Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.011%

Price spread now: Bullet against Arcus+0.002%7-day average −0.025% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$140.145% of the position

Long on Arcus Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.002%$0 on $10k

Price spread, last 7 days−0.063%−$6 · spread now +0.002%, 7d avg −0.025%

Together, before fees−0.060%−$6 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: Bullet is 0.027% dearer against Arcus than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus BTC-USD	85,449.7	0.0100	pay 0.0013% / 1h	47m 06s	$4.9M	$96.5M	40x
Short	Bullet BTC-USD	85,451.4	0.0100	get 0.0013% / 1h	47m 06s	$197K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now +0.002%Rate

Funding earned: $0
Price spread: +0.002% → −0.025%: $2.73
Slippage, 4 orders: −$1.97
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$11.74
Costs to cover: 0.145%
Break-even: never at this rate

Slippage from Arcus: live order book, 2 min ago; Bullet: 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	2.6 bp −$3	3.5 bp −$35	4.5 bp −$454	doesn't fit
Sell Bullet live order book, 2 min ago	0.06 bp	5.2 bp −$5	8.2 bp −$82	doesn't fit	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
Hotstuff BTC-PERP	−0.0080%	1h	85,448	−0.002%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,395	−0.064%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTM	−0.0028%	8h	85,437.9	−0.014%	$931.4M	$774.5M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,429.8	−0.023%	$421.9M	$682.9M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,437.3	−0.015%	$512.5M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,463.6	+0.016%	$348K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,465	+0.018%	$489K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,455.8	+0.007%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0005%	1h	85,444.2	−0.006%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,444.4	−0.006%	$185.4M	$952.7M	100x	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	+0.0067%	1h	85,367	−0.097%	$338K	$24.6M	52x	as long as short
ApeX Omni BTCUSDT	+0.0067%	1h	85,418	−0.037%	$139.6M	$313.0M	100x	as long as short
BingX BTC-USDC	+0.0069%	8h	85,419.7	−0.035%	—	$17.3M	—	as long as short
Nado BTC-PERP	+0.0075%	1h	85,444.3	−0.006%	$24.1M	$220.0M	50x	as long as short
Bybit BTCUSDT	+0.0084%	8h	85,429.8	−0.023%	$5.14B	$9.98B	150x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,437.4	−0.014%	$2.98B	$5.17B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,449.2	−0.001%	$169.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,444.4	−0.006%	$23.6M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,451	+0.002%	$8.4M	$57.3M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,445.6	−0.005%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,448.2	−0.002%	$5.05B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,442	−0.009%	$9.42B	$25.02B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,434	−0.018%	$272K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,491.4	+0.049%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,528	+0.092%	$3.76B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,478.3	+0.034%	$40.1M	$605.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,432.6	−0.020%	$2.60B	$12.22B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,453	+0.004%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USDlong	+0.0100%	1h	85,449.7	long leg	$4.9M	$96.5M	40x
Bulk BTC-USD	+0.0100%	1h	85,349	−0.118%	$691.7M	$275.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,455.9	+0.007%	$5.54B	$11.01B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,436.3	−0.016%	$37.3M	$185.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,323.9	−0.147%	$155.7M	$555.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,356.8	−0.109%	$279.6M	$954.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,389	−0.071%	$214.4M	$159.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,472.8	+0.027%	$30.1M	$209.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,509.4	+0.070%	—	$10.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,452	+0.003%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	85,451.4	+0.002%	$197K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,445.9	−0.004%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,481.7	+0.037%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,424.1	−0.030%	$30.0M	$45.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,449.9	0.000%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,430	−0.023%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,449.9	0.000%	$2.26B	$966.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,450.1	0.000%	$158.2M	$513.6M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,421	−0.034%	$45.4M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,454.9	+0.006%	—	$105.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,473.9	+0.028%	$112.4M	$5.48B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0122%	1h	85,483.5	+0.040%	$841.6M	$1.65B	50x	as long as short
Reya BTCRUSDPERP	+0.0137%	1h	85,436.1	−0.016%	$6.6M	$146.8M	40x	as long as short
Kalshi KXBTCPERP	+0.0172%	8h	85,483	+0.039%	$12.1M	$738.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,475.2	+0.030%	$8.7M	$42.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,457	+0.009%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,505.3	+0.065%	$688K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0286%	1h	85,425.2	−0.029%	$77K	$249K	20x	as long as short