Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h +0.017%

Price spread now: Bullet against Bitget−0.035%7-day average +0.008% · 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−$25as in the Price arb table

costs, in and out, $10k−$210.210% of the position

Long on Bitget Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.024%+$2 on $10k

Price spread, last 7 days+0.036%+$4 · spread now −0.035%, 7d avg +0.008%

Together, before fees+0.059%+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bullet is 0.043% cheaper against Bitget than usual: you would sell low and buy high (spread −0.035% now, against its 7-day average of +0.008%). If the spread goes back, that is −$4 on $10k: about 4.3 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	Bitget BTCUSDT	85,630.3	0.0067	pay 0.0067% / 8h	5h 43m	$2.95B	$5.02B	150x
Short	Bullet BTC-USD	85,600.3	0.0100	get 0.0013% / 1h	43m 19s	$189K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Bitget. 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 BitgetbpFee BulletbpOrdersPrice spread, now −0.035%Rate

Funding earned: $6.93
Price spread: −0.035% → +0.008%: −$4.27
Slippage, 4 orders: −$0.99
Fee Bitget: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$18.33
Costs to cover: 0.210%
Break-even: 25.5 days

Slippage from Bitget: live order book, 1 min ago; Bullet: live order book, 1 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 Bitget live order book, 1 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.2 bp −$623	7.5 bp −$3,770
Sell Bullet live order book, 1 min ago	0.35 bp	4.5 bp −$5	8.7 bp −$87	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
Phoenix BTC	−0.0160%	1h	85,485	−0.170%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,574	−0.066%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,586.2	−0.052%	$368K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,579.2	−0.060%	$416.4M	$660.4M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,596.8	−0.039%	$16.7M	$20.9M	50x	as long as short
Nado BTC-PERP	+0.0003%	1h	85,585.6	−0.052%	$22.8M	$221.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,609.1	−0.025%	$36.7M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0014%	8h	85,573.8	−0.066%	$906.5M	$749.4M	125x	as long as short
Aster BTCUSDT	+0.0020%	8h	85,600.8	−0.034%	$515.8M	$1.11B	200x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,589.1	−0.048%	—	$17.0M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0066%	1h	85,580.1	−0.059%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDTlong	+0.0067%	8h	85,630.3	long leg	$2.95B	$5.02B	150x
HTX BTC-USDT	+0.0073%	8h	85,548.6	−0.095%	$2.27B	$931.9M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	−0.016%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,623.4	−0.008%	$2.5M	$1.7M	20x	as long as short
Phemex BTCUSDT	+0.0083%	8h	85,556.9	−0.086%	$148.2M	$478.5M	150x	as long as short
SunX BTC-USDT	+0.0086%	8h	85,577.7	−0.061%	$2.9M	$6.1M	100x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,598	−0.038%	$5.03B	$5.60B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,598.1	−0.038%	$9.34B	$23.88B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,622.7	−0.009%	$169.6M	$986.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,622.7	−0.009%	$23.9M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,599	−0.037%	$8.4M	$51.9M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,651.5	+0.025%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,569	−0.072%	$205K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,657	+0.031%	$3.78B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,645	+0.017%	$40.2M	$571.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,614.5	−0.018%	$5.34B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,640.8	+0.012%	$2.56B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,587	−0.051%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,564.6	−0.077%	$7.3M	$97.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	−0.079%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,609.2	−0.025%	$5.55B	$10.45B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,561.1	−0.081%	$35.1M	$171.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,485	−0.170%	$154.0M	$550.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,511.8	−0.138%	$278.9M	$932.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,432.8	−0.231%	$214.5M	$161.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,578.6	−0.060%	$140.0M	$316.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,570.9	−0.069%	$30.3M	$211.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,641.2	+0.013%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,584	−0.054%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	85,600.3	−0.035%	$189K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,609.5	−0.024%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,653.4	+0.027%	$197K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,626.8	−0.004%	$30.0M	$52.5M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,634	+0.004%	$59.9M	$336.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,611.8	−0.022%	$44.1M	$227.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,578.5	−0.061%	—	$106.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,600	−0.035%	$130.8M	$5.08B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0118%	1h	85,665.3	+0.041%	$893.4M	$1.52B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,616.6	−0.016%	$8.3M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,645	+0.017%	$187.6M	$948.8M	100x	as long as short
Aftermath Perps BTCUSD	+0.0195%	1h	85,567.8	−0.073%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,583.5	−0.055%	$697K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,604.8	−0.030%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,608	−0.026%	$10.5M	$760.3M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,626.4	−0.005%	$524K	$19.5M	6.7x	as long as short