Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0060%/8h= −6.5% APRpaid last 24h −0.019%

Price spread now: Phemex against Nado−0.028%7-day average +0.003% · 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−$22as in the Price arb table

costs, in and out, $10k−$190.191% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.041%−$4 on $10k

Price spread, last 3 days (all we have)+0.034%+$3 · spread now −0.028%, 7d avg +0.003%

Together, before fees−0.007%+ Points / potential airdropNado: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.030% cheaper against Nado than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.003%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado BTC-PERP	86,631.6	0.0100	pay 0.0012% / 1h	46m 19s	$21.8M	$234.7M	50x
Short	Phemex BTCUSDT	86,607.6	0.0040	get 0.0040% / 8h	46m 19s	$150.2M	$479.8M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Nado. 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 NadobpFee PhemexbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$12.55
Price spread: −0.028% → +0.003%: −$3.05
Slippage, 4 orders: −$0.13
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$34.73
Costs to cover: 0.191%
Break-even: never at this rate

Slippage from Nado: 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 Nado live order book, 3 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.8 bp −$475	12.2 bp −$6,085
Sell Phemex live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.3 bp −$63	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	−0.0118%	1h	86,505	−0.146%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,636	+0.005%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	−0.073%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,653.7	+0.026%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,648.9	+0.020%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,657.8	+0.030%	$502.8M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,624.6	−0.008%	$916.3M	$1.49B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,680.7	+0.057%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0011%	8h	86,638.9	+0.008%	$851.8M	$714.7M	125x	as long as short
Reya BTCRUSDPERP	+0.0026%	1h	86,646.5	+0.017%	$6.7M	$145.4M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BTC-USD	+0.0032%	1h	86,633.7	+0.003%	$17.0M	$21.1M	50x	as long as short
Phemex BTCUSDTshort	+0.0040%	8h	86,607.6	−0.028%	$150.2M	$479.8M	150x
BingX BTC-USDC	+0.0041%	8h	86,649.9	+0.021%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,645	+0.016%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,650.4	+0.022%	$5.15B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,662.9	+0.036%	$9.44B	$24.55B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,685.6	+0.062%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0084%	8h	86,663.5	+0.037%	$5.88B	$10.73B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,649.8	+0.021%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,664.5	+0.038%	$24.1M	$151.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,637	+0.006%	$8.5M	$52.5M	100x	as long as short
SoDEX BTC-USD	+0.0099%	1h	86,589	−0.049%	$60.5M	$337.6M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,621	−0.012%	$197K	$7.0M	50x	as long as short
Nado BTC-PERPlong	+0.0100%	1h	86,631.6	long leg	$21.8M	$234.7M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,676.9	+0.052%	$4.8M	$8.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,719	+0.101%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,675.4	+0.051%	$40.9M	$524.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,666.4	+0.040%	$5.27B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,668	+0.042%	$2.55B	$12.77B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,641	+0.011%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,672.7	+0.048%	$7.6M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	−0.082%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,596.7	−0.040%	$38.1M	$155.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,524.8	−0.123%	$155.3M	$568.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,501.6	−0.150%	$279.5M	$946.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,516.2	−0.133%	$217.3M	$172.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,541.7	−0.104%	$141.4M	$323.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,574.7	−0.066%	$30.7M	$204.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,675.9	+0.051%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,642	+0.012%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,660	+0.033%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,663.7	+0.037%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,700.6	+0.080%	$141K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,598.7	−0.038%	$30.6M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,570.9	−0.070%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,567.7	−0.074%	$2.30B	$970.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,627.7	−0.004%	$45.4M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,680.2	+0.056%	—	$99.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,626.1	−0.006%	$193.7M	$951.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0111%	1h	86,585.2	−0.053%	$79K	$220K	20x	as long as short
Perpl BTC	+0.0112%	43m	86,616.2	−0.018%	$419K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,636	+0.005%	$132.7M	$5.69B	50x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,598.3	−0.038%	$729K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0192%	8h	86,589.3	−0.049%	$414.8M	$658.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0192% / S −0.0215%	1h	86,676.2	+0.052%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	86,618	−0.016%	$9.7M	$741.9M	6.4x	as long as short