Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.159%

Price spread now: Phemex against Bluefin−0.043%7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$270.270% of the position

Long on Bluefin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.223%+$22 on $10k

Price spread, last 3 days (all we have)+0.039%+$4 · spread now −0.043%, 7d avg +0.019%

Together, before fees+0.262%+$26 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 0.062% cheaper against Bluefin than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	85,728.8	0.0100	pay 0.0013% / 1h	17m 26s	$186K	$708K	40x
Short	Phemex BTCUSDT	85,691.6	0.0100	get 0.0100% / 8h	6h 17m	$153.6M	$480.5M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bluefin. 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 BluefinbpFee PhemexbpOrdersPrice spread, now −0.043%Rate

Funding earned: $0
Price spread: −0.043% → +0.019%: −$6.19
Slippage, 4 orders: −$7.97
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$33.17
Costs to cover: 0.270%
Break-even: never at this rate

Slippage from Bluefin: live order book, 52 min ago; Phemex: live order book, 2 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 Bluefin live order book, 52 min ago	1.17 bp	7.7 bp −$8	12.5 bp −$125	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	0.01 bp	6.0 bp −$6	6.7 bp −$67	7.9 bp −$792	doesn't fit

BTC on 55 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	−0.0144%	1h	85,785	+0.066%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,660	−0.080%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,632.6	−0.112%	$362K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,692.4	−0.042%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,673.6	−0.064%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.044%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0031%	8h	85,649.9	−0.092%	$900.5M	$753.5M	125x	as long as short
Aster BTCUSDT	+0.0033%	8h	85,640.1	−0.104%	$515.9M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,667.3	−0.072%	$8.2M	$42.1M	25x	as long as short
Nado BTC-PERP	+0.0044%	1h	85,663.2	−0.077%	$22.6M	$227.4M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0056%	8h	85,634.8	−0.110%	—	$17.1M	—	as long as short
Reya BTCRUSDPERP	+0.0059%	1h	85,635.1	−0.109%	$6.7M	$146.3M	40x	as long as short
HTX BTC-USDT	+0.0066%	8h	85,679.1	−0.058%	$2.27B	$947.5M	200x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,641.7	−0.102%	$2.95B	$5.08B	150x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,640.6	−0.103%	$9.33B	$24.29B	150x	as long as short
ApeX Omni BTCUSDT	+0.0091%	1h	85,637.3	−0.107%	$140.0M	$318.1M	100x	as long as short
MEXC BTC_USDT	+0.0092%	8h	85,660	−0.080%	$5.08B	$5.74B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,663.2	−0.077%	$170.4M	$992.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,672.9	−0.065%	$23.5M	$147.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,636	−0.108%	$8.4M	$51.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,681.7	−0.055%	$2.5M	$1.8M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,616	−0.132%	$202K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,637.8	−0.106%	$3.8M	$8.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,707	−0.025%	$3.76B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,692	−0.043%	$40.8M	$571.9M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,655.6	−0.085%	$5.31B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,651.8	−0.090%	$2.54B	$12.34B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,652	−0.090%	$3.9M	$18.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,616	−0.132%	$7.2M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,744.8	+0.019%	$590.5M	$195.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,648.4	−0.094%	$5.59B	$10.57B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,649.4	−0.093%	$35.2M	$165.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,688	−0.048%	$156.6M	$555.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,614.3	−0.134%	$278.4M	$941.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,656.6	−0.084%	$214.9M	$164.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,624.3	−0.122%	$30.3M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,702.1	−0.031%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,655	−0.086%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,663	−0.077%	$187K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,681.5	−0.055%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERPlong	+0.0100%	1h	85,728.8	long leg	$186K	$708K	40x
Derive BTC-PERP	+0.0100%	1h	85,688.5	−0.047%	$30.0M	$56.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,665.8	−0.073%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,692	−0.043%	$60.0M	$337.0M	40x	as long as short
Phemex BTCUSDTshort	+0.0100%	8h	85,691.6	−0.043%	$153.6M	$480.5M	150x
Extended BTC-USD	+0.0104%	1h	85,618.2	−0.129%	$44.0M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,668.5	−0.070%	—	$101.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,726.1	−0.003%	$131.3M	$5.15B	50x	as long as short
Hibachi BTC/USDT-P	+0.0144%	1h	85,671.4	−0.067%	$694K	$7.8M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,716	−0.015%	$187.9M	$963.6M	100x	as long as short
Aftermath Perps BTCUSD	+0.0171%	1h	85,703	−0.030%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0189%	1h	85,696.1	−0.038%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,702	−0.031%	$10.2M	$770.2M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0248%	1h	85,742.2	+0.016%	$894.6M	$1.54B	50x	as long as short
Perpl BTC	+0.0447%	43m	85,666.2	−0.073%	$513K	$20.5M	6.7x	as long as short