Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC+0.0347%/8h= +37.9% APRpaid last 24h −0.033%

Price spread now: Perpl against Phemex−0.012%7-day average +0.013% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.360%+$36 on $10k

Price spread, last 3 days (all we have)+0.052%+$5 · spread now −0.012%, 7d avg +0.013%

Together, before fees+0.412%+ Points / potential airdropPerpl: Active · farm board+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. Perpl is 0.026% cheaper against Phemex than usual: you would sell low and buy high (spread −0.012% now, against its 7-day average of +0.013%). If the spread goes back, that is −$3 on $10k: about 6 hours of funding at the current rate (+$10 a day). At the pace of the last 7 days (+0.360% in total) that is about 12 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	85,570.1	0.0100	pay 0.0100% / 8h	5h 53m	$149.2M	$479.2M	150x
Short	Perpl BTC	85,559.5	0.0447	get 0.0040% / 43m	41m 16s	$509K	$19.6M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now −0.012%Rate

Funding earned: $72.77
Price spread: −0.012% → +0.013%: −$2.59
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $44.38
Costs to cover: 0.258%
Break-even: 2.7 days

Slippage unknown: Phemex: live order book, 6 min ago; Perpl: no order-book sample. Net counts fees only.

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	7.1 bp −$71	8.6 bp −$858	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 55 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	−0.0160%	1h	85,538	−0.038%	$2.2M	$10.3M	40x	as long as short
ApeX Omni BTCUSDT	−0.0123%	1h	85,466.5	−0.121%	$139.7M	$316.3M	100x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,516	−0.063%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,515.5	−0.064%	$365K	$2.3M	50x	as long as short
Nado BTC-PERP	−0.0013%	1h	85,501.3	−0.080%	$22.5M	$221.6M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,532.4	−0.044%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,575.3	+0.006%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,551.7	−0.021%	$515.7M	$1.11B	200x	as long as short
KuCoin XBTUSDTM	+0.0019%	8h	85,550	−0.023%	$905.5M	$745.1M	125x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,598.3	+0.033%	—	$1.54B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0060%	8h	85,550	−0.023%	$2.27B	$930.0M	200x	as long as short
Reya BTCRUSDPERP	+0.0064%	1h	85,507.2	−0.074%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,582.8	+0.015%	$2.95B	$5.01B	150x	as long as short
SunX BTC-USDT	+0.0077%	8h	85,495.3	−0.087%	$2.9M	$6.2M	100x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.055%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,570.1	0.000%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0084%	8h	85,575.8	+0.007%	$9.34B	$23.82B	150x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,577.1	+0.008%	$5.08B	$5.57B	500x	as long as short
SoDEX BTC-USD	+0.0093%	1h	85,574	+0.005%	$59.9M	$336.3M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,576.7	+0.008%	$169.6M	$983.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,581.3	+0.013%	$24.0M	$147.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,519	−0.060%	$8.4M	$51.5M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,547	−0.027%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,487	−0.097%	$203K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,581	+0.013%	$3.76B	$4.90B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,533.2	−0.043%	$40.1M	$571.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,583.5	+0.016%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,579.2	+0.011%	$2.56B	$12.10B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,514	−0.066%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,473.9	−0.112%	$7.1M	$96.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,482.5	−0.102%	$608.2M	$317.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,569.3	−0.001%	$5.57B	$10.39B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,574.1	+0.005%	$34.7M	$170.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,577.1	+0.008%	$153.7M	$552.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,494.5	−0.088%	$278.1M	$928.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,468	−0.119%	$214.5M	$161.4M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,524.1	−0.054%	$30.2M	$211.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,562.7	−0.009%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,507	−0.074%	$11.0M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,561.7	−0.010%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,577.6	+0.009%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,618.9	+0.057%	$197K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,573.7	+0.004%	$30.0M	$52.7M	15x	as long as short
Phemex BTCUSDTlong	+0.0100%	8h	85,570.1	long leg	$149.2M	$479.2M	150x
Extended BTC-USD	+0.0104%	1h	85,557.2	−0.015%	$44.2M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,525.1	−0.053%	—	$103.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,614	+0.051%	$130.5M	$5.06B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,538.8	−0.037%	$8.3M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,603.6	+0.039%	$187.1M	$949.0M	100x	as long as short
Aftermath Perps BTCUSD	+0.0191%	1h	85,570.1	0.000%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,527.1	−0.050%	$682K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0181%	1h	85,570	0.000%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,536	−0.040%	$10.4M	$760.2M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0213%	1h	85,621.5	+0.060%	$894.8M	$1.52B	50x	as long as short
Perpl BTCshort	+0.0447%	43m	85,559.5	−0.012%	$509K	$19.6M	6.7x