Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC+0.0020%/8hpaid last 24h −0.012%

Price spread now: Perpl against Phoenix−0.044%61s7-day average −0.036% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.413%+$41 on $10k

Price spread, last 7 days+0.057%+$6 · spread now −0.044%, 7d avg −0.036%

Together, before fees+0.470%+ Points / potential airdropPerpl: Active · farm board+$47 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.036%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. The two prices were read 61 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	86,513	−0.0132	get 0.0017% / 1h	5m 31s	$2.1M	$11.1M	40x
Short	Perpl BTC	86,474.6	−0.0112	pay 0.0010% / 43m	26m 31s	$410K	$25.9M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now −0.044%Rate

Funding earned: $4.29
Price spread: −0.044% → −0.036%: −$0.85
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$17.36
Costs to cover: 0.208%
Break-even: 35.3 days

Slippage unknown: Phoenix: live order book, 3 min ago; Perpl: no order-book sample. Net counts fees only.

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	5.1 bp −$51	10.5 bp −$1,055	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0132%	1h	86,513	long leg	$2.1M	$11.1M	40x
Perpl BTCshort	−0.0112%	43m	86,474.6	−0.044%	$410K	$25.9M	6.7x
BloFin BTC-USDT	−0.0082%	8h	86,503.8	−0.011%	$422.7M	$595.4M	150x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,455	−0.067%	$9K	$4K	50x	as long as short
Aftermath Perps BTCUSD	−0.0046%	1h	86,527.5	+0.017%	$85K	$166K	20x	as long as short
Kraken Futures PF_XBTUSD	−0.0030%	1h	86,496.3	−0.019%	$184.5M	$860.3M	100x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,486.5	−0.031%	$303K	$2.4M	50x	as long as short
dYdX BTC-USD	−0.0014%	1h	86,517	+0.005%	$17.3M	$18.2M	50x	as long as short
KuCoin XBTUSDTM	−0.0010%	8h	86,463.4	−0.057%	$823.1M	$665.8M	125x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,518	+0.006%	$8.8M	$694.5M	6.4x	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	0.0000%	1h	86,572	+0.068%	$327K	$27.0M	52x	as long as short
Reya BTCRUSDPERP	+0.0004%	1h	86,452.9	−0.069%	$6.7M	$140.0M	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,509.2	−0.004%	$37.1M	—	200x	as long as short
BingX BTC-USDC	+0.0006%	8h	86,466.1	−0.054%	—	$14.8M	—	as long as short
SoDEX BTC-USD	+0.0008%	1h	86,449	−0.074%	$61.0M	$311.5M	40x	as long as short
Bitget BTCUSDT	+0.0009%	8h	86,442.6	−0.081%	$2.97B	$4.90B	150x	as long as short
Aster BTCUSDT	+0.0021%	8h	86,464.2	−0.056%	$506.3M	$1.12B	200x	as long as short
RISEx BTC/USDC	+0.0027%	1h	86,483.7	−0.034%	$8.9M	$39.7M	25x	as long as short
Phemex BTCUSDT	+0.0035%	8h	86,464.6	−0.056%	$153.4M	$444.3M	150x	as long as short
ApeX Omni BTCUSDT	+0.0035%	1h	86,506.9	−0.007%	$140.5M	$320.7M	100x	as long as short
MEXC BTC_USDT	+0.0037%	8h	86,454.7	−0.067%	$5.13B	$5.35B	500x	as long as short
Binance BTCUSDT	+0.0038%	8h	86,461.4	−0.060%	$9.53B	$23.28B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0038%	8h	86,450.7	−0.072%	$2.63B	$12.16B	100x	as long as short
Aevo BTC-PERP	+0.0040%	1h	86,477.6	−0.041%	$2.4M	$1.3M	20x	as long as short
Bulk BTC-USD	+0.0062%	1h	86,467	−0.053%	$570.2M	$47.0M	40x	as long as short
HTX BTC-USDT	+0.0066%	8h	86,456.3	−0.066%	$2.30B	$896.2M	200x	as long as short
Bluefin BTC-PERP	+0.0068%	1h	86,497.4	−0.018%	$141K	$505K	40x	as long as short
Gate BTC_USDT	+0.0068%	8h	86,462	−0.059%	$5.98B	$10.21B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,462	−0.059%	$8.5M	$49.9M	100x	as long as short
Bybit BTCUSDT	+0.0075%	8h	86,460.8	−0.060%	$5.29B	$9.20B	150x	as long as short
Variational Omni BTC	+0.0086%	8h	86,497.1	−0.018%	$163.6M	$537.8M	—	as long as short
Orderly PERP_BTC_USDC	+0.0088%	8h	86,483.3	−0.034%	$2.3M	$7.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0095%	8h	86,507.2	−0.007%	$217.3M	$181.6M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,472.2	−0.047%	$173.0M	$981.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,487	−0.030%	$24.2M	$147.0M	50x	as long as short
Hibachi BTC/USDT-P	+0.0096%	1h	86,542.8	+0.034%	$615K	$6.8M	30x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	86,496.9	−0.019%	$4.5M	$7.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,473	−0.046%	$210K	$6.1M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,456	−0.066%	$23.4M	$229.8M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,484.8	−0.033%	$37.3M	$446.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,475	−0.044%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,523.4	+0.012%	$6.8M	$92.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,468.8	−0.051%	$37.6M	$140.1M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,473	−0.046%	$284.3M	$906.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,474.3	−0.045%	$30.8M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,534.3	+0.025%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,473	−0.046%	$11.0M	$13.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,484	−0.034%	$237K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,479.5	−0.039%	$30.2M	$60.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,480.9	−0.037%	$3.4M	$5.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,445	−0.079%	$47.8M	$218.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,480.6	−0.037%	—	$87.3M	500x	as long as short
Hyperliquid BTC	+0.0155%	1h	86,579	+0.076%	$3.99B	$4.76B	40x	as long as short
Coinbase International BTC-PERP-INTX	+0.0168%	1h	86,514.2	+0.001%	$131.6M	$5.89B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0204%	1h	86,505.1	−0.009%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0208%	1h	86,536.4	+0.027%	$932.2M	$1.22B	50x	as long as short