Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0025%/8h= +2.7% APRpaid last 24h +0.017%

Price spread now: Vest against Phemex+0.050%45s7-day average +0.015% · you sell dearer than you buy

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

Long on Phemex Short on Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.002%$0 on $10k

Price spread, last 4 days (all we have)+0.044%+$4 · spread now +0.050%, 7d avg +0.015%

Together, before fees+0.046%+ Points / potential airdropVest: Active · farm board+$5 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 Vest is 0.036% dearer against Phemex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.015%. The two prices were read 45 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	85,690.4	0.0075	pay 0.0075% / 8h	5h 28m	$148.1M	$479.8M	150x
Short	Vest BTC-PERP	85,733.5	0.0100	get 0.0013% / 1h	28m 19s	—	$11.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now +0.050%Rate

Funding earned: $5.19
Price spread: +0.050% → +0.015%: $3.57
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Vest: 1 bp × 2 orders: −$2
Net: −$5.24
Costs to cover: 0.140%
Break-even: 14.1 days

Slippage unknown: Phemex: live order book, 6 min ago; Vest: 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	6.0 bp −$60	7.3 bp −$730	doesn't fit
Sell Vest no order-book sample	—	—	—	—	—

Vest: 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 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
Bluefin BTC-PERP	−0.0627%	1h	85,694.9	+0.005%	$196K	$722K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,791	+0.117%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,690	0.000%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,676	−0.017%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0032%	8h	85,703.2	+0.015%	$416.3M	$665.3M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,690.7	0.000%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,680.7	−0.011%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0009%	8h	85,668.9	−0.025%	$917.8M	$753.9M	125x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,665.5	−0.029%	$22.6M	$220.9M	50x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,675.8	−0.017%	$516.2M	$1.11B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0054%	8h	85,672.2	−0.021%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,656.5	−0.040%	$2.95B	$5.03B	150x	as long as short
Reya BTCRUSDPERP	+0.0069%	1h	85,660.4	−0.035%	$6.7M	$146.5M	40x	as long as short
HTX BTC-USDT	+0.0075%	8h	85,691.3	+0.001%	$2.27B	$936.7M	200x	as long as short
Phemex BTCUSDTlong	+0.0075%	8h	85,690.4	long leg	$148.1M	$479.8M	150x
Deribit BTC-PERPETUAL	+0.0077%	1h	85,698.9	+0.010%	$892.2M	$1.53B	50x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	−0.131%	$340K	$26.9M	52x	as long as short
SunX BTC-USDT	+0.0085%	8h	85,659.9	−0.036%	$2.9M	$6.1M	100x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,660.9	−0.034%	$9.35B	$23.94B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,667.8	−0.026%	$5.05B	$5.62B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,649.4	−0.048%	$2.5M	$1.7M	20x	as long as short
Lighter BTC	+0.0096%	1h	85,684.3	−0.007%	$169.9M	$992.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,686.3	−0.005%	$23.9M	$148.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,669	−0.025%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,714.9	+0.029%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,649	−0.048%	$197K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,749	+0.068%	$3.74B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,716.2	+0.030%	$40.2M	$574.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,669	−0.025%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,666.7	−0.028%	$2.57B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,709	+0.022%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,649.4	−0.048%	$7.1M	$97.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,675.8	−0.017%	$5.55B	$10.52B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,685.7	−0.005%	$35.1M	$172.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,767.3	+0.090%	$156.3M	$548.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,658.9	−0.037%	$279.6M	$930.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,774.1	+0.098%	$215.4M	$166.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,800	+0.128%	$140.4M	$316.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,761	+0.082%	$30.3M	$210.2M	40x	as long as short
Vest BTC-PERPshort	+0.0100%	1h	85,733.5	+0.050%	—	$11.8M	50x
Polymarket Perps BTC-USD	+0.0100%	1h	85,665	−0.030%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,675.8	−0.017%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,658.6	−0.037%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,657.4	−0.038%	$30.0M	$50.9M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,657	−0.039%	$60.0M	$336.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,614.4	−0.089%	$621.3M	$398.6M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,636.8	−0.063%	$44.1M	$227.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,703.7	+0.016%	—	$106.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,703.2	+0.015%	$130.4M	$5.11B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,700.3	+0.012%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,686.1	−0.005%	$188.9M	$952.4M	100x	as long as short
Aftermath Perps BTCUSD	+0.0195%	1h	85,700.6	+0.012%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0179%	1h	85,679.7	−0.013%	$13.6M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,771.9	+0.095%	$702K	$7.8M	30x	as long as short
Kalshi KXBTCPERP	+0.0217%	8h	85,753	+0.073%	$10.4M	$760.9M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,703	+0.015%	$516K	$19.3M	6.7x	as long as short