Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0021%/8h= −2.2% APRpaid last 24h −0.013%

Price spread now: Phemex against Bulk−0.080%7-day average −0.002% · 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−$27as in the Price arb table

costs, in and out, $10k−$190.191% of the position

Long on Bulk Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.045%−$5 on $10k

Price spread, last 4 days (all we have)+0.068%+$7 · spread now −0.080%, 7d avg −0.002%

Together, before fees+0.023%+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.078% cheaper against Bulk than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	85,183.8	0.0100	pay 0.0013% / 1h	28m 02s	$678.4M	$603.6M	40x
Short	Phemex BTCUSDT	85,115.3	0.0079	get 0.0079% / 8h	2h 28m	$148.1M	$504.7M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bulk. 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 BulkbpFee PhemexbpOrdersPrice spread, now −0.080%Rate

Funding earned: −$4.31
Price spread: −0.080% → −0.002%: −$7.8
Slippage, 4 orders: −$0.07
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$31.18
Costs to cover: 0.191%
Break-even: never at this rate

Slippage from Bulk: live order book, 1 min ago; Phemex: live order book, 6 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 Bulk live order book, 1 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	3.9 bp −$393	4.7 bp −$2,335
Sell Phemex live order book, 6 min ago	0.01 bp	6.0 bp −$6	7.0 bp −$70	9.2 bp −$919	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
Perpl BTC	−0.0112%	43m	85,147.4	−0.043%	$524K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,204	+0.024%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,173	−0.013%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,097.8	−0.101%	$918.9M	$763.4M	125x	as long as short
BloFin BTC-USDT	−0.0035%	8h	85,189.4	+0.007%	$419.3M	$678.8M	150x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	85,134.5	−0.058%	$373K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0015%	8h	85,109.2	−0.088%	$511.6M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,169.5	−0.017%	$16.7M	$21.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,118.6	−0.077%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	+0.048%	$338K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0028%	1h	85,134.6	−0.058%	$24.7M	$222.7M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,128.6	−0.065%	$186.8M	$954.8M	100x	as long as short
BingX BTC-USDT	+0.0066%	8h	85,109.2	−0.088%	—	$1.56B	—	as long as short
Deribit BTC-PERPETUAL	+0.0072%	1h	85,149.6	−0.040%	$870.1M	$1.61B	50x	as long as short
Phemex BTCUSDTshort	+0.0079%	8h	85,115.3	−0.080%	$148.1M	$504.7M	150x
Aevo BTC-PERP	+0.0080%	1h	85,107.5	−0.090%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0084%	8h	85,110.5	−0.086%	$2.95B	$5.16B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,111.2	−0.085%	$5.06B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,111.8	−0.085%	$9.40B	$24.83B	150x	as long as short
Bullet BTC-USD	+0.0091%	1h	85,111.3	−0.085%	$206K	$3.3M	20x	as long as short
Lighter BTC	+0.0096%	1h	85,131.8	−0.061%	$170.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,137.4	−0.054%	$23.6M	$148.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,121	−0.074%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,148.9	−0.041%	$116.8M	$5.36B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,102	−0.096%	$239K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,190.2	+0.007%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,202	+0.021%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,160.3	−0.028%	$40.1M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,104.4	−0.093%	$5.14B	$9.93B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,112	−0.084%	$2.57B	$12.15B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,114	−0.082%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,130.3	−0.063%	$4.6M	$99.2M	40x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	85,183.8	long leg	$678.4M	$603.6M	40x
Gate BTC_USDT	+0.0100%	8h	85,123.4	−0.071%	$5.50B	$10.94B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,110.8	−0.086%	$35.9M	$175.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,111.9	−0.084%	$154.3M	$569.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,133.5	−0.059%	$278.8M	$944.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,139	−0.053%	$214.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,125.3	−0.069%	$139.1M	$315.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,156.3	−0.032%	$30.0M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,199.2	+0.018%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,111	−0.085%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,116.3	−0.079%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,151.1	−0.038%	$217K	$749K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,092	−0.108%	$29.9M	$49.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,181.9	−0.002%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,114	−0.082%	$59.5M	$335.9M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,101.4	−0.097%	$2.25B	$944.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,086.6	−0.114%	$45.2M	$238.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,121.7	−0.073%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0114%	1h	85,109.7	−0.087%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,118.4	−0.077%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0181%	8h	85,154	−0.035%	$11.4M	$743.6M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0220%	1h	85,209.3	+0.030%	$78K	$226K	20x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,228.8	+0.053%	$717K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,149.7	−0.040%	$8.7M	$43.1M	25x	as long as short