Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0332%/8h= −36.4% APRpaid last 24h −0.023%

Price spread now: Phemex against Aftermath Perps+0.001%7-day average −0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$320.315% of the position

Long on Aftermath Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.084%−$8 on $10k

Price spread, last 4 days (all we have)−0.108%−$11 · spread now +0.001%, 7d avg −0.025%

Together, before fees−0.192%−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.026% dearer against Aftermath Perps than usual: you sell high and buy low (spread +0.001% now, against its 7-day average of −0.025%): +$3 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 4 days (−0.084% in total) that is about 27 hours.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.084% in total (about -8.5% 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	Aftermath Perps BTCUSD	85,980.8	0.0432	pay 0.0054% / 1h	18m 03s	$81K	$246K	20x
Short	Phemex BTCUSDT	85,982	0.0100	get 0.0100% / 8h	6h 18m	$169.4M	$483.5M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aftermath Perps. 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 Aftermath PerpsbpFee PhemexbpOrdersPrice spread, now +0.001%Rate

Funding earned: −$69.75
Price spread: +0.001% → −0.025%: $2.64
Slippage, 4 orders: −$10.52
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$98.63
Costs to cover: 0.315%
Break-even: never at this rate

Slippage from Aftermath Perps: live order book, 34 min ago; Phemex: live order book, 4 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 Aftermath Perps live order book, 34 min ago	2.87 bp	9.5 bp −$9	10.9 bp −$109	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	0.27 bp	6.3 bp −$6	6.6 bp −$66	8.4 bp −$836	doesn't fit

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
Hotstuff BTC-PERP	−0.0080%	1h	85,923	−0.067%	$8K	$2K	50x	as long as short
ApeX Omni BTCUSDT	−0.0076%	1h	85,979.1	−0.002%	$137.4M	$295.5M	100x	as long as short
01 Exchange BTCUSD	−0.0072%	1h	85,976.2	−0.005%	$358K	$2.0M	50x	as long as short
Injective BTC/USDC PERP	−0.0065%	1h	85,995	+0.016%	$300K	$28.6M	52x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,921.6	−0.069%	$421.8M	$576.1M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,996.9	+0.019%	$16.9M	$15.0M	50x	as long as short
Perpl BTC	0.0000%	43m	85,988.9	+0.009%	$482K	$14.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,944.3	−0.042%	$36.7M	—	200x	as long as short
SoDEX BTC-USD	+0.0011%	1h	85,986	+0.006%	$65.5M	$188.0M	40x	as long as short
BingX BTC-USDC	+0.0019%	8h	85,964.3	−0.019%	—	$16.5M	—	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit BTCUSDT	+0.0028%	8h	85,992.9	+0.014%	$5.10B	$8.35B	150x	as long as short
Aster BTCUSDT	+0.0035%	8h	85,983.3	+0.003%	$512.4M	$903.3M	200x	as long as short
KuCoin XBTUSDTM	+0.0041%	8h	85,999.9	+0.022%	$928.6M	$651.2M	125x	as long as short
Phoenix BTC	+0.0053%	1h	85,955	−0.030%	$2.0M	$8.5M	40x	as long as short
Gate BTC_USDT	+0.0069%	8h	85,982.2	+0.002%	$5.50B	$9.28B	200x	as long as short
Nado BTC-PERP	+0.0073%	1h	85,979.6	−0.001%	$22.3M	$201.9M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,993.4	+0.015%	$172.8M	$887.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,995.4	+0.017%	$23.1M	$124.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,983	+0.003%	$8.8M	$46.8M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,968	−0.015%	$2.4M	$6.7M	20x	as long as short
HTX BTC-USDT	+0.0097%	8h	85,990.5	+0.011%	$2.27B	$834.8M	200x	as long as short
Bitget BTCUSDT	+0.0099%	8h	85,984	+0.004%	$2.98B	$4.11B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,961	−0.023%	$210K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,976.5	−0.005%	$5.9M	$7.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,078	+0.113%	$3.93B	$4.46B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,978.2	−0.003%	$40.4M	$571.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,987.2	+0.007%	$9.44B	$21.29B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,995.7	+0.017%	$2.60B	$9.75B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,962	−0.022%	$4.0M	$15.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,001.4	+0.024%	$4.2M	$91.3M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,978.4	−0.003%	$5.15B	$5.39B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,975.3	−0.006%	$37.4M	$193.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,913	−0.079%	$156.0M	$495.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,948.1	−0.038%	$289.4M	$850.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,890.1	−0.106%	$215.7M	$139.9M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,947	−0.039%	$30.2M	$221.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,040.6	+0.070%	—	$10.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,991	+0.012%	$11.0M	$12.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,986.9	+0.007%	$201K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,977.2	−0.004%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,023.9	+0.050%	$195K	$565K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,973.5	−0.009%	$3.2M	$7.0M	100x	as long as short
Phemex BTCUSDTshort	+0.0100%	8h	85,982	+0.001%	$169.4M	$483.5M	150x
Bulk BTC-USD	+0.0100%	1h	85,914.7	−0.077%	$712.8M	$159.6M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0102%	1h	86,008	+0.032%	$189.9M	$796.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,973.8	−0.008%	$46.9M	$206.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,956.5	−0.028%	—	$82.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,041.6	+0.071%	$112.4M	$5.03B	50x	as long as short
Reya BTCRUSDPERP	+0.0160%	1h	85,973.8	−0.008%	$6.6M	$131.5M	40x	as long as short
Kalshi KXBTCPERP	+0.0164%	8h	85,988	+0.008%	$11.3M	$730.9M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0199% / S −0.0183%	1h	85,948.8	−0.037%	$13.2M	—	200x	as long as short
RISEx BTC/USDC	+0.0204%	1h	86,008.7	+0.032%	$9.0M	$38.4M	25x	as long as short
Hibachi BTC/USDT-P	+0.0304%	1h	85,986.4	+0.006%	$708K	$7.0M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0340%	1h	86,057.1	+0.089%	$827.7M	$1.53B	50x	as long as short
Aftermath Perps BTCUSDlong	+0.0432%	1h	85,980.8	long leg	$81K	$246K	20x