Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0130%/8h= +14.3% APRpaid last 24h +0.029%

Price spread now: Popdex against BloFin−0.004%7-day average +0.006% · 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−$21as in the Price arb table

costs, in and out, $10k−$200.203% of the position

Long on BloFin Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.084%+$8 on $10k

Price spread, last 4 days (all we have)+0.186%+$19 · spread now −0.004%, 7d avg +0.006%

Together, before fees+0.270%+$27 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.006%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin BTC-USDT	85,650	−0.0034	get 0.0034% / 8h	5h 34m	$416.1M	$663.9M	150x
Short	Popdex BTCUSDT	85,647	0.0096	get 0.0012% / 1h	34m 37s	$8.4M	$52.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against BloFin. 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 BloFinbpFee PopdexbpOrdersPrice spread, now −0.004%Rate

Funding earned: $27.35
Price spread: −0.004% → +0.006%: −$0.98
Slippage, 4 orders: −$1.92
Fee BloFin: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: $6.06
Costs to cover: 0.203%
Break-even: 5.4 days

Slippage from BloFin: live order book, 10 min ago; Popdex: 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 BloFin live order book, 10 min ago	0.12 bp	6.3 bp −$6	6.3 bp −$63	6.9 bp −$686	7.9 bp −$3,934
Sell Popdex live order book, 5 min ago	0.23 bp	4.5 bp −$5	4.6 bp −$46	4.9 bp −$492	6.2 bp −$3,113

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	85,602	−0.056%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,650	0.000%	$8K	$3K	50x	as long as short
Bluefin BTC-PERP	−0.0058%	1h	85,693.6	+0.051%	$196K	$722K	40x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,642.4	−0.009%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDTlong	−0.0034%	8h	85,650	long leg	$416.1M	$663.9M	150x
dYdX BTC-USD	0.0000%	1h	85,640.3	−0.011%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,658	+0.009%	$36.7M	—	200x	as long as short
Nado BTC-PERP	+0.0010%	1h	85,615.1	−0.041%	$22.9M	$221.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0011%	8h	85,612.1	−0.044%	$917.0M	$753.1M	125x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,630.5	−0.023%	$516.0M	$1.11B	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-USDT	+0.0054%	8h	85,631.1	−0.022%	—	$1.54B	—	as long as short
HTX BTC-USDT	+0.0066%	8h	85,625.9	−0.028%	$2.27B	$933.7M	200x	as long as short
Reya BTCRUSDPERP	+0.0068%	1h	85,641.3	−0.010%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,619.4	−0.036%	$2.95B	$5.02B	150x	as long as short
Phemex BTCUSDT	+0.0075%	8h	85,653.5	+0.004%	$148.1M	$479.1M	150x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	−0.084%	$340K	$26.9M	52x	as long as short
SunX BTC-USDT	+0.0080%	8h	85,595.3	−0.064%	$2.9M	$6.1M	100x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,647.6	−0.003%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,628.2	−0.025%	$5.05B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,627.9	−0.026%	$9.35B	$23.90B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0089%	1h	85,693.2	+0.050%	$893.1M	$1.52B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,630.8	−0.022%	$169.9M	$989.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,625.8	−0.028%	$23.9M	$148.2M	50x	as long as short
Popdex BTCUSDTshort	+0.0096%	1h	85,647	−0.004%	$8.4M	$52.0M	100x
Paradex BTC-USD-PERP	+0.0099%	8h	85,671.1	+0.025%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,609	−0.048%	$197K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,685	+0.041%	$3.77B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,656.4	+0.008%	$40.5M	$573.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,634.8	−0.018%	$5.33B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,634.6	−0.018%	$2.57B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,643	−0.008%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,599.7	−0.059%	$7.2M	$96.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,631.4	−0.022%	$5.55B	$10.49B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,636	−0.016%	$35.3M	$172.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,622.5	−0.032%	$155.0M	$548.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,510.3	−0.163%	$279.0M	$929.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,588.5	−0.072%	$214.9M	$165.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,576.1	−0.086%	$140.0M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,601.4	−0.057%	$30.3M	$210.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,682.9	+0.038%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,638	−0.014%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,649.4	−0.001%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,650.8	+0.001%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,649.1	−0.001%	$30.0M	$52.6M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,655	+0.006%	$60.0M	$336.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,614.4	−0.042%	$621.3M	$398.6M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,604.8	−0.053%	$44.1M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,643.7	−0.007%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,693.1	+0.050%	$130.6M	$5.10B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,666.3	+0.019%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,684.1	+0.040%	$188.8M	$948.8M	100x	as long as short
Aftermath Perps BTCUSD	+0.0190%	1h	85,600.4	−0.058%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,605.5	−0.052%	$700K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,654.3	+0.005%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0214%	8h	85,661	+0.013%	$10.5M	$760.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,647.4	−0.003%	$520K	$19.4M	6.7x	as long as short