Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0025%/8h= +2.7% APRpaid last 24h +0.037%

Price spread now: edgeX against Phoenix−0.077%7-day average −0.089% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$160.165% of the position

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.094%−$9 on $10k

Price spread, last 7 days+0.004%$0 · spread now −0.077%, 7d avg −0.089%

Together, before fees−0.090%+ Points / potential airdropedgeX: Active · farm board−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.089%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.094%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	85,531	0.0075	pay 0.0009% / 1h	35m 44s	$2.3M	$10.4M	40x
Short	edgeX BTCUSDC	85,465.2	0.0100	get 0.0050% / 4h	3h 35m	$283.4M	$960.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.077%Rate

Funding earned: $5.26
Price spread: −0.077% → −0.089%: $1.21
Slippage, 4 orders: −$0.46
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$9.99
Costs to cover: 0.165%
Break-even: 20.3 days

Slippage from Phoenix: live order book, 3 min ago; edgeX: 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 Phoenix live order book, 3 min ago	0.06 bp	3.7 bp −$4	5.6 bp −$56	11.1 bp −$1,111	doesn't fit
Sell edgeX live order book, 3 min ago	0.02 bp	4.5 bp −$5	4.5 bp −$45	4.7 bp −$468	5.7 bp −$2,845

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
Bluefin BTC-PERP	−0.1767%	1h	85,538.1	+0.008%	$194K	$796K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,510	−0.025%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,508.2	−0.027%	$423.0M	$682.0M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,438	−0.109%	$307K	$25.0M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,511.7	−0.023%	$346K	$2.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,497.9	−0.039%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0014%	8h	85,491.2	−0.046%	$938.7M	$777.5M	125x	as long as short
Aster BTCUSDT	+0.0033%	8h	85,488.7	−0.049%	$502.9M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0053%	1h	85,512	−0.022%	$16.8M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,522.1	−0.010%	$186.4M	$942.2M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTClong	+0.0075%	1h	85,531	long leg	$2.3M	$10.4M	40x
BingX BTC-USDT	+0.0080%	8h	85,503	−0.033%	—	$1.57B	—	as long as short
Lighter BTC	+0.0096%	1h	85,509.5	−0.025%	$170.7M	$944.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,507.7	−0.027%	$23.6M	$134.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,483	−0.056%	$8.7M	$58.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,488.7	−0.049%	$2.4M	$6.7M	20x	as long as short
Nado BTC-PERP	+0.0096%	1h	85,484.3	−0.055%	$24.0M	$216.5M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,478	−0.062%	$266K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,541.2	+0.012%	$5.7M	$9.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,526.7	−0.005%	$40.5M	$604.9M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,493.9	−0.043%	$9.41B	$24.96B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,494.2	−0.043%	$5.09B	$9.92B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,493.2	−0.044%	$2.61B	$12.08B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,503	−0.033%	$3.9M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,503.8	−0.032%	$4.7M	$97.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.9	−0.036%	$701.6M	$160.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,511.6	−0.023%	$5.51B	$9.89B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,494.2	−0.043%	$5.06B	$5.74B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,500	−0.036%	$2.98B	$5.13B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,498	−0.039%	$37.6M	$193.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,485.8	−0.053%	$155.9M	$543.2M	—	as long as short
edgeX BTCUSDCshort	+0.0100%	4h	85,465.2	−0.077%	$283.4M	$960.7M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	85,496.9	−0.040%	$214.7M	$155.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,492.3	−0.045%	$136.9M	$312.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,495.4	−0.042%	$30.1M	$218.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,565.9	+0.041%	—	$10.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,435	−0.112%	$10.9M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,485	−0.054%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,492.5	−0.045%	$2.7M	$9.8M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,490.7	−0.047%	$3.0M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,500	−0.036%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,485.5	−0.053%	$2.26B	$968.8M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,512.6	−0.022%	$162.3M	$516.0M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,480.8	−0.059%	$45.8M	$240.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,517.8	−0.015%	—	$107.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,550.1	+0.022%	$112.0M	$5.44B	50x	as long as short
Derive BTC-PERP	+0.0123%	1h	85,569.1	+0.045%	$28.9M	$52.4M	15x	as long as short
Reya BTCRUSDPERP	+0.0149%	1h	85,491	−0.047%	$6.6M	$138.3M	40x	as long as short
Hyperliquid BTC	+0.0171%	1h	85,580	+0.057%	$3.84B	$5.14B	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,498.7	−0.038%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,528.6	−0.003%	$8.9M	$42.3M	25x	as long as short
Kalshi KXBTCPERP	+0.0194%	8h	85,528	−0.004%	$10.7M	$737.6M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0210%	1h	85,553.1	+0.026%	$828.1M	$1.65B	50x	as long as short
Aftermath Perps BTCUSD	+0.0316%	1h	85,529.6	−0.002%	$83K	$252K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,558	+0.032%	$688K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,526.3	−0.005%	$467K	$18.1M	6.7x	as long as short