Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.009%

Price spread now: gTrade (Gains Network) against Phemex+0.020%7-day average +0.014% · 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−$19as in the Price arb table

costs, in and out, $10k−$200.200% of the position

Long on Phemex Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.050%−$5 on $10k

Price spread, last 3 days (all we have)+0.037%+$4 · spread now +0.020%, 7d avg +0.014%

Together, before fees−0.013%−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.014%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	86,548.8	0.0044	pay 0.0044% / 8h	39m 44s	$150.5M	$479.2M	150x
Short	gTrade (Gains Network) BTC/USD	86,566.2	L +0.0005% / S −0.0004%	get 0.0001% / 1h	39m 44s	$36.9M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.020%Rate

Funding earned: −$8.37
Price spread: +0.020% → +0.014%: $0.62
Slippage, 4 orders: −$1.05
Fee Phemex: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$27.81
Costs to cover: 0.200%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; gTrade (Gains Network): virtual book (oracle venue), 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 Phemex live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.2 bp −$62	8.4 bp −$840	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 4 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,183

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	−0.0118%	1h	86,598	+0.057%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,553	+0.005%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.022%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,562.6	+0.016%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,560.2	+0.013%	$360K	$2.5M	50x	as long as short
Aster BTCUSDT	0.0000%	8h	86,543.1	−0.007%	$502.0M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,577.2	+0.033%	$916.5M	$1.49B	50x	as long as short
gTrade (Gains Network) BTC/USDshort	L +0.0005% / S −0.0004%	1h	86,566.2	+0.020%	$36.9M	—	200x
KuCoin XBTUSDTM	+0.0013%	8h	86,540.7	−0.009%	$850.6M	$715.1M	125x	as long as short
dYdX BTC-USD	+0.0027%	1h	86,584.4	+0.041%	$17.0M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0027%	1h	86,542.8	−0.007%	$6.7M	$145.4M	40x	as long as short
BingX BTC-USDC	+0.0042%	8h	86,528.1	−0.024%	—	$15.4M	—	as long as short
Phemex BTCUSDTlong	+0.0044%	8h	86,548.8	long leg	$150.5M	$479.2M	150x
Bitget BTCUSDT	+0.0052%	8h	86,542.5	−0.007%	$2.96B	$5.12B	150x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,544.6	−0.005%	$9.43B	$24.57B	150x	as long as short
MEXC BTC_USDT	+0.0072%	8h	86,543.3	−0.006%	$5.15B	$5.65B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,538.5	−0.012%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,549.3	+0.001%	$5.88B	$10.75B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,556.4	+0.009%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,560.9	+0.014%	$24.0M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,551	+0.003%	$8.5M	$52.6M	100x	as long as short
SoDEX BTC-USD	+0.0097%	1h	86,543	−0.007%	$60.5M	$337.7M	40x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,537	−0.014%	$5.26B	$9.82B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,526	−0.026%	$200K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,593.7	+0.052%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,574.9	+0.030%	$21.9M	$234.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,623	+0.086%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,598.7	+0.058%	$40.8M	$524.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,540.1	−0.010%	$2.55B	$12.75B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,564	+0.018%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,591.6	+0.049%	$7.6M	$95.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,538.4	−0.012%	$38.4M	$155.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,585.8	+0.043%	$157.4M	$570.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,643	+0.109%	$279.9M	$948.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,607.5	+0.068%	$217.5M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,662	+0.131%	$141.6M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,574	+0.029%	$30.7M	$204.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,605.6	+0.066%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,551	+0.003%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,547	−0.002%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,548.7	0.000%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,577.1	+0.033%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,574.6	+0.030%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,556.7	+0.009%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,531.6	−0.020%	$2.30B	$970.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,562.5	+0.016%	$572.7M	$17.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,523	−0.030%	$45.5M	$227.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,617.3	+0.079%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,569.3	+0.024%	$193.5M	$951.6M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,584.2	+0.041%	$417K	$23.2M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,584.6	+0.041%	$132.6M	$5.68B	50x	as long as short
Aftermath Perps BTCUSD	+0.0123%	1h	86,601.4	+0.061%	$79K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,625.4	+0.088%	$728K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0193%	8h	86,593.5	+0.052%	$413.9M	$658.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0193% / S −0.0215%	1h	86,561	+0.014%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,583	+0.040%	$9.6M	$743.9M	6.4x	as long as short