Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0233%/8h= +25.5% APRpaid last 24h +0.049%

Price spread now: Orderly against Phoenix−0.053%66s7-day average −0.027% · you buy dearer than you sell

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

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.146%+$15 on $10k

Price spread, last 4 days (all we have)+0.027%+$3 · spread now −0.053%, 7d avg −0.027%

Together, before fees+0.173%+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.027% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.053% now, against its 7-day average of −0.027%). If the spread goes back, that is −$3 on $10k: about 9 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.146% in total) that is about 31 hours. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.146% in total (about 7.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	86,126	−0.0133	get 0.0017% / 1h	52m 26s	$2.0M	$7.8M	40x
Short	Orderly PERP_BTC_USDC	86,080.1	0.0100	get 0.0100% / 8h	5h 52m	$2.7M	$8.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Phoenix. 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 PhoenixbpFee OrderlybpOrdersPrice spread, now −0.053%Rate

Funding earned: $48.87
Price spread: −0.053% → −0.027%: −$2.66
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $33.2
Costs to cover: 0.130%
Break-even: 2.2 days

Slippage unknown: Phoenix: live order book, 5 min ago; Orderly: 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 Phoenix live order book, 5 min ago	0.06 bp	3.7 bp −$4	5.9 bp −$59	11.5 bp −$1,154	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 exchanges

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	−0.0133%	1h	86,126	long leg	$2.0M	$7.8M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,197	+0.082%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,076.4	−0.058%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,091.8	−0.040%	$421.2M	$564.2M	150x	as long as short
SoDEX BTC-USD	−0.0011%	1h	86,100	−0.030%	$65.9M	$188.0M	40x	as long as short
dYdX BTC-USD	0.0000%	1h	86,064.4	−0.072%	$16.9M	$14.6M	50x	as long as short
Perpl BTC	0.0000%	43m	86,108.2	−0.021%	$481K	$13.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,111.6	−0.017%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,214	+0.102%	$301K	$26.1M	52x	as long as short
Aster BTCUSDT	+0.0028%	8h	86,076	−0.058%	$513.2M	$875.2M	200x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,122.6	−0.004%	$191.2M	$770.6M	100x	as long as short
BingX BTC-USDT	+0.0030%	8h	86,090.7	−0.041%	—	$1.33B	—	as long as short
Bybit BTCUSDT	+0.0036%	8h	86,094	−0.037%	$5.14B	$8.14B	150x	as long as short
ApeX Omni BTCUSDT	+0.0037%	1h	86,155.8	+0.035%	$137.8M	$295.3M	100x	as long as short
KuCoin XBTUSDTM	+0.0054%	8h	86,076.2	−0.058%	$942.9M	$634.7M	125x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,080.2	−0.053%	$5.51B	$8.88B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,073	−0.062%	$8.8M	$45.3M	100x	as long as short
Phemex BTCUSDT	+0.0081%	8h	86,096.9	−0.034%	$170.7M	$479.4M	150x	as long as short
Bitget BTCUSDT	+0.0095%	8h	86,071.1	−0.064%	$2.99B	$3.97B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,078.8	−0.055%	$173.6M	$852.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,073.6	−0.061%	$23.5M	$118.7M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,087.7	−0.044%	$2.4M	$6.7M	20x	as long as short
HTX BTC-USDT	+0.0099%	8h	86,098.7	−0.032%	$2.27B	$805.1M	200x	as long as short
Binance BTCUSDT	+0.0099%	8h	86,084.1	−0.049%	$9.46B	$20.58B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,048	−0.091%	$218K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,112	−0.016%	$6.0M	$7.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,059.5	−0.077%	$23.5M	$196.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,101.8	−0.028%	$40.4M	$570.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,095.6	−0.035%	$2.61B	$9.50B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,063	−0.073%	$4.0M	$15.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,105.1	−0.024%	$4.2M	$90.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	+0.050%	$716.4M	$134.3M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,084	−0.049%	$5.18B	$4.82B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,094.4	−0.037%	$38.7M	$196.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,125.5	−0.001%	$158.0M	$474.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,136.3	+0.012%	$290.0M	$813.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,151.9	+0.030%	$216.4M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,151	+0.029%	$30.3M	$222.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,134.7	+0.010%	—	$9.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,077	−0.057%	$11.0M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,093.8	−0.037%	$205K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	86,080.1	−0.053%	$2.7M	$8.9M	100x
Bluefin BTC-PERP	+0.0100%	1h	86,149.8	+0.028%	$195K	$564K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,124.6	−0.002%	$3.2M	$6.6M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,046.1	−0.093%	$47.0M	$203.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,101.5	−0.028%	—	$81.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,153.6	+0.032%	$112.3M	$4.98B	50x	as long as short
Hyperliquid BTC	+0.0159%	1h	86,166	+0.046%	$3.97B	$4.36B	40x	as long as short
Kalshi KXBTCPERP	+0.0160%	8h	86,134	+0.009%	$11.8M	$732.6M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0163%	1h	86,062.8	−0.073%	$6.6M	$131.1M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,098.7	−0.032%	$8.9M	$37.1M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0208%	1h	86,161.1	+0.041%	$822.7M	$1.51B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0210% / S −0.0250%	1h	86,110.4	−0.018%	$15.6M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	86,160	+0.039%	$727K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0450%	1h	86,144.6	+0.022%	$79K	$245K	20x	as long as short