Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.017%

Price spread now: Phemex against Vest−0.100%7-day average −0.014% · you buy dearer than you sell

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

Long on Vest Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 3 days (all we have)+0.101%+$10 · spread now −0.100%, 7d avg −0.014%

Together, before fees+0.102%+ Points / potential airdropVest: Active · farm board+$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.086% cheaper against Vest than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest BTC-PERP	86,263.6	0.0100	pay 0.0013% / 1h	9m 59s	—	$11.8M	50x
Short	Phemex BTCUSDT	86,177.3	0.0100	get 0.0100% / 8h	7h 09m	$155.5M	$473.0M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Vest. 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 VestbpFee PhemexbpOrdersPrice spread, now −0.100%Rate

Funding earned: $0
Price spread: −0.100% → −0.014%: −$8.59
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$22.59
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Phemex: live order book, 4 min ago. 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 Vest no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.9 bp −$69	7.9 bp −$793	doesn't fit

Vest: 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
Phoenix BTC	−0.0129%	1h	86,372	+0.126%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,248	−0.018%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,223.8	−0.046%	$364K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,230.2	−0.039%	$569K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,234	−0.034%	$36.9M	—	200x	as long as short
Bluefin BTC-PERP	+0.0021%	1h	86,240.5	−0.027%	$144K	$666K	40x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,365	+0.118%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0026%	1h	86,264.4	+0.001%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0032%	8h	86,219.7	−0.051%	$499.8M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0045%	8h	86,207.6	−0.065%	$829.7M	$714.9M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0049%	1h	86,211.1	−0.061%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0052%	8h	86,210.1	−0.062%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,237.4	−0.030%	$8.2M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0066%	8h	86,208.2	−0.064%	$2.97B	$5.04B	150x	as long as short
SoDEX BTC-USD	+0.0076%	1h	86,161	−0.119%	$60.4M	$338.3M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,187.9	−0.088%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	86,202	−0.071%	$5.11B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	86,217.4	−0.054%	$9.39B	$24.20B	150x	as long as short
HTX BTC-USDT	+0.0092%	8h	86,143.5	−0.139%	$2.29B	$957.6M	200x	as long as short
Gate BTC_USDT	+0.0093%	8h	86,193.8	−0.081%	$5.76B	$10.63B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,181.1	−0.096%	$170.1M	$993.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,188.1	−0.087%	$23.6M	$152.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,233	−0.035%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,196	−0.078%	$199K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,300.1	+0.042%	$4.2M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,268.6	+0.006%	$22.1M	$225.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,248	−0.018%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,299.6	+0.042%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,202.6	−0.071%	$5.25B	$9.63B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,216.2	−0.055%	$2.56B	$12.41B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,229	−0.040%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,245	−0.022%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.137%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,173	−0.105%	$35.5M	$161.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,205.5	−0.067%	$156.7M	$558.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,254.8	−0.010%	$278.6M	$953.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,266	+0.003%	$216.6M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,290.3	+0.031%	$141.4M	$320.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,204.7	−0.068%	$30.6M	$207.8M	40x	as long as short
Vest BTC-PERPlong	+0.0100%	1h	86,263.6	long leg	—	$11.8M	50x
Polymarket Perps BTC-USD	+0.0100%	1h	86,214	−0.057%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,218.8	−0.052%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,211.8	−0.060%	$2.4M	$9.0M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,222.5	−0.048%	$30.3M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,189.1	−0.086%	$3.3M	$5.4M	100x	as long as short
Phemex BTCUSDTshort	+0.0100%	8h	86,177.3	−0.100%	$155.5M	$473.0M	150x
Extended BTC-USD	+0.0104%	1h	86,197	−0.077%	$45.9M	$222.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,234.7	−0.033%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,207.6	−0.065%	$132.2M	$5.28B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,187.7	−0.088%	$191.4M	$949.9M	100x	as long as short
Hibachi BTC/USDT-P	+0.0152%	1h	86,228.9	−0.040%	$713K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,280.7	+0.020%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,210	−0.062%	$415.5M	$641.1M	150x	as long as short
Deribit BTC-PERPETUAL	+0.0205%	1h	86,251.3	−0.014%	$902.6M	$1.51B	50x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,255	−0.010%	$10.6M	$766.2M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,230.2	−0.039%	$14.5M	—	200x	as long as short