Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.007%

Price spread now: Bulk against Arcus−0.052%7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$120.125% of the position

Long on Arcus Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.007%+$1 on $10k

Price spread, last 7 days+0.040%+$4 · spread now −0.052%, 7d avg −0.031%

Together, before fees+0.047%+$5 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 0.021% cheaper against Arcus than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus BTC-USD	85,631.8	0.0100	pay 0.0013% / 1h	32m 01s	$7.2M	$98.3M	40x
Short	Bulk BTC-USD	85,587.5	0.0100	get 0.0013% / 1h	32m 01s	$583.6M	$150.2M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Arcus. 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 ArcusbpFee BulkbpOrdersPrice spread, now −0.052%Rate

Funding earned: $0
Price spread: −0.052% → −0.031%: −$2.1
Slippage, 4 orders: −$0.96
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$14.56
Costs to cover: 0.125%
Break-even: 29911739201997076.0 days

Slippage from Arcus: live order book, 2 min ago; Bulk: 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 Arcus live order book, 2 min ago	0.01 bp	2.3 bp −$2	2.7 bp −$27	6.2 bp −$621	doesn't fit
Sell Bulk live order book, 2 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	4.0 bp −$396	5.1 bp −$2,532

BTC on 55 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 BTC	−0.0144%	1h	85,641	+0.011%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,596	−0.042%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,654.9	+0.027%	$364K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,669.5	+0.044%	$515K	$20.9M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,662	+0.035%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,669.3	+0.044%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	+0.069%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0034%	8h	85,640.3	+0.010%	$496.6M	$1.14B	200x	as long as short
KuCoin XBTUSDTM	+0.0035%	8h	85,619.8	−0.014%	$901.6M	$755.9M	125x	as long as short
ApeX Omni BTCUSDT	+0.0037%	1h	85,595.3	−0.043%	$140.0M	$320.4M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,672.7	+0.048%	$7.8M	$42.4M	25x	as long as short
BingX BTC-USDC	+0.0054%	8h	85,631.1	−0.001%	—	$15.4M	—	as long as short
Reya BTCRUSDPERP	+0.0056%	1h	85,669.1	+0.044%	$6.7M	$146.2M	40x	as long as short
HTX BTC-USDT	+0.0057%	8h	85,625	−0.008%	$2.27B	$953.1M	200x	as long as short
Nado BTC-PERP	+0.0065%	1h	85,625.4	−0.008%	$22.8M	$228.6M	50x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,639.8	+0.009%	$2.94B	$5.11B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,651.7	+0.023%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,644.5	+0.015%	$5.06B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,635.9	+0.005%	$9.32B	$24.48B	150x	as long as short
Gate BTC_USDT	+0.0091%	8h	85,636.2	+0.005%	$5.61B	$10.51B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,639.5	+0.009%	$169.5M	$986.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,652.8	+0.025%	$23.2M	$146.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,668	+0.042%	$8.4M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,625	−0.008%	$207K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,621.8	−0.012%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,689	+0.067%	$3.76B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,676.8	+0.053%	$40.7M	$569.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,655.8	+0.028%	$5.29B	$9.78B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,661	+0.034%	$2.54B	$12.42B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,658	+0.031%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USDlong	+0.0100%	1h	85,631.8	long leg	$7.2M	$98.3M	40x
Backpack BTC_USDC_PERP	+0.0100%	1h	85,622.8	−0.011%	$35.1M	$162.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,619.2	−0.015%	$156.3M	$559.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,580.7	−0.060%	$278.2M	$944.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,597.4	−0.040%	$214.9M	$168.6M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,612.6	−0.022%	$30.3M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,709.9	+0.091%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,671	+0.046%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,665.5	+0.039%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,662.5	+0.036%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,698.4	+0.078%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,655.6	+0.028%	$30.0M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,521.5	−0.129%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,646	+0.017%	$59.9M	$337.5M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,644.1	+0.014%	$153.1M	$480.1M	150x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	85,587.5	−0.052%	$583.6M	$150.2M	40x
Extended BTC-USD	+0.0104%	1h	85,621.8	−0.012%	$43.9M	$228.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,636.9	+0.006%	—	$101.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,675.6	+0.051%	$131.1M	$5.19B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,599.8	−0.037%	$696K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,658.3	+0.031%	$188.7M	$965.5M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0151%	1h	85,687.7	+0.065%	$894.2M	$1.54B	50x	as long as short
Aftermath Perps BTCUSD	+0.0161%	1h	85,651	+0.022%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0191%	1h	85,669.9	+0.044%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	85,662	+0.035%	$10.0M	$770.8M	6.4x	as long as short