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 +0.031%

Price spread now: Phemex against Phoenix−0.088%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

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

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.047%+$5 on $10k

Price spread, last 4 days (all we have)−0.076%−$8 · spread now −0.088%, 7d avg −0.025%

Together, before fees−0.029%−$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.063% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.088% now, against its 7-day average of −0.025%). If the spread goes back, that is −$6 on $10k: about 8.4 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	85,542	0.0075	pay 0.0009% / 1h	32m 24s	$2.3M	$10.4M	40x
Short	Phemex BTCUSDT	85,466.4	0.0100	get 0.0100% / 8h	7h 32m	$162.8M	$513.5M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.088%Rate

Funding earned: $5.26
Price spread: −0.088% → −0.025%: −$6.34
Slippage, 4 orders: −$0.44
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$20.52
Costs to cover: 0.194%
Break-even: 34.3 days

Slippage from Phoenix: live order book, 7 min ago; Phemex: live order book, 2 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, 7 min ago	0.06 bp	3.7 bp −$4	5.6 bp −$56	11.1 bp −$1,111	doesn't fit
Sell Phemex live order book, 2 min ago	0.01 bp	6.0 bp −$6	7.3 bp −$73	9.0 bp −$899	doesn't fit

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	−0.1383%	1h	85,465.6	−0.089%	$194K	$796K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,437	−0.123%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,441.3	−0.118%	$422.6M	$676.5M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,438	−0.122%	$307K	$25.0M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,447.3	−0.111%	$352K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,460	−0.096%	$36.5M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0015%	8h	85,427.9	−0.133%	$936.8M	$770.9M	125x	as long as short
Aster BTCUSDT	+0.0033%	8h	85,416.1	−0.147%	$502.5M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0050%	1h	85,470	−0.084%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,464.9	−0.090%	$185.7M	$937.1M	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	85,542	long leg	$2.3M	$10.4M	40x
BingX BTC-USDC	+0.0080%	8h	85,405.8	−0.159%	—	$17.4M	—	as long as short
Lighter BTC	+0.0096%	1h	85,470.4	−0.084%	$170.8M	$945.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,474.1	−0.079%	$23.5M	$134.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,419	−0.144%	$8.7M	$58.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,423.4	−0.139%	$2.4M	$6.7M	20x	as long as short
Nado BTC-PERP	+0.0096%	1h	85,438	−0.122%	$24.0M	$215.9M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,411	−0.153%	$265K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,500.9	−0.048%	$5.7M	$9.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,491.4	−0.059%	$40.5M	$604.9M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,410.1	−0.154%	$9.39B	$24.92B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,411.5	−0.153%	$5.09B	$9.89B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,431.7	−0.129%	$2.61B	$12.07B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,447	−0.111%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,444.6	−0.114%	$4.7M	$97.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.9	−0.049%	$701.6M	$160.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,419.6	−0.143%	$5.50B	$9.91B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,412.9	−0.151%	$5.05B	$5.75B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,410	−0.154%	$2.97B	$5.11B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,439.8	−0.119%	$37.6M	$193.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,485.8	−0.066%	$155.9M	$543.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,484.1	−0.068%	$283.5M	$961.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,507.3	−0.041%	$214.8M	$155.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,522	−0.023%	$136.9M	$312.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,440	−0.119%	$30.1M	$218.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,507.2	−0.041%	—	$10.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,270	−0.318%	$10.9M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,425	−0.137%	$227K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,428.4	−0.133%	$2.7M	$9.8M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,450.5	−0.107%	$3.0M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,446	−0.112%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,440.5	−0.119%	$2.26B	$971.6M	200x	as long as short
Phemex BTCUSDTshort	+0.0100%	8h	85,466.4	−0.088%	$162.8M	$513.5M	150x
Extended BTC-USD	+0.0104%	1h	85,414	−0.150%	$45.8M	$239.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,476.3	−0.077%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,496.9	−0.053%	$112.2M	$5.42B	50x	as long as short
Derive BTC-PERP	+0.0123%	1h	85,569.1	+0.032%	$28.9M	$52.4M	15x	as long as short
Reya BTCRUSDPERP	+0.0149%	1h	85,403.2	−0.162%	$6.6M	$137.6M	40x	as long as short
Hyperliquid BTC	+0.0163%	1h	85,500	−0.049%	$3.84B	$5.14B	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,425.1	−0.137%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,459.3	−0.097%	$9.0M	$42.2M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0194%	1h	85,498.3	−0.051%	$828.3M	$1.65B	50x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	85,494	−0.056%	$10.7M	$736.7M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0324%	1h	85,486	−0.065%	$79K	$258K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,520	−0.026%	$688K	$7.6M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,472.6	−0.081%	$460K	$18.1M	6.7x	as long as short