Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0088%/8h= +9.7% APRpaid last 24h +0.003%

Price spread now: Phemex against Injective+0.077%65s7-day average −0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as in the Funding arb table

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

costs, in and out, $10k−$150.151% of the position

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.045%−$5 on $10k

Price spread, last 3 days (all we have)−0.070%−$7 · spread now +0.077%, 7d avg −0.019%

Together, before fees−0.115%−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phemex is 0.096% dearer against Injective than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.019%. The two prices were read 65 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	Injective BTC/USDC PERP	86,345	−0.0035	get 0.0004% / 1h	22m 16s	$332K	$26.9M	52x
Short	Phemex BTCUSDT	86,411.6	0.0054	get 0.0054% / 8h	22m 16s	$150.2M	$478.7M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now +0.077%Rate

Funding earned: $18.54
Price spread: +0.077% → −0.019%: $9.56
Slippage, 4 orders: −$3.06
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: $13.02
Costs to cover: 0.151%
Break-even: 2.1 days

Slippage from Injective: live order book, 2 min ago; Phemex: live order book, 2 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 Injective live order book, 2 min ago	1.27 bp	1.5 bp −$1	11.1 bp −$111	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.1 bp −$713	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	−0.0118%	1h	86,430	+0.098%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,360	+0.017%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERPlong	−0.0035%	1h	86,345	long leg	$332K	$26.9M	52x
RISEx BTC/USDC	−0.0024%	1h	86,432.2	+0.101%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,428.1	+0.096%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,404.2	+0.069%	$501.3M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,423.6	+0.091%	$412K	$22.9M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,435.5	+0.105%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,405.5	+0.070%	$850.4M	$715.8M	125x	as long as short
Reya BTCRUSDPERP	+0.0032%	1h	86,409.8	+0.075%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0042%	8h	86,394.2	+0.057%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,404.6	+0.069%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDTshort	+0.0054%	8h	86,411.6	+0.077%	$150.2M	$478.7M	150x
dYdX BTC-USD	+0.0060%	1h	86,411.1	+0.077%	$16.9M	$21.2M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0067%	1h	86,445.3	+0.116%	$914.1M	$1.48B	50x	as long as short
MEXC BTC_USDT	+0.0068%	8h	86,402.6	+0.067%	$5.16B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,408	+0.073%	$9.42B	$24.59B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,403.1	+0.067%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,410.5	+0.076%	$5.86B	$10.78B	200x	as long as short
SoDEX BTC-USD	+0.0088%	1h	86,403	+0.067%	$60.4M	$338.1M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,414.7	+0.081%	$170.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,423.8	+0.091%	$23.9M	$152.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,426	+0.094%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0097%	8h	86,402.6	+0.067%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,404	+0.068%	$199K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,447.8	+0.119%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,366.2	+0.024%	$21.8M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,499	+0.178%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,428.7	+0.097%	$41.0M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,414	+0.080%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,411	+0.076%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,452.9	+0.125%	$7.5M	$95.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,402.9	+0.067%	$38.0M	$156.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,405.8	+0.070%	$157.3M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,374.1	+0.034%	$279.0M	$945.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,418.1	+0.085%	$217.0M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,375.3	+0.035%	$141.3M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,377.3	+0.037%	$30.6M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,447.1	+0.118%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,419	+0.086%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,414.1	+0.080%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,406.6	+0.071%	$2.4M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,440	+0.110%	$140K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,442.1	+0.112%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,402.6	+0.067%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,399	+0.063%	$2.29B	$969.6M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.139%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,394.4	+0.057%	$45.5M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,385.8	+0.047%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,435.2	+0.104%	$191.8M	$955.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,450.9	+0.123%	$132.3M	$5.65B	50x	as long as short
Aftermath Perps BTCUSD	+0.0153%	1h	86,449.4	+0.121%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,386.3	+0.048%	$727K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,365.3	+0.024%	$416.7M	$657.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0197% / S −0.0220%	1h	86,425.1	+0.093%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,419	+0.086%	$9.8M	$749.8M	6.4x	as long as short