Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0106%/8h= −11.6% APRpaid last 24h −0.003%

Price spread now: Injective against Phemex−0.033%7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$180.175% of the position

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.046%+$5 on $10k

Price spread, last 4 days (all we have)−0.020%−$2 · spread now −0.033%, 7d avg +0.019%

Together, before fees+0.025%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Injective is 0.052% cheaper against Phemex than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	85,466.4	0.0100	pay 0.0100% / 8h	7h 32m	$162.8M	$513.5M	150x
Short	Injective BTC/USDC PERP	85,438	−0.0006	pay 0.0001% / 1h	32m 37s	$307K	$25.0M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phemex. 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 PhemexbpFee InjectivebpOrdersPrice spread, now −0.033%Rate

Funding earned: −$22.21
Price spread: −0.033% → +0.019%: −$5.21
Slippage, 4 orders: −$5.49
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$44.94
Costs to cover: 0.175%
Break-even: never at this rate

Slippage from Phemex: live order book, 7 min ago; Injective: 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 Phemex live order book, 7 min ago	0.01 bp	6.0 bp −$6	7.0 bp −$70	7.8 bp −$779	doesn't fit
Sell Injective live order book, 2 min ago	2.69 bp	2.7 bp −$3	12.2 bp −$122	662.2 bp −$66.2K	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
Bluefin BTC-PERP	−0.1466%	1h	85,481.2	+0.017%	$194K	$796K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,437	−0.034%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,441.3	−0.029%	$422.6M	$676.5M	150x	as long as short
Injective BTC/USDC PERPshort	−0.0006%	1h	85,438	−0.033%	$307K	$25.0M	52x
01 Exchange BTCUSD	0.0000%	1h	85,447.3	−0.022%	$352K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,460	−0.007%	$36.5M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0015%	8h	85,457.4	−0.011%	$937.1M	$770.9M	125x	as long as short
Aster BTCUSDT	+0.0033%	8h	85,428.6	−0.044%	$502.6M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0050%	1h	85,470	+0.004%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,464.9	−0.002%	$185.7M	$937.1M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,542	+0.088%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDT	+0.0080%	8h	85,437.9	−0.033%	—	$1.56B	—	as long as short
Lighter BTC	+0.0096%	1h	85,470.4	+0.005%	$170.8M	$945.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,474.1	+0.009%	$23.5M	$134.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,419	−0.055%	$8.7M	$58.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,441.6	−0.029%	$2.4M	$6.7M	20x	as long as short
Nado BTC-PERP	+0.0096%	1h	85,438	−0.033%	$24.0M	$215.9M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,411	−0.065%	$265K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,500.9	+0.040%	$5.7M	$9.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,491.4	+0.029%	$40.5M	$604.9M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,430.8	−0.042%	$9.40B	$24.92B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,411.3	−0.064%	$5.09B	$9.89B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,416	−0.059%	$2.61B	$12.07B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,447	−0.023%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,444.6	−0.026%	$4.7M	$97.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.9	+0.039%	$701.6M	$160.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,457.6	−0.010%	$5.50B	$9.91B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,446.8	−0.023%	$5.05B	$5.75B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,438.8	−0.032%	$2.97B	$5.11B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,439.8	−0.031%	$37.6M	$193.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,485.8	+0.023%	$155.9M	$543.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,484.1	+0.021%	$283.5M	$961.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,507.3	+0.048%	$214.8M	$155.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,522	+0.065%	$136.9M	$312.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,440	−0.031%	$30.1M	$218.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,526.2	+0.070%	—	$10.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,325	−0.165%	$10.9M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,443.8	−0.026%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,435.8	−0.036%	$2.7M	$9.8M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,450.5	−0.019%	$3.0M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,446	−0.024%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,440.5	−0.030%	$2.26B	$971.6M	200x	as long as short
Phemex BTCUSDTlong	+0.0100%	8h	85,466.4	long leg	$162.8M	$513.5M	150x
Extended BTC-USD	+0.0104%	1h	85,414	−0.061%	$45.8M	$239.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,444.3	−0.026%	—	$107.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,496.9	+0.036%	$112.2M	$5.42B	50x	as long as short
Derive BTC-PERP	+0.0123%	1h	85,569.1	+0.120%	$28.9M	$52.4M	15x	as long as short
Reya BTCRUSDPERP	+0.0149%	1h	85,458.2	−0.010%	$6.6M	$138.0M	40x	as long as short
Hyperliquid BTC	+0.0165%	1h	85,548	+0.095%	$3.84B	$5.14B	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,445.3	−0.025%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,459.3	−0.008%	$9.0M	$42.2M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0194%	1h	85,498.3	+0.037%	$828.3M	$1.65B	50x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	85,494	+0.032%	$10.7M	$736.7M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0325%	1h	85,493	+0.031%	$79K	$256K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,520	+0.063%	$688K	$7.6M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,518.9	+0.061%	$466K	$18.1M	6.7x	as long as short