Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0027%/8hnext payment +$0.27 per $10,000 · paid last 24h −0.002%

Price spread now: Phemex against Bitget+0.003%7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$240.240% of the position

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.020%−$2 on $10k

Price spread, last 3 days (all we have)−0.024%−$2 · spread now +0.003%, 7d avg +0.002%

Together, before fees−0.043%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.002%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget BTCUSDT	86,462.3	0.0008	pay 0.0008% / 8h	4h 06m	$2.97B	$4.90B	150x
Short	Phemex BTCUSDT	86,464.6	0.0035	get 0.0035% / 8h	4h 06m	$153.4M	$444.3M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bitget. 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 BitgetbpFee PhemexbpOrdersPrice spread, now +0.003%Rate

Funding earned: $5.62
Price spread: +0.003% → +0.002%: $0.02
Slippage, 4 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$18.38
Costs to cover: 0.240%
Break-even: 29.9 days

Slippage from Bitget: live order book, 3 min ago; Phemex: 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 Bitget live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.6 bp −$663	7.6 bp −$3,807
Sell Phemex live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.1 bp −$61	7.2 bp −$723	doesn't fit

BTC on 56 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 BTC	−0.0132%	1h	86,513	+0.059%	$2.1M	$11.1M	40x	as long as short
Perpl BTC	−0.0112%	43m	86,474.6	+0.014%	$410K	$25.9M	6.7x	as long as short
BloFin BTC-USDT	−0.0082%	8h	86,503.8	+0.048%	$422.7M	$595.4M	150x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,489	+0.031%	$9K	$4K	50x	as long as short
Aftermath Perps BTCUSD	−0.0046%	1h	86,527.5	+0.075%	$85K	$166K	20x	as long as short
Kraken Futures PF_XBTUSD	−0.0030%	1h	86,496.3	+0.039%	$184.5M	$860.3M	100x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,510.6	+0.056%	$303K	$2.4M	50x	as long as short
dYdX BTC-USD	−0.0014%	1h	86,517	+0.063%	$17.3M	$18.2M	50x	as long as short
KuCoin XBTUSDTM	−0.0010%	8h	86,449.7	−0.015%	$822.9M	$665.8M	125x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,518	+0.064%	$8.8M	$694.5M	6.4x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	0.0000%	1h	86,572	+0.127%	$327K	$27.0M	52x	as long as short
Reya BTCRUSDPERP	+0.0004%	1h	86,488.6	+0.030%	$6.7M	$139.9M	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,509.2	+0.054%	$37.1M	—	200x	as long as short
BingX BTC-USDC	+0.0006%	8h	86,466.8	+0.005%	—	$14.8M	—	as long as short
SoDEX BTC-USD	+0.0008%	1h	86,449	−0.015%	$61.0M	$311.5M	40x	as long as short
Bitget BTCUSDTlong	+0.0008%	8h	86,462.3	long leg	$2.97B	$4.90B	150x
Aster BTCUSDT	+0.0021%	8h	86,465.3	+0.003%	$506.3M	$1.12B	200x	as long as short
RISEx BTC/USDC	+0.0027%	1h	86,496.6	+0.040%	$8.9M	$39.7M	25x	as long as short
Phemex BTCUSDTshort	+0.0035%	8h	86,464.6	+0.003%	$153.4M	$444.3M	150x
MEXC BTC_USDT	+0.0037%	8h	86,460.6	−0.002%	$5.13B	$5.35B	500x	as long as short
Binance BTCUSDT	+0.0038%	8h	86,466.9	+0.005%	$9.53B	$23.28B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0039%	8h	86,454	−0.010%	$2.63B	$12.16B	100x	as long as short
Aevo BTC-PERP	+0.0040%	1h	86,477.6	+0.018%	$2.4M	$1.3M	20x	as long as short
ApeX Omni BTCUSDT	+0.0043%	1h	86,479.2	+0.020%	$140.5M	$320.6M	100x	as long as short
Bulk BTC-USD	+0.0062%	1h	86,467	+0.005%	$570.2M	$47.0M	40x	as long as short
HTX BTC-USDT	+0.0066%	8h	86,456.3	−0.007%	$2.30B	$896.2M	200x	as long as short
Bluefin BTC-PERP	+0.0068%	1h	86,497.4	+0.041%	$141K	$505K	40x	as long as short
Gate BTC_USDT	+0.0069%	8h	86,462.5	0.000%	$5.98B	$10.20B	200x	as long as short
Bybit BTCUSDT	+0.0076%	8h	86,462	0.000%	$5.29B	$9.20B	150x	as long as short
Popdex BTCUSDT	+0.0080%	1h	86,487	+0.029%	$8.5M	$49.9M	100x	as long as short
Orderly PERP_BTC_USDC	+0.0088%	8h	86,483.3	+0.024%	$2.3M	$7.7M	100x	as long as short
Variational Omni BTC	+0.0089%	8h	86,459	−0.004%	$163.4M	$537.2M	—	as long as short
Lighter BTC	+0.0096%	1h	86,470.5	+0.009%	$172.9M	$980.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,469.4	+0.008%	$24.2M	$146.9M	50x	as long as short
Hibachi BTC/USDT-P	+0.0096%	1h	86,542.8	+0.093%	$615K	$6.8M	30x	as long as short
GRVT BTC_USDT_Perp	+0.0097%	8h	86,471.7	+0.011%	$217.2M	$181.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	86,484.5	+0.026%	$4.5M	$7.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,498	+0.041%	$212K	$6.1M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,456	−0.007%	$23.4M	$229.8M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,477.1	+0.017%	$37.3M	$446.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,503	+0.047%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,518.4	+0.065%	$6.9M	$92.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,468.8	+0.008%	$37.6M	$140.1M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,473	+0.012%	$284.3M	$906.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,505.7	+0.050%	$30.8M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,563	+0.116%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,499	+0.042%	$11.0M	$13.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,484	+0.025%	$237K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,479.5	+0.020%	$30.2M	$60.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,480.9	+0.022%	$3.4M	$5.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,463.3	+0.001%	$47.8M	$218.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,480.6	+0.021%	—	$87.3M	500x	as long as short
Hyperliquid BTC	+0.0154%	1h	86,571	+0.126%	$3.99B	$4.76B	40x	as long as short
Coinbase International BTC-PERP-INTX	+0.0168%	1h	86,514.2	+0.060%	$131.6M	$5.89B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0204%	1h	86,505.1	+0.049%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0208%	1h	86,536.4	+0.086%	$932.2M	$1.22B	50x	as long as short