Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0244%/8h= +26.8% APRpaid last 24h +0.022%

Price spread now: Bybit against Phoenix−0.114%7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$180.184% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.062%+$6 on $10k

Price spread, last 7 days+0.056%+$6 · spread now −0.114%, 7d avg −0.052%

Together, before fees+0.118%+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.062% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.114% now, against its 7-day average of −0.052%). If the spread goes back, that is −$6 on $10k: about 20 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.062% in total) that is about 7.0 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.062% in total (about 3.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	85,785	−0.0144	get 0.0018% / 1h	21m 17s	$2.2M	$10.5M	40x
Short	Bybit BTCUSDT	85,687.3	0.0100	get 0.0100% / 8h	6h 21m	$5.30B	$9.74B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phoenix. 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 PhoenixbpFee BybitbpOrdersPrice spread, now −0.114%Rate

Funding earned: $51.33
Price spread: −0.114% → −0.052%: −$6.22
Slippage, 4 orders: −$0.37
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $26.74
Costs to cover: 0.184%
Break-even: 3.4 days

Slippage from Phoenix: live order book, 3 min ago; Bybit: live order book, 3 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 Phoenix live order book, 3 min ago	0.06 bp	3.7 bp −$4	6.2 bp −$62	12.0 bp −$1,200	doesn't fit
Sell Bybit live order book, 3 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	6.7 bp −$673	8.7 bp −$4,341

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 BTClong	−0.0144%	1h	85,785	long leg	$2.2M	$10.5M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,717	−0.079%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,698.4	−0.101%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,743.4	−0.049%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,713.9	−0.083%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.110%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0031%	8h	85,678.4	−0.124%	$901.6M	$754.3M	125x	as long as short
Aster BTCUSDT	+0.0038%	8h	85,722.2	−0.073%	$516.4M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,729.6	−0.065%	$8.2M	$42.0M	25x	as long as short
Nado BTC-PERP	+0.0051%	1h	85,710.1	−0.087%	$22.6M	$227.4M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0055%	8h	85,658.4	−0.148%	—	$17.1M	—	as long as short
Reya BTCRUSDPERP	+0.0058%	1h	85,714.6	−0.082%	$6.7M	$146.3M	40x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,669.5	−0.135%	$2.94B	$5.08B	150x	as long as short
HTX BTC-USDT	+0.0080%	8h	85,675	−0.128%	$2.27B	$947.4M	200x	as long as short
MEXC BTC_USDT	+0.0093%	8h	85,677.3	−0.126%	$5.06B	$5.73B	500x	as long as short
ApeX Omni BTCUSDT	+0.0094%	1h	85,762.3	−0.026%	$140.2M	$318.2M	100x	as long as short
Binance BTCUSDT	+0.0095%	8h	85,683.5	−0.118%	$9.33B	$24.29B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0095%	1h	85,730.5	−0.063%	$894.7M	$1.54B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,694.4	−0.106%	$170.3M	$991.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,706	−0.092%	$23.5M	$147.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,711	−0.086%	$8.4M	$51.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,691.6	−0.109%	$2.5M	$1.8M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,682	−0.120%	$202K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,681.6	−0.120%	$3.8M	$8.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,784	−0.001%	$3.76B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,745	−0.047%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDTshort	+0.0100%	8h	85,687.3	−0.114%	$5.30B	$9.74B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,680.2	−0.122%	$2.54B	$12.34B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,707	−0.091%	$3.9M	$18.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,677.9	−0.125%	$7.2M	$97.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,744.8	−0.047%	$590.5M	$195.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,716.8	−0.080%	$5.60B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,667	−0.138%	$35.3M	$164.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,799.4	+0.017%	$156.6M	$556.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,744.1	−0.048%	$278.8M	$940.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,761.2	−0.028%	$215.2M	$166.3M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,792	+0.008%	$30.3M	$208.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,786	+0.001%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,718	−0.078%	$11.0M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,708	−0.090%	$187K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,695.3	−0.105%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,730	−0.064%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,698.3	−0.101%	$30.0M	$56.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,671	−0.133%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,693	−0.107%	$60.0M	$337.2M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,678.5	−0.124%	$154.0M	$480.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,669.6	−0.135%	$44.1M	$227.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,710.6	−0.087%	—	$101.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,715.9	−0.081%	$131.3M	$5.15B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,824.4	+0.046%	$697K	$7.8M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,708.8	−0.089%	$188.3M	$963.0M	100x	as long as short
Aftermath Perps BTCUSD	+0.0168%	1h	85,749.8	−0.041%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0189%	1h	85,714.5	−0.082%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,741	−0.051%	$10.0M	$769.9M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,739	−0.054%	$513K	$20.6M	6.7x	as long as short