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 +0.018%

Price spread now: Gate against Phoenix−0.068%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$220.223% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.039%+$4 on $10k

Price spread, last 7 days+0.028%+$3 · spread now −0.068%, 7d avg −0.051%

Together, before fees+0.067%+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.051%, so right now this pair is about funding alone: +$7 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 0.039% in total (about 2.0% 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	85,470	−0.0140	get 0.0018% / 1h	1m 13s	$2.1M	$10.4M	40x
Short	Gate BTC_USDT	85,412.3	0.0100	get 0.0100% / 8h	3h 01m	$5.52B	$10.88B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.068%Rate

Funding earned: $50.42
Price spread: −0.068% → −0.051%: −$1.61
Slippage, 4 orders: −$0.3
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $26.51
Costs to cover: 0.223%
Break-even: 3.3 days

Slippage from Phoenix: live order book, 3 min ago; Gate: 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	3.6 bp −$4	4.9 bp −$49	10.1 bp −$1,012	doesn't fit
Sell Gate live order book, 3 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	8.4 bp −$844	10.4 bp −$5,191

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	85,470	long leg	$2.1M	$10.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,425	−0.053%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0051%	8h	85,400.9	−0.081%	$919.4M	$758.3M	125x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,416	−0.063%	$420.1M	$676.0M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,406.7	−0.074%	$514.2M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,421.3	−0.057%	$382K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,417.9	−0.061%	$539K	$18.7M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,427.2	−0.050%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0005%	1h	85,405.4	−0.076%	$24.3M	$222.8M	50x	as long as short
dYdX BTC-USD	+0.0024%	1h	85,448.7	−0.025%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,400	−0.082%	$339K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0049%	1h	85,416	−0.063%	$59.8M	$335.9M	40x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,416.7	−0.062%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0065%	8h	85,416.4	−0.063%	$149.1M	$498.5M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,418.6	−0.060%	$2.95B	$5.13B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,415.7	−0.064%	$5.06B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,408	−0.072%	$2.7M	$5.6M	20x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,415.9	−0.063%	$9.45B	$24.51B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,430.4	−0.046%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,430.4	−0.046%	$23.9M	$149.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,415	−0.064%	$8.4M	$55.2M	100x	as long as short
Bullet BTC-USD	+0.0098%	1h	85,412	−0.068%	$204K	$3.3M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,392	−0.091%	$241K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,465.6	−0.005%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,496	+0.030%	$3.78B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,443.1	−0.032%	$40.4M	$590.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,415.4	−0.064%	$5.18B	$9.87B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,429.7	−0.047%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,410	−0.070%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,414.5	−0.065%	$4.7M	$99.2M	40x	as long as short
Gate BTC_USDTshort	+0.0100%	8h	85,412.3	−0.068%	$5.52B	$10.88B	200x
Backpack BTC_USDC_PERP	+0.0100%	1h	85,409.1	−0.071%	$36.6M	$176.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,465	−0.006%	$154.3M	$564.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,433.7	−0.043%	$279.1M	$933.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,483.8	+0.016%	$214.6M	$169.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,403	−0.078%	$139.6M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,402.1	−0.079%	$30.2M	$206.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,473.3	+0.004%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,416	−0.063%	$11.1M	$14.3M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,405.3	−0.076%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,453.1	−0.020%	$206K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,395.4	−0.087%	$30.0M	$50.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,395.5	−0.087%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,402.5	−0.079%	$2.26B	$948.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,404.3	−0.077%	$678.7M	$662.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,390.1	−0.093%	$45.7M	$234.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,422.3	−0.056%	—	$106.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,448.1	−0.026%	$117.7M	$5.28B	50x	as long as short
Reya BTCRUSDPERP	+0.0106%	1h	85,409.2	−0.071%	$6.6M	$147.2M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0127%	1h	85,461.9	−0.009%	$872.2M	$1.60B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,436.9	−0.039%	$187.7M	$956.1M	100x	as long as short
Kalshi KXBTCPERP	+0.0165%	8h	85,444	−0.030%	$11.5M	$751.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,446.2	−0.028%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,424.7	−0.053%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,452.4	−0.021%	$700K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0244%	1h	85,465.3	−0.006%	$79K	$223K	20x	as long as short