Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0177%/8h= −19.4% APRpaid last 24h −0.048%

Price spread now: Phemex against Hibachi−0.043%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$210.214% of the position

Long on Hibachi Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.385%−$39 on $10k

Price spread, last 4 days (all we have)−0.039%−$4 · spread now −0.043%, 7d avg −0.040%

Together, before fees−0.424%+ Points / potential airdropHibachi: Active · farm board−$42 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.040%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi BTC/USDT-P	85,629.7	0.0248	pay 0.0031% / 1h	43m 13s	$696K	$7.9M	30x
Short	Phemex BTCUSDT	85,592.6	0.0071	get 0.0071% / 8h	3h 43m	$148.5M	$491.7M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Hibachi. 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 HibachibpFee PhemexbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$37.27
Price spread: −0.043% → −0.040%: −$0.31
Slippage, 4 orders: −$0.41
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$58.99
Costs to cover: 0.214%
Break-even: never at this rate

Slippage from Hibachi: 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 Hibachi live order book, 1 min ago	0.01 bp	4.5 bp −$5	4.6 bp −$46	60.9 bp −$6,093	doesn't fit
Sell Phemex live order book, 6 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	85,597	−0.038%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,610	−0.023%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0040%	8h	85,589.9	−0.046%	$916.9M	$756.6M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,599.6	−0.035%	$418.3M	$675.6M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,599.6	−0.035%	$366K	$2.3M	50x	as long as short
Nado BTC-PERP	−0.0001%	1h	85,580.4	−0.058%	$24.7M	$222.4M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,631.4	+0.002%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,608	−0.025%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	85,574.5	−0.064%	$515.3M	$1.10B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0023%	1h	85,628.5	−0.001%	$884.3M	$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	+0.070%	$340K	$26.9M	52x	as long as short
BingX BTC-USDT	+0.0065%	8h	85,583.1	−0.054%	—	$1.54B	—	as long as short
Phemex BTCUSDTshort	+0.0071%	8h	85,592.6	−0.043%	$148.5M	$491.7M	150x
SoDEX BTC-USD	+0.0077%	1h	85,584	−0.053%	$60.0M	$336.1M	40x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,598.5	−0.036%	$2.96B	$5.11B	150x	as long as short
Reya BTCRUSDPERP	+0.0094%	1h	85,601.7	−0.033%	$6.6M	$147.0M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,602.5	−0.032%	$172.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,603.2	−0.031%	$24.0M	$148.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,583	−0.055%	$8.7M	$54.6M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,581.6	−0.056%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,567	−0.073%	$203K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,644	+0.017%	$5.7M	$9.4M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,617.1	−0.015%	$40.6M	$584.8M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,599.7	−0.035%	$9.42B	$24.31B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,595	−0.041%	$5.19B	$9.84B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,608.3	−0.025%	$2.59B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,580	−0.058%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,575.6	−0.063%	$4.4M	$98.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,605	−0.029%	$5.54B	$10.77B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,595.4	−0.040%	$5.06B	$5.64B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,586.7	−0.050%	$35.5M	$177.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,612.6	−0.020%	$153.5M	$564.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,612.9	−0.020%	$279.7M	$927.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,598.4	−0.037%	$215.0M	$169.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,592.9	−0.043%	$140.0M	$315.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,627.5	−0.003%	$30.2M	$207.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,654.7	+0.029%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,603	−0.031%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,605	−0.029%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,586.6	−0.050%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,633.1	+0.004%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,579.2	−0.059%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,575.4	−0.063%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,587.3	−0.050%	$2.27B	$946.3M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,580.4	−0.058%	$679.0M	$730.0M	40x	as long as short
Hyperliquid BTC	+0.0101%	1h	85,678	+0.056%	$3.79B	$5.02B	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,563.1	−0.078%	$44.8M	$231.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,601.9	−0.032%	—	$107.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,623.7	−0.007%	$117.0M	$5.22B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,605	−0.029%	$187.9M	$955.1M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,619.5	−0.012%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0177%	1h	85,609.1	−0.024%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0220%	8h	85,625	−0.005%	$12.0M	$755.9M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0232%	1h	85,626.8	−0.003%	$78K	$220K	20x	as long as short
Hibachi BTC/USDT-Plong	+0.0248%	1h	85,629.7	long leg	$696K	$7.9M	30x
Perpl BTC	+0.0335%	43m	85,595.4	−0.040%	$500K	$18.8M	6.7x	as long as short