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: Bulk against Phemex+0.080%7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

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

Long on Phemex Short on Bulk

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 for this trade now. Funding pays +$1 a day on $10k at the current rate, and Bulk is 0.078% dearer against Phemex than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	85,115.3	0.0079	pay 0.0079% / 8h	2h 27m	$148.1M	$504.7M	150x
Short	Bulk BTC-USD	85,183.8	0.0100	get 0.0013% / 1h	27m 43s	$678.4M	$603.6M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Phemex. 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 PhemexbpFee BulkbpOrdersPrice spread, now +0.080%Rate

Funding earned: $4.31
Price spread: +0.080% → +0.002%: $7.81
Slippage, 4 orders: −$0.07
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$6.95
Costs to cover: 0.191%
Break-even: 18.3 days

Slippage from Phemex: live order book, 6 min ago; Bulk: live order book, 1 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 Phemex live order book, 6 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	8.7 bp −$866	doesn't fit
Sell Bulk live order book, 1 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$353	3.9 bp −$1,943

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	+0.038%	$524K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,204	+0.104%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,173	+0.068%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,097.8	−0.021%	$918.9M	$763.4M	125x	as long as short
BloFin BTC-USDT	−0.0035%	8h	85,189.4	+0.087%	$419.3M	$678.8M	150x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	85,134.5	+0.023%	$373K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0016%	8h	85,103.1	−0.014%	$511.6M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,125.9	+0.012%	$16.7M	$21.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,118.6	+0.004%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	+0.129%	$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	+0.023%	$24.7M	$222.7M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,128.6	+0.016%	$186.8M	$954.8M	100x	as long as short
BingX BTC-USDC	+0.0066%	8h	85,083.8	−0.037%	—	$17.3M	—	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 BTCUSDTlong	+0.0079%	8h	85,115.3	long leg	$148.1M	$504.7M	150x
Aevo BTC-PERP	+0.0080%	1h	85,107.5	−0.009%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0084%	8h	85,106.8	−0.010%	$2.94B	$5.16B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,111.2	−0.005%	$5.06B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,108.9	−0.008%	$9.40B	$24.80B	150x	as long as short
Bullet BTC-USD	+0.0091%	1h	85,111.3	−0.005%	$206K	$3.3M	20x	as long as short
Lighter BTC	+0.0096%	1h	85,109.7	−0.007%	$170.6M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,119.9	+0.005%	$23.6M	$148.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,121	+0.007%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,148.9	+0.039%	$116.8M	$5.36B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,102	−0.016%	$239K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,190.2	+0.088%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,189	+0.087%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,160.3	+0.053%	$40.1M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,101.5	−0.016%	$5.14B	$9.94B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,106.7	−0.010%	$2.58B	$12.15B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,114	−0.002%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,130.3	+0.018%	$4.6M	$99.2M	40x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	85,183.8	+0.080%	$678.4M	$603.6M	40x
Gate BTC_USDT	+0.0100%	8h	85,110.9	−0.005%	$5.50B	$10.94B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,110.8	−0.005%	$35.9M	$175.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,111.9	−0.004%	$154.3M	$569.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,133.5	+0.021%	$278.8M	$944.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,139	+0.028%	$214.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,125.3	+0.012%	$139.1M	$315.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,156.3	+0.048%	$30.0M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,199.2	+0.099%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,111	−0.005%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,116.3	+0.001%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,151.1	+0.042%	$217K	$749K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,092	−0.027%	$29.9M	$49.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,181.9	+0.078%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,114	−0.002%	$59.5M	$335.9M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,101.4	−0.016%	$2.25B	$944.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,086.6	−0.034%	$45.2M	$238.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,121.7	+0.007%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0114%	1h	85,109.7	−0.007%	$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	+0.004%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0181%	8h	85,154	+0.045%	$11.4M	$743.6M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0220%	1h	85,209.3	+0.110%	$78K	$226K	20x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,228.8	+0.133%	$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