Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0073%/8h= −8.0% APRpaid last 24h +0.029%

Price spread now: BloFin against Phoenix−0.029%106s7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

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

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.112%+$11 on $10k

Price spread, last 4 days (all we have)−0.023%−$2 · spread now −0.029%, 7d avg −0.031%

Together, before fees+0.089%+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.031%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.112%, so the current rate has only just turned against you. The two prices were read 106 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	86,185	0.0053	pay 0.0007% / 1h	55m 23s	$2.0M	$7.8M	40x
Short	BloFin BTC-USDT	86,159.8	−0.0020	pay 0.0020% / 8h	5h 55m	$421.0M	$566.8M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Phoenix. 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 PhoenixbpFee BloFinbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$15.31
Price spread: −0.029% → −0.031%: $0.19
Slippage, 4 orders: −$0.44
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$34.56
Costs to cover: 0.194%
Break-even: never at this rate

Slippage from Phoenix: live order book, 2 min ago; BloFin: live order book, 7 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 Phoenix live order book, 2 min ago	0.06 bp	3.7 bp −$4	5.9 bp −$59	11.5 bp −$1,154	doesn't fit
Sell BloFin live order book, 7 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.5 bp −$648	7.3 bp −$3,647

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
Hotstuff BTC-PERP	−0.0080%	1h	86,197	+0.014%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,154.5	−0.035%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDTshort	−0.0020%	8h	86,159.8	−0.029%	$421.0M	$566.8M	150x
SoDEX BTC-USD	−0.0015%	1h	86,146	−0.045%	$66.0M	$188.1M	40x	as long as short
ApeX Omni BTCUSDT	−0.0004%	1h	86,185.3	0.000%	$138.2M	$295.1M	100x	as long as short
dYdX BTC-USD	0.0000%	1h	86,162.9	−0.026%	$16.9M	$14.5M	50x	as long as short
Perpl BTC	0.0000%	43m	86,158.7	−0.031%	$483K	$13.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,178.5	−0.008%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,214	+0.034%	$301K	$26.1M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,163.5	−0.025%	$191.8M	$774.0M	100x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0030%	8h	86,151	−0.039%	—	$1.34B	—	as long as short
Aster BTCUSDT	+0.0031%	8h	86,140.8	−0.051%	$513.4M	$877.6M	200x	as long as short
Bybit BTCUSDT	+0.0037%	8h	86,150.7	−0.040%	$5.15B	$8.14B	150x	as long as short
Phoenix BTClong	+0.0053%	1h	86,185	long leg	$2.0M	$7.8M	40x
KuCoin XBTUSDTM	+0.0053%	8h	86,155.7	−0.034%	$943.7M	$636.4M	125x	as long as short
Gate BTC_USDT	+0.0069%	8h	86,152	−0.038%	$5.52B	$8.87B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,151	−0.039%	$8.8M	$45.5M	100x	as long as short
Phemex BTCUSDT	+0.0078%	8h	86,145.8	−0.045%	$170.8M	$480.2M	150x	as long as short
Bitget BTCUSDT	+0.0095%	8h	86,151.7	−0.039%	$2.99B	$3.98B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,162	−0.027%	$173.8M	$850.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,166.5	−0.021%	$23.5M	$118.5M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,128.6	−0.065%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,126	−0.068%	$220K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,191.2	+0.007%	$6.0M	$7.7M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,149.1	−0.042%	$23.5M	$196.7M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,190.1	+0.006%	$40.4M	$570.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,147.9	−0.043%	$9.46B	$20.68B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,155.2	−0.035%	$2.62B	$9.53B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,139	−0.053%	$4.0M	$15.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,177.2	−0.009%	$4.2M	$90.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	−0.018%	$716.4M	$134.3M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,143.9	−0.048%	$5.19B	$4.81B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,137.8	−0.055%	$38.7M	$196.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,125.5	−0.069%	$158.0M	$474.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,136.3	−0.056%	$290.0M	$813.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,152.6	−0.038%	$216.4M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,149	−0.042%	$30.3M	$222.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,206.4	+0.025%	—	$9.3M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,156	−0.034%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,153	−0.037%	$205K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,138.8	−0.054%	$2.7M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,178.4	−0.008%	$195K	$564K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,137.6	−0.055%	$3.2M	$6.7M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,142.7	−0.049%	$2.28B	$806.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,127.3	−0.067%	$47.0M	$203.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,161.9	−0.027%	—	$81.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,194.7	+0.011%	$112.3M	$4.99B	50x	as long as short
Kalshi KXBTCPERP	+0.0160%	8h	86,187	+0.002%	$11.8M	$732.3M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0163%	1h	86,137.1	−0.056%	$6.6M	$131.1M	40x	as long as short
Hyperliquid BTC	+0.0175%	1h	86,247	+0.072%	$3.97B	$4.41B	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,175.9	−0.011%	$9.0M	$37.3M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0210% / S −0.0249%	1h	86,157.2	−0.032%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0216%	1h	86,205.3	+0.024%	$822.6M	$1.51B	50x	as long as short
Hibachi BTC/USDT-P	+0.0344%	1h	86,190	+0.006%	$716K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0448%	1h	86,214.3	+0.034%	$82K	$242K	20x	as long as short