Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0022%/8h= +2.4% APRpaid last 24h +0.009%

Price spread now: Kraken Futures against Phemex+0.055%7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$240.237% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.059%+$6 on $10k

Price spread, last 3 days (all we have)−0.018%−$2 · spread now +0.055%, 7d avg +0.018%

Together, before fees+0.042%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Kraken Futures is 0.037% dearer against Phemex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	85,912.7	0.0100	pay 0.0100% / 8h	7h 02m	$155.0M	$473.8M	150x
Short	Kraken Futures PF_XBTUSD	85,959.7	0.0122	get 0.0015% / 1h	2m 50s	$187.9M	$958.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.055%Rate

Funding earned: $4.55
Price spread: +0.055% → +0.018%: $3.67
Slippage, 4 orders: −$1.67
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$15.45
Costs to cover: 0.237%
Break-even: 30.7 days

Slippage from Phemex: live order book, 6 min ago; Kraken Futures: live order book, 1 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, 6 min ago	0.01 bp	6.0 bp −$6	7.4 bp −$74	8.8 bp −$884	doesn't fit
Sell Kraken Futures live order book, 1 min ago	0.41 bp	5.5 bp −$6	5.6 bp −$56	6.6 bp −$661	9.2 bp −$4,593

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	−0.0129%	1h	86,100	+0.218%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,961	+0.056%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,944.2	+0.037%	$362K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,939.7	+0.031%	$525K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,964.3	+0.060%	$36.7M	—	200x	as long as short
dYdX BTC-USD	+0.0023%	1h	85,950.3	+0.044%	$16.8M	$20.5M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,155	+0.282%	$342K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0031%	8h	85,947.6	+0.041%	$498.4M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	85,960.6	+0.056%	$819.1M	$715.8M	125x	as long as short
HTX BTC-USDT	+0.0049%	8h	85,900	−0.015%	$2.28B	$960.6M	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0050%	1h	85,953	+0.047%	$6.7M	$145.8M	40x	as long as short
RISEx BTC/USDC	+0.0052%	1h	85,960	+0.055%	$8.2M	$42.4M	25x	as long as short
BingX BTC-USDT	+0.0053%	8h	85,959.8	+0.055%	—	$1.58B	—	as long as short
SoDEX BTC-USD	+0.0066%	1h	85,940	+0.032%	$60.2M	$338.4M	40x	as long as short
Bitget BTCUSDT	+0.0066%	8h	85,924.1	+0.013%	$2.95B	$5.08B	150x	as long as short
Gate BTC_USDT	+0.0080%	8h	85,958.4	+0.053%	$5.73B	$10.70B	200x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,943.4	+0.036%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0082%	8h	85,945.7	+0.038%	$9.35B	$24.36B	150x	as long as short
MEXC BTC_USDT	+0.0082%	8h	85,963.3	+0.059%	$5.10B	$5.78B	500x	as long as short
Bluefin BTC-PERP	+0.0096%	1h	85,982.2	+0.081%	$144K	$666K	40x	as long as short
Lighter BTC	+0.0096%	1h	85,942.1	+0.034%	$169.7M	$999.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,927.4	+0.017%	$23.4M	$152.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,941	+0.033%	$8.4M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,923	+0.012%	$202K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,946.5	+0.039%	$4.2M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,900.1	−0.015%	$21.8M	$226.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,992	+0.092%	$3.76B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,984	+0.083%	$40.7M	$560.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,951.1	+0.045%	$5.23B	$9.68B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,939.1	+0.031%	$2.54B	$12.43B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,943	+0.035%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,949.8	+0.043%	$7.3M	$96.7M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,921.8	+0.011%	$35.3M	$161.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,079.3	+0.194%	$156.4M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,114.1	+0.234%	$278.1M	$940.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,079	+0.194%	$216.0M	$163.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,088.3	+0.204%	$140.8M	$320.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,109.6	+0.229%	$30.6M	$206.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,028.5	+0.135%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,954	+0.048%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,936	+0.027%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,953	+0.047%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,970.5	+0.067%	$30.1M	$57.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,932.5	+0.023%	$3.3M	$5.4M	100x	as long as short
Phemex BTCUSDTlong	+0.0100%	8h	85,912.7	long leg	$155.0M	$473.8M	150x
Bulk BTC-USD	+0.0100%	1h	86,141.5	+0.266%	$581.0M	$76.4M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,946.5	+0.039%	$45.7M	$224.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,029.4	+0.136%	—	$99.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,947	+0.040%	$131.4M	$5.26B	50x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0122%	1h	85,959.7	+0.055%	$187.9M	$958.1M	100x
Hibachi BTC/USDT-P	+0.0128%	1h	86,135.7	+0.260%	$722K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0167%	1h	86,142.2	+0.267%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0202%	8h	85,917.9	+0.006%	$414.9M	$641.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	85,997	+0.098%	$10.3M	$766.7M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	85,955.7	+0.050%	$14.4M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0214%	1h	85,984.2	+0.083%	$902.8M	$1.51B	50x	as long as short