Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.037%

Price spread now: Hyperliquid against Phemex+0.114%48s7-day average +0.077% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$220.216% of the position

Long on Phemex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.108%+$11 on $10k

Price spread, last 4 days (all we have)−0.038%−$4 · spread now +0.114%, 7d avg +0.077%

Together, before fees+0.070%+ Points / potential airdropHyperliquid: Season 2 · farm board+$7 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.036% dearer against Phemex than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.077%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	85,277.1	0.0100	pay 0.0100% / 8h	1h 31m	$151.4M	$509.6M	150x
Short	Hyperliquid BTC	85,374	0.0100	get 0.0013% / 1h	31m 27s	$3.74B	$5.08B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.114%Rate

Funding earned: $0
Price spread: +0.114% → +0.077%: $3.63
Slippage, 4 orders: −$0.61
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$17.98
Costs to cover: 0.216%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Hyperliquid: live order book, 13 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, 3 min ago	0.01 bp	6.0 bp −$6	6.6 bp −$66	7.5 bp −$749	doesn't fit
Sell Hyperliquid live order book, 13 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.8 bp −$484	5.7 bp −$2,860

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	−0.0082%	1h	85,293	+0.019%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,279	+0.002%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,287.6	+0.012%	$927.6M	$773.8M	125x	as long as short
BloFin BTC-USDT	−0.0029%	8h	85,299.8	+0.027%	$421.2M	$682.4M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,286.3	+0.011%	$512.5M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,310	+0.039%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,312.6	+0.042%	$494K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,282.8	+0.007%	$16.7M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,280.1	+0.004%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0043%	1h	85,279.2	+0.002%	$24.4M	$222.4M	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	+0.0057%	1h	85,247	−0.035%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,295.3	+0.021%	—	$1.56B	—	as long as short
ApeX Omni BTCUSDT	+0.0083%	1h	85,306.3	+0.034%	$139.5M	$314.2M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0084%	1h	85,303.6	+0.031%	$862.3M	$1.64B	50x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,257.4	−0.023%	$2.4M	$6.7M	20x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,274.6	−0.003%	$185.8M	$958.1M	100x	as long as short
Bitget BTCUSDT	+0.0089%	8h	85,293	+0.019%	$2.96B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,294.5	+0.020%	$5.01B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,292.6	+0.018%	$9.42B	$24.96B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,292.5	+0.018%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,287.3	+0.012%	$23.5M	$148.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,292	+0.017%	$8.4M	$56.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,270	−0.008%	$236K	$8.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,287.6	+0.012%	$5.14B	$9.99B	150x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,340.4	+0.074%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTCshort	+0.0100%	1h	85,374	+0.114%	$3.74B	$5.08B	40x
Pacifica BTC	+0.0100%	1h	85,313.1	+0.042%	$40.2M	$604.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,296.3	+0.023%	$2.59B	$12.23B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,263	−0.017%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,291.5	+0.017%	$5.1M	$99.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,299.4	+0.026%	$5.49B	$11.00B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,257.5	−0.023%	$36.9M	$178.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,207.8	−0.081%	$154.6M	$557.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,254.4	−0.027%	$279.3M	$950.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,296	+0.022%	$214.2M	$166.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,260.2	−0.020%	$30.0M	$203.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,351.9	+0.088%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,298	+0.025%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,298.8	+0.025%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,267.9	−0.011%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,305.2	+0.033%	$193K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,214.5	−0.073%	$29.9M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,253	−0.028%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,261	−0.019%	$59.7M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,262.1	−0.018%	$2.25B	$968.4M	200x	as long as short
Phemex BTCUSDTlong	+0.0100%	8h	85,277.1	long leg	$151.4M	$509.6M	150x
Bulk BTC-USD	+0.0100%	1h	85,269.9	−0.008%	$683.1M	$415.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,274.7	−0.003%	$44.8M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,312.2	+0.041%	—	$107.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,301.1	+0.028%	$116.1M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0128%	1h	85,289.1	+0.014%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,276.9	0.000%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,307	+0.035%	$11.7M	$741.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,317.4	+0.047%	$8.7M	$42.9M	25x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,306.3	+0.034%	$685K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0269%	1h	85,294.8	+0.021%	$79K	$230K	20x	as long as short