Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.033%

Price spread now: Bybit against Phoenix+0.056%7-day average −0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$8as in the Price arb table

costs, in and out, $10k−$180.183% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.072%+$7 on $10k

Price spread, last 7 days−0.105%−$11 · spread now +0.056%, 7d avg −0.050%

Together, before fees−0.033%−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Bybit is 0.105% dearer against Phoenix than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.050%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.072% in total (about 3.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	85,646	−0.0140	get 0.0018% / 1h	53m 21s	$2.1M	$10.4M	40x
Short	Bybit BTCUSDT	85,693.6	0.0100	get 0.0100% / 8h	3h 53m	$5.20B	$9.84B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.056%Rate

Funding earned: $50.42
Price spread: +0.056% → −0.050%: $10.53
Slippage, 4 orders: −$0.3
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $42.65
Costs to cover: 0.183%
Break-even: 1.1 days

Slippage from Phoenix: live order book, 6 min ago; Bybit: live order book, 6 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, 6 min ago	0.06 bp	3.6 bp −$4	4.9 bp −$49	10.1 bp −$1,011	doesn't fit
Sell Bybit live order book, 6 min ago	0.01 bp	5.5 bp −$6	6.2 bp −$62	7.2 bp −$717	8.6 bp −$4,299

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 BTClong	−0.0140%	1h	85,646	long leg	$2.1M	$10.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,636	−0.012%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0037%	8h	85,652	+0.007%	$917.7M	$755.9M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,677.2	+0.036%	$417.5M	$676.0M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,669.8	+0.028%	$366K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,635.3	−0.012%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,684.1	+0.044%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,663.7	+0.021%	$516.1M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0014%	1h	85,629.7	−0.019%	$24.8M	$222.7M	50x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,690	+0.051%	$340K	$26.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0063%	8h	85,659.5	+0.016%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0068%	8h	85,603.9	−0.049%	$148.7M	$489.6M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,679.6	+0.039%	$2.96B	$5.10B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0088%	1h	85,640.6	−0.006%	$885.4M	$1.58B	50x	as long as short
Reya BTCRUSDPERP	+0.0090%	1h	85,675.7	+0.035%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,643.1	−0.003%	$172.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,649.5	+0.004%	$23.9M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,661	+0.018%	$8.7M	$54.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,696.4	+0.059%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,619	−0.032%	$202K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,705.8	+0.070%	$5.4M	$9.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,758	+0.131%	$3.79B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,671.4	+0.030%	$40.5M	$582.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,690.7	+0.052%	$9.42B	$24.29B	150x	as long as short
Bybit BTCUSDTshort	+0.0100%	8h	85,693.6	+0.056%	$5.20B	$9.84B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,702.5	+0.066%	$2.59B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,629	−0.020%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,630.5	−0.018%	$4.4M	$98.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,683.7	+0.044%	$5.53B	$10.73B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,674.4	+0.033%	$5.07B	$5.63B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,586.1	−0.070%	$35.7M	$176.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,637.7	−0.010%	$153.8M	$564.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,618	−0.033%	$279.5M	$923.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,633.8	−0.014%	$214.9M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,648.2	+0.003%	$140.0M	$315.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,638.2	−0.009%	$30.3M	$208.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,717.1	+0.083%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,670	+0.028%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,678	+0.037%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,694.4	+0.057%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,746.1	+0.117%	$207K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,598.6	−0.055%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,650.9	+0.006%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,598	−0.056%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,601	−0.053%	$2.27B	$946.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,665.1	+0.022%	$677.0M	$718.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,671.3	+0.029%	$44.8M	$231.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,614.8	−0.036%	—	$107.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,636	−0.012%	$117.4M	$5.22B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,615.4	−0.036%	$187.5M	$956.4M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,675.1	+0.034%	$8.9M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0177%	1h	85,682	+0.042%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	85,678	+0.037%	$12.0M	$757.2M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0229%	1h	85,663.7	+0.021%	$78K	$220K	20x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,684.6	+0.045%	$704K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,651.9	+0.007%	$504K	$18.8M	6.7x	as long as short