Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0067%/8h= +7.4% APRpaid last 24h +0.015%

Price spread now: Phemex against dYdX−0.030%7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$260.257% of the position

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.080%+$8 on $10k

Price spread, last 4 days (all we have)−0.015%−$2 · spread now −0.030%, 7d avg −0.013%

Together, before fees+0.064%+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.013%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BTC-USD	85,631.4	0.0000	pay 0.0000% / 1h	45m 01s	$16.8M	$21.2M	50x
Short	Phemex BTCUSDT	85,605.4	0.0068	get 0.0068% / 8h	3h 45m	$148.6M	$491.4M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against dYdX. 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 dYdXbpFee PhemexbpOrdersPrice spread, now −0.030%Rate

Funding earned: $14.15
Price spread: −0.030% → −0.013%: −$1.79
Slippage, 4 orders: −$3.69
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$13.33
Costs to cover: 0.257%
Break-even: 13.6 days

Slippage from dYdX: live order book, 4 min ago; Phemex: live order book, 4 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 dYdX live order book, 4 min ago	0.47 bp	6.6 bp −$7	9.7 bp −$97	16.7 bp −$1,667	18.2 bp −$9,085
Sell Phemex live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.0 bp −$703	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	85,589	−0.050%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,649	+0.021%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0039%	8h	85,587.1	−0.052%	$916.9M	$756.6M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,627	−0.005%	$418.4M	$675.8M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,604.3	−0.032%	$366K	$2.3M	50x	as long as short
Nado BTC-PERP	−0.0002%	1h	85,602.3	−0.034%	$24.8M	$222.5M	50x	as long as short
dYdX BTC-USDlong	0.0000%	1h	85,631.4	long leg	$16.8M	$21.2M	50x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,620.7	−0.013%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	85,598.1	−0.039%	$515.4M	$1.10B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0021%	1h	85,651.1	+0.023%	$884.2M	$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	+0.068%	$340K	$26.9M	52x	as long as short
BingX BTC-USDT	+0.0065%	8h	85,598.4	−0.039%	—	$1.54B	—	as long as short
Phemex BTCUSDTshort	+0.0068%	8h	85,605.4	−0.030%	$148.6M	$491.4M	150x
SoDEX BTC-USD	+0.0080%	1h	85,614	−0.020%	$60.0M	$336.1M	40x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,595.2	−0.042%	$2.96B	$5.11B	150x	as long as short
Reya BTCRUSDPERP	+0.0093%	1h	85,587.8	−0.051%	$6.6M	$147.0M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,614.2	−0.020%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,625.1	−0.007%	$23.9M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,590	−0.048%	$8.7M	$54.6M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,616.4	−0.018%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,578	−0.062%	$202K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,666	+0.040%	$5.7M	$9.4M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,635.7	+0.005%	$40.6M	$584.8M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,594.3	−0.043%	$9.42B	$24.31B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,593.6	−0.044%	$5.19B	$9.84B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,600.2	−0.036%	$2.59B	$12.15B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,594	−0.044%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,584.4	−0.055%	$4.4M	$98.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,606.6	−0.029%	$5.54B	$10.77B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,586.1	−0.053%	$5.07B	$5.64B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,593.3	−0.045%	$36.0M	$177.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,612.6	−0.022%	$153.5M	$564.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,612.9	−0.022%	$279.7M	$927.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,585.1	−0.054%	$215.0M	$169.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,627.8	−0.004%	$140.0M	$315.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,627.5	−0.005%	$30.3M	$207.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,664.7	+0.039%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,593	−0.045%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,590	−0.048%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,617.3	−0.017%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,663.2	+0.037%	$207K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,611.9	−0.023%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,586.5	−0.052%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,593.7	−0.044%	$2.27B	$946.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,665.1	+0.039%	$677.0M	$718.2M	40x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,683	+0.060%	$3.79B	$5.02B	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,569.4	−0.072%	$44.8M	$231.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,646.1	+0.017%	—	$107.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,640	+0.010%	$117.2M	$5.22B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,632.7	+0.001%	$188.0M	$955.6M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,629.4	−0.002%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0177%	1h	85,609.9	−0.025%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0222%	8h	85,654	+0.026%	$12.0M	$756.3M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0233%	1h	85,668	+0.043%	$78K	$220K	20x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,663.2	+0.037%	$696K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,635.4	+0.005%	$499K	$18.8M	6.7x	as long as short