Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0031%/8h= +3.4% APRpaid last 24h +0.014%

Price spread now: Phemex against 01 Exchange−0.019%7-day average −0.019% · 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−$20as in the Price arb table

costs, in and out, $10k−$200.203% of the position

Long on 01 Exchange Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.049%+$5 on $10k

Price spread, last 3 days (all we have)−0.046%−$5 · spread now −0.019%, 7d avg −0.019%

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

The price spread sits at its 7-day average of −0.019%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange BTCUSD	86,651	−0.0008	get 0.0001% / 1h	38m 42s	$359K	$2.4M	50x
Short	Phemex BTCUSDT	86,634.4	0.0023	get 0.0023% / 8h	1h 38m	$150.1M	$473.5M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against 01 Exchange. 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 01 ExchangebpFee PhemexbpOrdersPrice spread, now −0.019%Rate

Funding earned: $6.56
Price spread: −0.019% → −0.019%: −$0.03
Slippage, 4 orders: −$1.31
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$13.78
Costs to cover: 0.203%
Break-even: 21.7 days

Slippage from 01 Exchange: live order book, just now; Phemex: 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 01 Exchange live order book, just now	0.01 bp	4.7 bp −$5	9.3 bp −$93	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.5 bp −$65	7.5 bp −$746	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
Bluefin BTC-PERP	−0.0874%	1h	86,654.1	+0.004%	$141K	$618K	40x	as long as short
Aftermath Perps BTCUSD	−0.0163%	1h	86,650.5	−0.001%	$83K	$206K	20x	as long as short
Phoenix BTC	−0.0159%	1h	86,688	+0.043%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,631	−0.023%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0011%	1h	86,628.7	−0.026%	$17.5M	$20.3M	50x	as long as short
01 Exchange BTCUSDlong	−0.0008%	1h	86,651	long leg	$359K	$2.4M	50x
Aster BTCUSDT	−0.0007%	8h	86,631	−0.023%	$505.5M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,669.8	+0.022%	$419K	$23.9M	6.7x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	86,629.4	−0.025%	$852.1M	$707.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,657.7	+0.008%	$36.9M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0005%	1h	86,672.4	+0.025%	$925.6M	$1.47B	50x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,632.4	−0.021%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,631.6	−0.022%	$6.7M	$144.8M	40x	as long as short
Phemex BTCUSDTshort	+0.0023%	8h	86,634.4	−0.019%	$150.1M	$473.5M	150x
Injective BTC/USDC PERP	+0.0024%	1h	86,559	−0.106%	$315K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0032%	8h	86,637.9	−0.015%	—	$1.59B	—	as long as short
Hibachi BTC/USDT-P	+0.0032%	1h	86,713.3	+0.072%	$733K	$8.2M	30x	as long as short
Bitget BTCUSDT	+0.0042%	8h	86,606.1	−0.052%	$2.96B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0061%	8h	86,619	−0.037%	$5.19B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,619.6	−0.036%	$9.43B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,625.1	−0.030%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,634.9	−0.019%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,625.5	−0.029%	$5.28B	$9.69B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,628.3	−0.026%	$172.1M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,628.5	−0.026%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,630	−0.024%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,616	−0.040%	$206K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,659.7	+0.010%	$4.8M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,652.4	+0.002%	$21.8M	$233.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,705	+0.062%	$3.82B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,650	−0.001%	$41.1M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,628.8	−0.026%	$2.55B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,632	−0.022%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,701.4	+0.058%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.060%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,633.8	−0.020%	$38.4M	$153.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,696.3	+0.052%	$156.8M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,683.8	+0.038%	$280.1M	$943.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,681.9	+0.036%	$217.5M	$175.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,693.4	+0.049%	$141.7M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,679.7	+0.033%	$30.8M	$203.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,694.1	+0.050%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,635	−0.018%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,634.2	−0.019%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,639.4	−0.013%	$2.5M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,633.7	−0.020%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,629.4	−0.025%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,634	−0.020%	$60.5M	$337.0M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,630.5	−0.024%	$2.30B	$964.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,630.3	−0.024%	$46.3M	$225.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,673.1	+0.026%	—	$98.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,686	+0.040%	$131.7M	$5.72B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,675.7	+0.029%	$191.8M	$936.8M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,647.2	−0.004%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0181%	8h	86,634.4	−0.019%	$415.3M	$652.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0193%	8h	86,676	+0.029%	$9.6M	$727.5M	6.4x	as long as short