Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0021%/8h= +2.3% APRpaid last 24h +0.006%

Price spread now: SoDEX against Bitget−0.032%7-day average 0.000% · 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−$23as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on Bitget Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.005%+$1 on $10k

Price spread, last 4 days (all we have)+0.001%$0 · spread now −0.032%, 7d avg 0.000%

Together, before fees+0.006%+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. SoDEX is 0.032% cheaper against Bitget than usual: you would sell low and buy high (spread −0.032% now, against its 7-day average of 0.000%). If the spread goes back, that is −$3 on $10k: about 5.1 days of funding at the current rate (+$1 a day). At the pace of the last 3 days (+0.005% in total) that is about 21 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget BTCUSDT	85,605.1	0.0079	pay 0.0079% / 8h	4h 00m	$2.95B	$5.08B	150x
Short	SoDEX BTC-USD	85,578	0.0100	get 0.0013% / 1h	0m 54s	$60.0M	$336.1M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.032%Rate

Funding earned: $4.41
Price spread: −0.032% → 0.000%: −$3.21
Slippage, 4 orders: −$0.13
Fee Bitget: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$18.93
Costs to cover: 0.201%
Break-even: 37.0 days

Slippage from Bitget: live order book, 3 min ago; SoDEX: 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	7.1 bp −$714	doesn't fit
Sell SoDEX live order book, 3 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	4.9 bp −$489	42.7 bp −$21.4K

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	−0.0179%	1h	85,565	−0.047%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,581	−0.028%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,591.7	−0.016%	$367K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0035%	8h	85,592.4	−0.015%	$921.7M	$752.1M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,600	−0.006%	$417.7M	$670.1M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,592.1	−0.015%	$36.6M	—	200x	as long as short
dYdX BTC-USD	+0.0010%	1h	85,564.7	−0.047%	$16.8M	$21.3M	50x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,579.7	−0.030%	$25.1M	$221.9M	50x	as long as short
Aster BTCUSDT	+0.0014%	8h	85,608.8	+0.004%	$516.0M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,574.4	−0.036%	$4.2M	$98.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0063%	8h	85,610	+0.006%	—	$1.54B	—	as long as short
Bluefin BTC-PERP	+0.0066%	1h	85,627.1	+0.026%	$207K	$739K	40x	as long as short
Phemex BTCUSDT	+0.0069%	8h	85,606.1	+0.001%	$148.5M	$489.1M	150x	as long as short
Bitget BTCUSDTlong	+0.0079%	8h	85,605.1	long leg	$2.95B	$5.08B	150x
Deribit BTC-PERPETUAL	+0.0084%	1h	85,618.7	+0.016%	$886.8M	$1.58B	50x	as long as short
Reya BTCRUSDPERP	+0.0088%	1h	85,577.2	−0.033%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,612.8	+0.009%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,596.5	−0.010%	$23.9M	$149.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,587	−0.021%	$8.4M	$53.6M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,574.5	−0.036%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,552	−0.062%	$204K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,631.5	+0.031%	$5.2M	$9.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,695	+0.105%	$3.79B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,614.8	+0.011%	$40.2M	$581.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,605.5	0.000%	$9.37B	$24.18B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,603.9	−0.001%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,615	+0.012%	$2.59B	$12.15B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,502	−0.120%	$3.8M	$17.8M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	−0.137%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,609	+0.005%	$5.52B	$10.78B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,607.4	+0.003%	$5.07B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,593.4	−0.014%	$35.2M	$177.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,565.9	−0.046%	$153.8M	$564.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,523.8	−0.095%	$279.4M	$922.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,554.3	−0.059%	$214.7M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,562.4	−0.050%	$139.9M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,544.2	−0.071%	$30.2M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,632.2	+0.032%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,578	−0.032%	$11.1M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,585.7	−0.023%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,584.1	−0.025%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,573	−0.038%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,563.9	−0.048%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USDshort	+0.0100%	1h	85,578	−0.032%	$60.0M	$336.1M	40x
HTX BTC-USDT	+0.0100%	8h	85,584.3	−0.024%	$2.27B	$942.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,582.2	−0.027%	$44.6M	$230.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,575.2	−0.035%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,610.2	+0.006%	$117.5M	$5.20B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,610	+0.006%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,598.1	−0.008%	$187.6M	$953.6M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,610.2	+0.006%	$8.4M	$42.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,590.2	−0.017%	$13.1M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0212%	1h	85,541.1	−0.075%	$78K	$220K	20x	as long as short
Kalshi KXBTCPERP	+0.0220%	8h	85,623	+0.021%	$10.3M	$754.9M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,597.9	−0.008%	$702K	$7.8M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,574.1	−0.036%	$496K	$18.7M	6.7x	as long as short