Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0062%/8h= −6.8% APRpaid last 24h −0.014%

Price spread now: 01 Exchange against Phemex−0.017%7-day average +0.019% · 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−$24as in the Price arb table

costs, in and out, $10k−$210.208% of the position

Long on Phemex Short on 01 Exchange

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 3 days (all we have)+0.067%+$7 · spread now −0.017%, 7d avg +0.019%

Together, before fees+0.018%+$2 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 01 Exchange is 0.035% cheaper against Phemex than usual: you would sell low and buy high (−$4 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	86,663.4	0.0038	pay 0.0038% / 8h	46m 08s	$150.4M	$480.0M	150x
Short	01 Exchange BTCUSD	86,648.9	−0.0024	pay 0.0003% / 1h	46m 08s	$359K	$2.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.017%Rate

Funding earned: −$12.98
Price spread: −0.017% → +0.019%: −$3.55
Slippage, 4 orders: −$1.84
Fee Phemex: 6 bp × 2 orders: −$12
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$37.37
Costs to cover: 0.208%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; 01 Exchange: 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 Phemex live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.8 bp −$68	8.3 bp −$828	doesn't fit
Sell 01 Exchange live order book, 3 min ago	0.01 bp	3.6 bp −$4	8.7 bp −$87	doesn't fit	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	−0.183%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,636	−0.032%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	−0.110%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,653.7	−0.011%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSDshort	−0.0024%	1h	86,648.9	−0.017%	$359K	$2.5M	50x
Aster BTCUSDT	−0.0001%	8h	86,652.1	−0.013%	$502.8M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,680.7	+0.020%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0011%	8h	86,658.4	−0.006%	$852.1M	$714.8M	125x	as long as short
Deribit BTC-PERPETUAL	+0.0013%	1h	86,700.1	+0.042%	$916.4M	$1.49B	50x	as long as short
Reya BTCRUSDPERP	+0.0026%	1h	86,646.5	−0.019%	$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	−0.034%	$17.0M	$21.1M	50x	as long as short
Phemex BTCUSDTlong	+0.0038%	8h	86,663.4	long leg	$150.4M	$480.0M	150x
BingX BTC-USDC	+0.0041%	8h	86,647.4	−0.018%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,662.2	−0.001%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,663	0.000%	$5.15B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,661	−0.003%	$9.44B	$24.56B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,685.6	+0.026%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0084%	8h	86,664.6	+0.001%	$5.88B	$10.73B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,675.6	+0.014%	$170.6M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,686.1	+0.026%	$24.1M	$151.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,637	−0.030%	$8.5M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,621	−0.049%	$197K	$7.0M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,631.6	−0.037%	$21.8M	$234.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,676.9	+0.016%	$4.8M	$8.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,737	+0.085%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,675.4	+0.014%	$40.9M	$524.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,664.3	+0.001%	$5.27B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,668.1	+0.005%	$2.55B	$12.77B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,641	−0.026%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,672.7	+0.011%	$7.6M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	−0.119%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,665.2	+0.002%	$38.3M	$155.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,524.8	−0.160%	$155.3M	$568.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,501.6	−0.187%	$279.5M	$946.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,516.2	−0.170%	$217.3M	$172.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,541.7	−0.140%	$141.4M	$323.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,574.7	−0.102%	$30.7M	$204.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,675.9	+0.014%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,642	−0.025%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,660	−0.004%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,663.7	0.000%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,700.6	+0.043%	$141K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,695.9	+0.038%	$30.6M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,570.9	−0.107%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,663	0.000%	$60.6M	$337.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,646.8	−0.019%	$2.30B	$969.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,650.4	−0.015%	$45.4M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,680.2	+0.019%	—	$99.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,697.5	+0.039%	$193.9M	$951.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0111%	1h	86,585.2	−0.090%	$79K	$220K	20x	as long as short
Perpl BTC	+0.0112%	43m	86,616.2	−0.054%	$419K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,710.8	+0.055%	$132.9M	$5.69B	50x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,598.3	−0.075%	$729K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0192%	8h	86,589.3	−0.086%	$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	+0.015%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,674	+0.012%	$9.8M	$742.3M	6.4x	as long as short