Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0070%/8h= +7.7% APRpaid last 24h +0.013%

Price spread now: Popdex against Bitget+0.029%7-day average +0.005% · 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−$18as in the Price arb table

costs, in and out, $10k−$200.202% of the position

Long on Bitget Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.029%+$3 on $10k

Price spread, last 7 days−0.022%−$2 · spread now +0.029%, 7d avg +0.005%

Together, before fees+0.008%+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Popdex is 0.024% dearer against Bitget than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget BTCUSDT	86,617.1	0.0026	pay 0.0026% / 8h	2h 51m	$2.95B	$5.08B	150x
Short	Popdex BTCUSDT	86,642	0.0096	get 0.0012% / 1h	51m 10s	$8.5M	$52.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.029%Rate

Funding earned: $14.7
Price spread: +0.029% → +0.005%: $2.41
Slippage, 4 orders: −$1.83
Fee Bitget: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$3.12
Costs to cover: 0.202%
Break-even: 8.5 days

Slippage from Bitget: live order book, 3 min ago; Popdex: live order book, 3 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, 3 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.0 bp −$601	doesn't fit
Sell Popdex live order book, 3 min ago	0.06 bp	4.2 bp −$4	4.2 bp −$42	4.8 bp −$481	6.4 bp −$3,205

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	86,679.3	+0.072%	$429K	$25.4M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0194%	1h	86,762.7	+0.168%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,701	+0.097%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0086%	1h	86,696.3	+0.091%	$18.1M	$19.9M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,660	+0.050%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,606.5	−0.012%	$844.8M	$709.5M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,668.2	+0.059%	$361K	$2.5M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,662.2	+0.052%	$921.9M	$1.38B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,655.8	+0.045%	$36.7M	—	200x	as long as short
Aster BTCUSDT	+0.0014%	8h	86,614.6	−0.003%	$505.7M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0019%	8h	86,608.7	−0.010%	—	$15.3M	—	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,630.3	+0.015%	$6.8M	$143.9M	40x	as long as short
Phemex BTCUSDT	+0.0025%	8h	86,615.5	−0.002%	$149.5M	$469.5M	150x	as long as short
Bitget BTCUSDTlong	+0.0026%	8h	86,617.1	long leg	$2.95B	$5.08B	150x
MEXC BTC_USDT	+0.0047%	8h	86,618.1	+0.001%	$5.20B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0048%	8h	86,635.9	+0.022%	$9.44B	$24.35B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,633.9	+0.019%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.133%	$315K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0058%	8h	86,648.8	+0.037%	$2.57B	$12.73B	100x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,658.6	+0.048%	$9.0M	$42.1M	25x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,618	+0.001%	$5.85B	$10.56B	200x	as long as short
Bluefin BTC-PERP	+0.0067%	1h	86,650.4	+0.038%	$141K	$619K	40x	as long as short
Bybit BTCUSDT	+0.0077%	8h	86,634.3	+0.020%	$5.28B	$9.69B	150x	as long as short
Variational Omni BTC	+0.0088%	8h	86,792.9	+0.203%	$161.2M	$563.4M	—	as long as short
GRVT BTC_USDT_Perp	+0.0095%	8h	86,798	+0.209%	$217.8M	$191.2M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,632.7	+0.018%	$172.1M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,639.1	+0.025%	$24.1M	$152.7M	50x	as long as short
Popdex BTCUSDTshort	+0.0096%	1h	86,642	+0.029%	$8.5M	$52.1M	100x
SoDEX BTC-USD	+0.0096%	1h	86,613	−0.005%	$60.5M	$336.4M	40x	as long as short
Orderly PERP_BTC_USDC	+0.0098%	8h	86,644.2	+0.031%	$2.5M	$8.4M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,676.4	+0.068%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,631	+0.016%	$201K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,642	+0.029%	$21.9M	$237.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,695.7	+0.091%	$3.84B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,668.3	+0.059%	$41.5M	$484.5M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,636	+0.022%	$3.9M	$18.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,718	+0.116%	$7.6M	$95.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,665	+0.055%	$572.2M	$23.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,621.8	+0.005%	$38.2M	$148.1M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,704.2	+0.101%	$280.1M	$946.6M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,714.1	+0.112%	$141.9M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,664	+0.054%	$30.8M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,707.4	+0.104%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,639	+0.025%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,626	+0.010%	$200K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,632.8	+0.018%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,641.8	+0.029%	$3.4M	$5.6M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,626.2	+0.011%	$2.30B	$956.4M	200x	as long as short
Kalshi KXBTCPERP	+0.0101%	8h	86,679	+0.071%	$8.9M	$725.3M	6.4x	as long as short
Extended BTC-USD	+0.0104%	1h	86,615.7	−0.002%	$46.3M	$228.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,659.8	+0.049%	—	$97.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,657.9	+0.047%	$192.1M	$927.2M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,662.8	+0.053%	$131.9M	$5.92B	50x	as long as short
BloFin BTC-USDT	+0.0168%	8h	86,613.6	−0.004%	$418.1M	$642.2M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0200%	1h	86,648.7	+0.037%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	86,754.1	+0.158%	$599K	$7.2M	30x	as long as short