Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.012%

Price spread now: Phemex against gTrade (Gains Network)−0.014%70s7-day average −0.013% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$200.200% of the position

Long on gTrade (Gains Network)Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.054%+$5 on $10k

Price spread, last 4 days (all we have)−0.037%−$4 · spread now −0.014%, 7d avg −0.013%

Together, before fees+0.018%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.013%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. The two prices were read 70 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	gTrade (Gains Network) BTC/USD	85,476.2	L +0.0004% / S −0.0004%	pay 0.0001% / 1h	21m 40s	$36.6M	—	200x
Short	Phemex BTCUSDT	85,463.9	0.0100	get 0.0100% / 8h	1h 21m	$153.3M	$510.9M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee PhemexbpOrdersPrice spread, now −0.014%Rate

Funding earned: $20.06
Price spread: −0.014% → −0.013%: −$0.11
Slippage, 4 orders: −$1.05
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$0.1
Costs to cover: 0.200%
Break-even: 7.0 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 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 gTrade (Gains Network) virtual book (oracle venue), 3 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,181
Sell Phemex live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.9 bp −$69	7.9 bp −$793	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	−0.0082%	1h	85,446	−0.035%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,459	−0.020%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0043%	8h	85,450.3	−0.030%	$928.7M	$773.4M	125x	as long as short
BloFin BTC-USDT	−0.0027%	8h	85,452.8	−0.027%	$420.9M	$684.2M	150x	as long as short
Aster BTCUSDT	−0.0007%	8h	85,493.3	+0.020%	$513.5M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,479.4	+0.004%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,486.2	+0.012%	$490K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,517.7	+0.049%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USDlong	L +0.0004% / S −0.0004%	1h	85,476.2	long leg	$36.6M	—	200x
Nado BTC-PERP	+0.0040%	1h	85,469	−0.008%	$24.4M	$222.6M	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	+0.0057%	1h	85,247	−0.268%	$338K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0071%	8h	85,472.6	−0.004%	—	$17.5M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,456.8	−0.023%	$186.2M	$959.9M	100x	as long as short
Bitget BTCUSDT	+0.0090%	8h	85,500	+0.028%	$2.97B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0093%	8h	85,502.3	+0.031%	$5.02B	$5.77B	500x	as long as short
Binance BTCUSDT	+0.0095%	8h	85,501.1	+0.029%	$9.43B	$24.99B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,519	+0.050%	$170.3M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,508.5	+0.038%	$23.6M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,466	−0.012%	$8.4M	$56.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,441.4	−0.041%	$2.4M	$6.7M	20x	as long as short
Bybit BTCUSDT	+0.0099%	8h	85,499.6	+0.027%	$5.15B	$9.99B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,446	−0.035%	$243K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,552.3	+0.089%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,575	+0.116%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,533.2	+0.067%	$40.0M	$602.6M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,506.6	+0.036%	$2.60B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,479	+0.003%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,457.2	−0.022%	$5.2M	$98.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,490.2	+0.016%	$5.55B	$11.04B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,439.1	−0.043%	$37.2M	$178.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,436.8	−0.046%	$154.6M	$558.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,386.4	−0.105%	$279.8M	$950.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,423.4	−0.062%	$214.5M	$163.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,436.7	−0.046%	$139.7M	$313.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,440	−0.042%	$30.1M	$204.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,530.7	+0.064%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,470	−0.007%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,468	−0.010%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,447.6	−0.033%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,493.7	+0.020%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,214.5	−0.306%	$29.9M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,453.9	−0.026%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,444	−0.038%	$59.8M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,459.1	−0.020%	$2.26B	$966.7M	200x	as long as short
Phemex BTCUSDTshort	+0.0100%	8h	85,463.9	−0.014%	$153.3M	$510.9M	150x
Bulk BTC-USD	+0.0100%	1h	85,269.9	−0.241%	$683.1M	$415.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,452.9	−0.027%	$44.9M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,484.3	+0.009%	—	$105.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,480.9	+0.005%	$114.9M	$5.49B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0128%	1h	85,490	+0.016%	$861.8M	$1.64B	50x	as long as short
Reya BTCRUSDPERP	+0.0130%	1h	85,459.1	−0.020%	$6.6M	$147.6M	40x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,497	+0.024%	$11.7M	$741.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,496	+0.023%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,474.5	−0.002%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,481.8	+0.007%	$685K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0250%	1h	85,442.9	−0.039%	$79K	$230K	20x	as long as short