Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.027%

Price spread now: Phemex against Coinbase International−0.045%7-day average −0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$220.220% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.053%−$5 on $10k

Price spread, last 4 days (all we have)−0.009%−$1 · spread now −0.045%, 7d avg −0.044%

Together, before fees−0.062%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.044%, 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	Coinbase International BTC-PERP-INTX	85,481	0.0104	pay 0.0013% / 1h	24m 12s	$117.1M	$5.25B	50x
Short	Phemex BTCUSDT	85,442.4	0.0072	get 0.0072% / 8h	3h 24m	$148.4M	$495.6M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$6.73
Price spread: −0.045% → −0.044%: −$0.08
Slippage, 4 orders: −$0.02
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$28.84
Costs to cover: 0.220%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; Phemex: live order book, 5 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 Coinbase International live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.5 bp −$547	11.2 bp −$5,622
Sell Phemex live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.9 bp −$69	7.9 bp −$790	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	−0.0140%	1h	85,490	+0.011%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,442	−0.046%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0042%	8h	85,437.1	−0.051%	$918.0M	$757.4M	125x	as long as short
BloFin BTC-USDT	−0.0021%	8h	85,435.4	−0.053%	$419.0M	$675.3M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,461.2	−0.023%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0002%	8h	85,430.9	−0.059%	$514.5M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,445.6	−0.041%	$501K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0003%	1h	85,430	−0.060%	$24.5M	$223.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,460.3	−0.024%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0037%	1h	85,485.8	+0.006%	$16.8M	$21.2M	50x	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	+0.0044%	1h	85,514	+0.039%	$339K	$26.9M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0052%	1h	85,490.7	+0.011%	$884.8M	$1.59B	50x	as long as short
SoDEX BTC-USD	+0.0059%	1h	85,443	−0.044%	$59.9M	$336.0M	40x	as long as short
BingX BTC-USDT	+0.0065%	8h	85,464.9	−0.019%	—	$1.55B	—	as long as short
Phemex BTCUSDTshort	+0.0072%	8h	85,442.4	−0.045%	$148.4M	$495.6M	150x
Bitget BTCUSDT	+0.0080%	8h	85,466.9	−0.016%	$2.95B	$5.11B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,464	−0.020%	$172.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,461.1	−0.023%	$24.0M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,450	−0.036%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,436.6	−0.052%	$2.7M	$2.0M	20x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,452.1	−0.034%	$9.43B	$24.42B	150x	as long as short
MEXC BTC_USDT	+0.0099%	8h	85,456.3	−0.029%	$5.06B	$5.66B	500x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,440	−0.048%	$208K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,500	+0.022%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,535	+0.063%	$3.79B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,479.5	−0.002%	$40.1M	$588.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,452.1	−0.034%	$5.18B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,472.5	−0.010%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,451	−0.035%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,453.8	−0.032%	$4.7M	$100.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,517.4	+0.043%	$680.3M	$725.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,458.2	−0.027%	$5.53B	$10.82B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,453	−0.033%	$36.0M	$178.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453	−0.033%	$154.1M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,480.4	−0.001%	$279.2M	$928.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,538.4	+0.067%	$215.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,498.2	+0.020%	$139.9M	$315.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,486	+0.006%	$30.2M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,505.1	+0.028%	—	$11.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,450	−0.036%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,446.8	−0.040%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,438.5	−0.050%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,490.9	+0.012%	$206K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,439.4	−0.049%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,418.8	−0.073%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,435.8	−0.053%	$2.26B	$949.0M	200x	as long as short
Reya BTCRUSDPERP	+0.0101%	1h	85,443.9	−0.043%	$6.6M	$147.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,419.5	−0.072%	$45.1M	$233.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,452.6	−0.033%	—	$106.8M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0104%	1h	85,481	long leg	$117.1M	$5.25B	50x
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,468.7	−0.014%	$187.6M	$954.5M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,484.4	+0.004%	$8.6M	$43.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0149%	1h	85,460.6	−0.024%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0182%	8h	85,474	−0.008%	$11.7M	$754.1M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,520.9	+0.047%	$697K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0256%	1h	85,512.5	+0.037%	$78K	$221K	20x	as long as short