Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.018%

Price spread now: Phemex against Jupiter Perps+0.037%52s7-day average −0.010% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Jupiter Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.049%−$5 on $10k

Price spread, last 4 days (all we have)−0.069%−$7 · spread now +0.037%, 7d avg −0.010%

Together, before fees−0.118%−$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.048% dearer against Jupiter Perps than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.010%. The two prices were read 52 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	Jupiter Perps WBTC-PERP	85,215.2	L +0.0104% / S +0.0056%	pay 0.0013% / 1h	18m 27s	—	$106.7M	500x
Short	Phemex BTCUSDT	85,247	0.0100	get 0.0100% / 8h	18m 27s	$159.0M	$516.2M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Jupiter Perps. 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 Jupiter PerpsbpFee PhemexbpOrdersPrice spread, now +0.037%Rate

Funding earned: −$0.84
Price spread: +0.037% → −0.010%: $4.76
Slippage, 4 orders: no order book: not counted
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$20.08
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Jupiter Perps: no order-book sample; Phemex: live order book, 6 min ago. Net counts fees only.

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 Jupiter Perps no order-book sample	—	—	—	—	—
Sell Phemex live order book, 6 min ago	0.01 bp	6.0 bp −$6	6.3 bp −$63	7.3 bp −$732	doesn't fit

Jupiter Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Hotstuff BTC-PERP	−0.0080%	1h	85,241	+0.030%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,189	−0.031%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,240.6	+0.030%	$422.4M	$686.2M	150x	as long as short
KuCoin XBTUSDTM	−0.0015%	8h	85,224.6	+0.011%	$927.2M	$778.1M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,226.9	+0.014%	$343K	$2.3M	50x	as long as short
Aster BTCUSDT	+0.0001%	8h	85,202.3	−0.015%	$509.1M	$1.09B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,214.5	−0.001%	$36.4M	—	200x	as long as short
dYdX BTC-USD	+0.0011%	1h	85,231.4	+0.019%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,270.1	+0.064%	$185.8M	$955.6M	100x	as long as short
ApeX Omni BTCUSDT	+0.0058%	1h	85,166	−0.058%	$139.5M	$312.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0064%	8h	85,206.9	−0.010%	—	$1.57B	—	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,181	−0.040%	$302K	$25.3M	52x	as long as short
Bybit BTCUSDT	+0.0080%	8h	85,200.2	−0.018%	$5.10B	$10.03B	150x	as long as short
Nado BTC-PERP	+0.0087%	1h	85,223.6	+0.010%	$24.1M	$220.9M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,224.5	+0.011%	$168.3M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,226.4	+0.013%	$23.6M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,215	0.000%	$8.4M	$57.7M	100x	as long as short
Bitget BTCUSDT	+0.0096%	8h	85,202.5	−0.015%	$2.97B	$5.21B	150x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,202.8	−0.015%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,197	−0.021%	$269K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,256.7	+0.049%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,291	+0.089%	$3.75B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,237.4	+0.026%	$40.3M	$604.7M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,209.5	−0.007%	$9.38B	$25.16B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,211.2	−0.005%	$2.60B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,239	+0.028%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,232	+0.020%	$4.7M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,208.6	−0.008%	$5.47B	$11.14B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,212.1	−0.004%	$5.02B	$5.77B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,238.3	+0.027%	$36.9M	$189.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,136.5	−0.092%	$156.2M	$549.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,142.9	−0.085%	$282.3M	$957.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,165.4	−0.058%	$213.7M	$159.2M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,160.1	−0.065%	$30.0M	$212.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,276.9	+0.072%	—	$10.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,210	−0.006%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,247.1	+0.037%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,214.1	−0.001%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,244.2	+0.034%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,243.7	+0.033%	$29.3M	$45.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,176.7	−0.045%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,209	−0.007%	$59.7M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,250.4	+0.041%	$2.25B	$973.9M	200x	as long as short
Phemex BTCUSDTshort	+0.0100%	8h	85,247	+0.037%	$159.0M	$516.2M	150x
Bulk BTC-USD	+0.0100%	1h	85,240	+0.029%	$693.3M	$214.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,180.9	−0.040%	$45.4M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERPlong	L +0.0104% / S +0.0056%	1h	85,215.2	long leg	—	$106.7M	500x
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,291.2	+0.089%	$111.7M	$5.48B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0138%	1h	85,254.2	+0.046%	$840.0M	$1.67B	50x	as long as short
Reya BTCRUSDPERP	+0.0142%	1h	85,197.7	−0.021%	$6.6M	$143.0M	40x	as long as short
Kalshi KXBTCPERP	+0.0170%	8h	85,256	+0.048%	$12.2M	$737.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,244.8	+0.035%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0146%	1h	85,212.2	−0.003%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,273.5	+0.068%	$679K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0289%	1h	85,238	+0.027%	$81K	$254K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,237.4	+0.026%	$459K	$18.4M	6.7x	as long as short