Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0372%/8h= +40.7% APRpaid last 24h −0.001%

Price spread now: Perpl against Phoenix−0.164%61s7-day average −0.038% · you buy dearer than you sell

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

Long on Phoenix Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.405%+$41 on $10k

Price spread, last 7 days+0.150%+$15 · spread now −0.164%, 7d avg −0.038%

Together, before fees+0.555%+ Points / potential airdropPerpl: Active · farm board+$55 on $10k · with fees, hour by hour

Funding pays, the price is against you. Perpl is 0.126% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.164% now, against its 7-day average of −0.038%). If the spread goes back, that is −$13 on $10k: about 27 hours of funding at the current rate (+$11 a day). The two prices were read 61 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	Phoenix BTC	86,213	0.0075	pay 0.0009% / 1h	58m 11s	$2.3M	$8.2M	40x
Short	Perpl BTC	86,072	0.0447	get 0.0040% / 43m	13m 11s	$494K	$16.3M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.164%Rate

Funding earned: $78.02
Price spread: −0.164% → −0.038%: −$12.55
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $44.67
Costs to cover: 0.208%
Break-even: 3.0 days

Slippage unknown: Phoenix: 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 Phoenix live order book, 6 min ago	0.06 bp	3.7 bp −$4	5.9 bp −$59	11.7 bp −$1,167	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
Hotstuff BTC-PERP	−0.0080%	1h	86,180	−0.038%	$8K	$2K	50x	as long as short
Injective BTC/USDC PERP	−0.0065%	1h	86,198	−0.017%	$301K	$25.0M	52x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	86,060.1	−0.177%	$358K	$2.1M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,080	−0.154%	$422.6M	$624.5M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	86,105.7	−0.124%	$16.9M	$17.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,207.1	−0.007%	$36.9M	—	200x	as long as short
SoDEX BTC-USD	+0.0033%	1h	85,994	−0.254%	$60.2M	$257.8M	40x	as long as short
KuCoin XBTUSDTM	+0.0035%	8h	86,042.7	−0.198%	$936.2M	$666.4M	125x	as long as short
Bybit BTCUSDT	+0.0036%	8h	85,969.9	−0.282%	$5.11B	$9.03B	150x	as long as short
BingX BTC-USDT	+0.0045%	8h	86,044.1	−0.196%	—	$1.45B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0048%	8h	86,002.5	−0.244%	$503.4M	$971.3M	200x	as long as short
Phoenix BTClong	+0.0075%	1h	86,213	long leg	$2.3M	$8.2M	40x
Phemex BTCUSDT	+0.0077%	8h	85,992.9	−0.255%	$167.4M	$496.6M	150x	as long as short
Lighter BTC	+0.0096%	1h	86,037.8	−0.203%	$173.2M	$865.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,003.8	−0.243%	$23.4M	$121.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,047	−0.193%	$8.7M	$52.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,028.2	−0.214%	$2.4M	$6.7M	20x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,106.1	−0.124%	$6.1M	$8.6M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,044	−0.196%	$230K	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,056.8	−0.181%	$21.5M	$210.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,127	−0.100%	$3.86B	$4.75B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,098.9	−0.132%	$40.7M	$587.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,998.7	−0.249%	$9.47B	$23.06B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,970.1	−0.282%	$2.61B	$10.72B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,055	−0.183%	$4.0M	$16.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,100.1	−0.131%	$4.7M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,176.9	−0.042%	$711.8M	$175.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,047.2	−0.192%	$5.47B	$9.01B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,048.7	−0.191%	$5.11B	$5.25B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	86,029.6	−0.213%	$2.98B	$4.53B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,078.4	−0.156%	$37.1M	$188.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,123.1	−0.104%	$158.4M	$509.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,177.4	−0.041%	$290.1M	$989.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,189.5	−0.027%	$216.5M	$141.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,191.9	−0.025%	$137.2M	$302.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,171	−0.049%	$30.3M	$212.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,141.4	−0.083%	—	$10.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,054	−0.184%	$11.0M	$13.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,052	−0.187%	$205K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,036.5	−0.205%	$2.6M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,072.8	−0.163%	$195K	$646K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,046	−0.194%	$3.2M	$7.0M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,990	−0.259%	$2.27B	$911.3M	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0102%	1h	86,009.8	−0.236%	$188.4M	$866.1M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,009.4	−0.236%	$46.4M	$219.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,104	−0.126%	—	$93.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,034	−0.208%	$112.5M	$5.23B	50x	as long as short
Reya BTCRUSDPERP	+0.0154%	1h	86,102.6	−0.128%	$6.6M	$131.8M	40x	as long as short
Kalshi KXBTCPERP	+0.0184%	8h	86,061	−0.176%	$10.4M	$728.0M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0185%	1h	86,193.4	−0.023%	$13.3M	—	200x	as long as short
RISEx BTC/USDC	+0.0204%	1h	86,095.1	−0.137%	$8.9M	$40.2M	25x	as long as short
Hibachi BTC/USDT-P	+0.0280%	1h	86,226.6	+0.016%	$697K	$7.4M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0311%	1h	86,080.4	−0.154%	$835.1M	$1.61B	50x	as long as short
Aftermath Perps BTCUSD	+0.0420%	1h	86,180.4	−0.038%	$80K	$254K	20x	as long as short
Perpl BTCshort	+0.0447%	43m	86,072	−0.164%	$494K	$16.3M	6.7x