SoDEX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.004%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX BTC-USD	85,613	0.0079	pay 0.0010% / 1h	50m 57s	$60.0M	$336.1M	40x
Short	Phemex BTCUSDT	85,594.2	0.0068	get 0.0068% / 8h	3h 50m	$148.6M	$490.2M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SoDEX. 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 SoDEXbpFee PhemexbpOrdersPrice spread, now −0.022%Rate

Funding earned: −$2.18
Price spread: −0.022% → +0.004%: −$2.57
Slippage, 4 orders: −$0.13
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$24.88
Costs to cover: 0.201%
Break-even: never at this rate

Slippage from SoDEX: live order book, 3 min ago; Phemex: live order book, 3 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 SoDEX live order book, 3 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	4.8 bp −$479	38.5 bp −$19.2K
Sell Phemex live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.3 bp −$733	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
Phoenix BTC	−0.0140%	1h	85,690	+0.090%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,637	+0.028%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0038%	8h	85,590.3	−0.027%	$917.0M	$756.0M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,606.8	−0.007%	$417.7M	$675.3M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,645.9	+0.038%	$366K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,681.5	+0.080%	$16.8M	$21.2M	50x	as long as short
Nado BTC-PERP	+0.0001%	1h	85,640	+0.031%	$24.8M	$222.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,644.2	+0.036%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,591.8	−0.025%	$515.7M	$1.10B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0016%	1h	85,658.5	+0.053%	$884.8M	$1.59B	50x	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	+0.0044%	1h	85,690	+0.090%	$340K	$26.9M	52x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,592.1	−0.024%	—	$17.1M	—	as long as short
Phemex BTCUSDTshort	+0.0068%	8h	85,594.2	−0.022%	$148.6M	$490.2M	150x
SoDEX BTC-USDlong	+0.0079%	1h	85,613	long leg	$60.0M	$336.1M	40x
Bitget BTCUSDT	+0.0081%	8h	85,597.9	−0.018%	$2.96B	$5.10B	150x	as long as short
Reya BTCRUSDPERP	+0.0091%	1h	85,630	+0.020%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,611.2	−0.002%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,613.8	+0.001%	$23.9M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,622	+0.011%	$8.7M	$54.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,614.2	+0.001%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,603	−0.012%	$200K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,709.1	+0.112%	$5.5M	$9.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,685	+0.084%	$3.79B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,666.5	+0.062%	$40.5M	$582.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,600.2	−0.015%	$9.41B	$24.31B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,597.4	−0.018%	$5.19B	$9.84B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,610	−0.004%	$2.59B	$12.16B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,606	−0.008%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,618.3	+0.006%	$4.3M	$98.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,604.2	−0.010%	$5.53B	$10.75B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,600.2	−0.015%	$5.06B	$5.63B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,583.1	−0.035%	$35.9M	$176.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,614	+0.001%	$153.6M	$564.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,619.2	+0.007%	$279.6M	$925.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,677.6	+0.075%	$215.0M	$168.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,670.8	+0.068%	$140.1M	$315.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,680	+0.078%	$30.3M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,694.9	+0.096%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,628	+0.018%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,637	+0.028%	$196K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,621.9	+0.010%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,668.2	+0.064%	$207K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,620.4	+0.009%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,601.5	−0.013%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,600	−0.015%	$2.27B	$946.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,665.1	+0.061%	$677.0M	$718.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,576.6	−0.042%	$44.8M	$231.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,669.7	+0.066%	—	$107.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,643	+0.035%	$117.3M	$5.22B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,614.9	+0.002%	$188.1M	$956.9M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,661.7	+0.057%	$8.9M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0177%	1h	85,641.2	+0.033%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0231%	8h	85,684	+0.083%	$12.0M	$757.2M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0234%	1h	85,682.8	+0.082%	$79K	$220K	20x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,697.1	+0.098%	$701K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,633.6	+0.024%	$505K	$18.8M	6.7x	as long as short