Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0214%/8h= −23.4% APRpaid last 24h −0.032%

Price spread now: Phoenix against Phemex+0.034%7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$190.194% of the position

Long on Phemex Short on Phoenix

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)+0.008%+$1 · spread now +0.034%, 7d avg +0.026%

Together, before fees−0.038%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.026%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.046% in total (about -2.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	86,096.9	0.0081	pay 0.0081% / 8h	5h 52m	$170.7M	$479.4M	150x
Short	Phoenix BTC	86,126	−0.0133	pay 0.0017% / 1h	52m 47s	$2.0M	$7.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.034%Rate

Funding earned: −$44.92
Price spread: +0.034% → +0.026%: $0.73
Slippage, 4 orders: −$0.43
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$63.62
Costs to cover: 0.194%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Phoenix: live order book, 4 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, 4 min ago	0.01 bp	6.0 bp −$6	7.4 bp −$74	10.7 bp −$1,067	doesn't fit
Sell Phoenix live order book, 4 min ago	0.06 bp	3.7 bp −$4	5.3 bp −$53	10.5 bp −$1,048	doesn't fit

BTC on 55 exchanges

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 BTCshort	−0.0133%	1h	86,126	+0.034%	$2.0M	$7.8M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,197	+0.116%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,109.5	+0.015%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,091.8	−0.006%	$421.2M	$564.2M	150x	as long as short
SoDEX BTC-USD	−0.0011%	1h	86,100	+0.004%	$65.9M	$188.0M	40x	as long as short
dYdX BTC-USD	0.0000%	1h	86,119.6	+0.026%	$16.9M	$14.6M	50x	as long as short
Perpl BTC	0.0000%	43m	86,108.2	+0.013%	$481K	$13.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,111.6	+0.017%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,214	+0.136%	$301K	$26.1M	52x	as long as short
Aster BTCUSDT	+0.0029%	8h	86,044.9	−0.060%	$513.0M	$876.0M	200x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,122.6	+0.030%	$191.2M	$770.6M	100x	as long as short
BingX BTC-USDT	+0.0030%	8h	86,050	−0.054%	—	$1.33B	—	as long as short
Bybit BTCUSDT	+0.0036%	8h	86,058.1	−0.045%	$5.14B	$8.13B	150x	as long as short
ApeX Omni BTCUSDT	+0.0037%	1h	86,155.8	+0.068%	$137.8M	$295.3M	100x	as long as short
KuCoin XBTUSDTM	+0.0053%	8h	86,094.3	−0.003%	$943.1M	$636.0M	125x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,069.1	−0.032%	$5.51B	$8.88B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,096	−0.001%	$8.8M	$45.4M	100x	as long as short
Phemex BTCUSDTlong	+0.0081%	8h	86,096.9	long leg	$170.7M	$479.4M	150x
Bitget BTCUSDT	+0.0095%	8h	86,052.4	−0.052%	$2.99B	$3.97B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,078.8	−0.021%	$173.6M	$852.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,113.1	+0.019%	$23.5M	$118.7M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,087.7	−0.011%	$2.4M	$6.7M	20x	as long as short
HTX BTC-USDT	+0.0099%	8h	86,098.7	+0.002%	$2.27B	$805.1M	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,078	−0.022%	$219K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,146.8	+0.058%	$6.0M	$7.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,103.1	+0.007%	$23.5M	$196.2M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,146.4	+0.058%	$40.4M	$570.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,052.9	−0.051%	$9.45B	$20.61B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,060.1	−0.043%	$2.61B	$9.50B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,110	+0.015%	$4.0M	$15.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,133.8	+0.043%	$4.2M	$90.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	+0.084%	$716.4M	$134.3M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,076.9	−0.023%	$5.19B	$4.82B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,094.4	−0.003%	$38.7M	$196.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,125.5	+0.033%	$158.0M	$474.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,136.3	+0.046%	$290.0M	$813.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,151.9	+0.064%	$216.4M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,151	+0.063%	$30.3M	$222.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,159.6	+0.073%	—	$9.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,106	+0.011%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,103	+0.007%	$205K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,097	0.000%	$2.7M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,149.8	+0.061%	$195K	$564K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,124.6	+0.032%	$3.2M	$6.6M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,062.9	−0.039%	$47.0M	$203.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,114.2	+0.020%	—	$81.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,153.6	+0.066%	$112.3M	$4.98B	50x	as long as short
Hyperliquid BTC	+0.0158%	1h	86,152	+0.064%	$3.97B	$4.36B	40x	as long as short
Kalshi KXBTCPERP	+0.0160%	8h	86,134	+0.043%	$11.8M	$732.6M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0163%	1h	86,081.8	−0.018%	$6.6M	$131.1M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,122.8	+0.030%	$8.9M	$37.2M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0208%	1h	86,161.1	+0.075%	$822.7M	$1.51B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0210% / S −0.0250%	1h	86,110.4	+0.016%	$15.6M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	86,175.6	+0.091%	$716K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0453%	1h	86,154.7	+0.067%	$79K	$245K	20x	as long as short