data as of
Settings8H · net · $10k
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Funding arb /

BTC

all BTC markets
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Funding spread now, next payment 14:00 UTC+0.0085%/8h
next payment, per $10,000+$0.11paid, last 24h−0.014%paid, last 7 days−0.063%to open and close $10k−$17
Long on PhoenixShort on Backpack
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix BTC85,9220.0015pay 0.0002% / 1h58m 39s$1.6M$10.4M40x
ShortBackpack BTC_USDC_PERP85,876.80.0100get 0.0013% / 1h58m 39s$39.2M$103.0M75x

Funding history

latest
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Funding on every exchange

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latest

Profit calculator

Funding earned
$17.85
Slippage, 4 orders
−$0.43
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Backpack: 5 bp × 2 orders
−$10
Net
$0.42
Break-even
6.8 days
Slippage from Phoenix: live order book, 2 min ago; Backpack: live order book, 2 min ago.

Price risk

price view
Price gap now
−0.053%
Avg gap 7d
−0.087%
A gap far from its average can cost days of funding.

Backtest

opened in the past, held until now, after costs
Backtest 7 daysBacktest 30 daysBacktest 90 daysopens the backtester with this pair and $10,000 a leg

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 2 min ago0.06 bp3.7 bp −$46.3 bp −$6313.7 bp −$1,367doesn't fit
Sell Backpack live order book, 2 min ago0.01 bp5.0 bp −$55.0 bp −$506.2 bp −$62518.9 bp −$9,433

BTC on 55 venues

lowest funding first. Swap a leg.
ExchangeFunding /8hEveryOIVol 24hMax lev
Perpl BTC−0.0223%43m$480K$30.3M6.7xas long as short
01 Exchange BTCUSD−0.0120%1h$278K$2.4M50xas long as short
edgeX BTCUSDC−0.0088%4h$282.8M$842.0M100xas long as short
Aftermath Perps BTCUSD−0.0082%1h$87K$149K20xas long as short
Hotstuff BTC-PERP−0.0080%1h$9K$3K50xas long as short
Reya BTCRUSDPERP−0.0026%1h$6.7M$137.5M40xas long as short
Phemex BTCUSDT−0.0024%8h$157.4M$390.1M150xas long as short
BingX BTC-USDT−0.0009%8h—$1.36B—as long as short
Bitget BTCUSDT−0.0008%8h$2.94B$4.54B150xas long as short
Gate BTC_USDT−0.0007%8h$6.11B$8.99B200xas long as short
Show all 55 venues
ExchangeFunding /8hEveryOIVol 24hMax lev
dYdX BTC-USD0.0000%1h$16.7M$16.3M50xas long as short
Kalshi KXBTCPERP0.0000%8h$10.1M$544.9M6.4xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h$36.8M—200xas long as short
Phoenix BTClong+0.0015%1h$1.6M$10.4M40x
ApeX Omni BTCUSDT+0.0021%1h$139.3M$317.3M100xas long as short
OKX BTC-USDT-SWAP+0.0035%8h$2.60B$11.28B100xas long as short
Aster BTCUSDT+0.0041%8h$488.5M$1.10B200xas long as short
HTX BTC-USDT+0.0050%8h$2.30B$813.6M200xas long as short
KuCoin XBTUSDTM+0.0052%8h$792.3M$609.5M125xas long as short
Kraken Futures PF_XBTUSD+0.0071%1h$183.7M$798.0M100xas long as short
Paradex BTC-USD-PERP+0.0079%8h$4.4M$6.5M50xas long as short
MEXC BTC_USDT+0.0079%8h$5.02B$4.88B500xas long as short
Binance BTCUSDT+0.0079%8h$9.59B$20.97B150xas long as short
Aevo BTC-PERP+0.0080%1h$2.4M$1.6M20xas long as short
Hibachi BTC/USDT-P+0.0088%1h$627K$7.3M30xas long as short
Lighter BTC+0.0096%1h$179.0M$884.4M50xas long as short
Lighter RH BTC+0.0096%1h$25.2M$134.5M50xas long as short
Popdex BTCUSDT+0.0096%1h$8.5M$43.6M100xas long as short
Katana Perps BTC-USD+0.0100%8h$189K$5.3M50xas long as short
Nado BTC-PERP+0.0100%1h$23.4M$230.4M50xas long as short
Pacifica BTC+0.0100%1h$36.5M$337.2M50xas long as short
Bybit BTCUSDT+0.0100%8h$5.15B$8.29B150xas long as short
Ondo Perps BTC-USD.P+0.0100%1h$3.9M$16.1M25xas long as short
Arcus BTC-USD+0.0100%1h$5.4M$81.4M40xas long as short
Bulk BTC-USD+0.0100%1h$540.9M$69.9M40xas long as short
Backpack BTC_USDC_PERPshort+0.0100%1h$39.2M$103.0M75x
Variational Omni BTC+0.0100%8h$173.9M$497.6M—as long as short
StandX BTC-USD+0.0100%1h$30.7M$241.0M40xas long as short
Vest BTC-PERP+0.0100%1h—$13.3M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h$10.9M$11.4M50xas long as short
Bullet BTC-USD+0.0100%1h$245K$3.3M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h$2.4M$7.1M100xas long as short
Bluefin BTC-PERP+0.0100%1h$143K$403K40xas long as short
Derive BTC-PERP+0.0100%1h$30.0M$57.4M15xas long as short
SunX BTC-USDT+0.0100%8h$3.3M$5.6M100xas long as short
SoDEX BTC-USD+0.0100%1h$61.1M$259.1M40xas long as short
Extended BTC-USD+0.0104%1h$48.2M$206.7M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h—$89.1M500xas long as short
Coinbase International BTC-PERP-INTX+0.0104%1h$149.5M$6.27B50xas long as short
Injective BTC/USDC PERP+0.0108%1h$304K$27.0M52xas long as short
RISEx BTC/USDC+0.0128%1h$8.8M$38.3M25xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0198% / S −0.0178%1h$12.5M—200xas long as short
BloFin BTC-USDT+0.0220%8h$424.4M$517.0M150xas long as short
Hyperliquid BTC+0.0396%1h$3.89B$4.28B40xas long as short
Deribit BTC-PERPETUAL+0.0423%1h$874.6M$1.01B50xas long as short