Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0075%/8h= +8.2% APRpaid last 24h +0.016%

Price spread now: Nado against Bitget+0.002%7-day average +0.007% · 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−$20as in the Price arb table

costs, in and out, $10k−$190.191% of the position

Long on Bitget Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.031%+$3 on $10k

Price spread, last 7 days−0.003%$0 · spread now +0.002%, 7d avg +0.007%

Together, before fees+0.028%+ Points / potential airdropNado: Active · farm board+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.007%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget BTCUSDT	86,712	0.0025	pay 0.0025% / 8h	2h 53m	$2.95B	$5.08B	150x
Short	Nado BTC-PERP	86,713.7	0.0100	get 0.0012% / 1h	53m 45s	$22.0M	$237.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.002%Rate

Funding earned: $15.75
Price spread: +0.002% → +0.007%: −$0.49
Slippage, 4 orders: −$0.14
Fee Bitget: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$3.88
Costs to cover: 0.191%
Break-even: 8.7 days

Slippage from Bitget: live order book, 5 min ago; Nado: live order book, 5 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, 5 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.5 bp −$646	doesn't fit
Sell Nado live order book, 5 min ago	0.06 bp	3.6 bp −$4	4.1 bp −$41	5.1 bp −$515	10.5 bp −$5,273

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
Perpl BTC	−0.0335%	43m	86,699.6	−0.014%	$425K	$25.4M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0188%	1h	86,827.4	+0.133%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0123%	1h	86,795	+0.096%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0085%	1h	86,742.3	+0.035%	$18.1M	$19.9M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,667	−0.052%	$9K	$3K	50x	as long as short
Bluefin BTC-PERP	−0.0001%	1h	86,680	−0.037%	$160K	$575K	40x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,717.7	+0.007%	$846.7M	$708.4M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,688.9	−0.027%	$362K	$2.5M	50x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,760	+0.055%	$8.8M	$725.2M	6.4x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,728.6	+0.019%	$36.7M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0015%	8h	86,681.8	−0.035%	$506.1M	$1.16B	200x	as long as short
BingX BTC-USDT	+0.0019%	8h	86,713.4	+0.002%	—	$1.60B	—	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,669.3	−0.049%	$6.8M	$143.8M	40x	as long as short
Phemex BTCUSDT	+0.0022%	8h	86,689.5	−0.026%	$149.5M	$469.1M	150x	as long as short
Bitget BTCUSDTlong	+0.0025%	8h	86,712	long leg	$2.95B	$5.08B	150x
MEXC BTC_USDT	+0.0046%	8h	86,711.6	0.000%	$5.21B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0047%	8h	86,686.8	−0.029%	$9.45B	$24.35B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,697.2	−0.017%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,984	+0.314%	$316K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0056%	8h	86,697.1	−0.017%	$2.58B	$12.72B	100x	as long as short
Gate BTC_USDT	+0.0062%	8h	86,710.7	−0.002%	$5.86B	$10.54B	200x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,682.2	−0.034%	$9.2M	$41.9M	25x	as long as short
Bybit BTCUSDT	+0.0077%	8h	86,689.4	−0.026%	$5.28B	$9.70B	150x	as long as short
Variational Omni BTC	+0.0088%	8h	86,792.9	+0.093%	$161.2M	$563.4M	—	as long as short
GRVT BTC_USDT_Perp	+0.0094%	8h	86,810.6	+0.114%	$218.0M	$191.1M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,695.9	−0.019%	$172.4M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,702.3	−0.011%	$24.1M	$152.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,663	−0.057%	$8.5M	$52.1M	100x	as long as short
SoDEX BTC-USD	+0.0097%	1h	86,687	−0.029%	$60.5M	$336.4M	40x	as long as short
Orderly PERP_BTC_USDC	+0.0098%	8h	86,706	−0.007%	$2.5M	$8.4M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,724.3	+0.014%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,659	−0.061%	$194K	$6.8M	50x	as long as short
Nado BTC-PERPshort	+0.0100%	1h	86,713.7	+0.002%	$22.0M	$237.9M	50x
Hyperliquid BTC	+0.0100%	1h	86,792	+0.092%	$3.86B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,729.7	+0.020%	$41.6M	$484.5M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,673	−0.045%	$3.9M	$18.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,740.6	+0.033%	$7.5M	$95.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,919.5	+0.239%	$573.8M	$23.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,710.6	−0.002%	$38.3M	$148.1M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,804.8	+0.107%	$280.4M	$944.7M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,805.9	+0.108%	$142.0M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,756.7	+0.052%	$30.9M	$205.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,746.4	+0.040%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,668	−0.051%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,680.9	−0.036%	$202K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,697.1	−0.017%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,665.6	−0.054%	$3.4M	$5.6M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,686.2	−0.030%	$2.30B	$954.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,704.8	−0.008%	$46.2M	$228.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,748	+0.042%	—	$97.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,729.1	+0.020%	$192.7M	$927.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,738.4	+0.030%	$132.3M	$5.93B	50x	as long as short
BloFin BTC-USDT	+0.0166%	8h	86,801	+0.103%	$420.1M	$642.2M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0200%	1h	86,717.5	+0.006%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	86,798.4	+0.100%	$752K	$7.0M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0482%	1h	86,704.8	−0.008%	$922.4M	$1.38B	50x	as long as short