Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0092%/8h= −10.0% APRpaid last 24h +0.024%

Price spread now: SoDEX against BloFin+0.081%56s7-day average −0.003% · 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—prices read too far apart to compare

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

Long on BloFin Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.066%+$7 on $10k

Price spread, last 3 days (all we have)−0.068%−$7 · spread now +0.081%, 7d avg −0.003%

Together, before fees−0.002%$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SoDEX is 0.084% dearer against BloFin than usual: you sell high and buy low (spread +0.081% now, against its 7-day average of −0.003%): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.1 days. Mind the row above: over the last 3 days funding on this pair paid +0.066%, so the current rate has only just turned against you. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin BTC-USDT	86,519.3	0.0192	pay 0.0192% / 8h	47m 40s	$414.3M	$658.1M	150x
Short	SoDEX BTC-USD	86,589	0.0100	get 0.0013% / 1h	47m 40s	$60.5M	$337.6M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 SoDEXbpOrdersPrice spread, now +0.081%Rate

Funding earned: −$19.22
Price spread: +0.081% → −0.003%: $8.4
Slippage, 4 orders: −$0.15
Fee BloFin: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$30.97
Costs to cover: 0.201%
Break-even: never at this rate

Slippage from BloFin: live order book, 7 min ago; SoDEX: live order book, 2 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, 7 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	6.1 bp −$615	6.4 bp −$3,205
Sell SoDEX live order book, 2 min ago	0.06 bp	4.1 bp −$4	4.2 bp −$42	6.4 bp −$640	46.1 bp −$23.0K

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	−0.0118%	1h	86,505	−0.017%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,590	+0.082%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,601	+0.094%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,589.5	+0.081%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,606.1	+0.100%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,599.1	+0.092%	$502.7M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0003%	1h	86,628.6	+0.126%	$916.3M	$1.49B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,608.1	+0.103%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0011%	8h	86,592	+0.084%	$851.3M	$714.3M	125x	as long as short
Reya BTCRUSDPERP	+0.0025%	1h	86,589.3	+0.081%	$6.7M	$145.3M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BTC-USD	+0.0035%	1h	86,586.1	+0.077%	$17.0M	$21.1M	50x	as long as short
Phemex BTCUSDT	+0.0040%	8h	86,592.7	+0.085%	$150.0M	$479.6M	150x	as long as short
BingX BTC-USDC	+0.0041%	8h	86,569.2	+0.058%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,573.7	+0.063%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,579.5	+0.070%	$5.16B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,600.1	+0.093%	$9.43B	$24.55B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,612.1	+0.107%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,581.6	+0.072%	$5.88B	$10.72B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,616	+0.112%	$170.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,613.8	+0.109%	$24.2M	$151.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,574	+0.063%	$8.5M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,560	+0.047%	$199K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,625.5	+0.123%	$4.8M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,592.8	+0.085%	$21.8M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,680	+0.186%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,634.7	+0.133%	$40.8M	$524.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,584.1	+0.075%	$5.26B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,581.3	+0.072%	$2.55B	$12.76B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,598	+0.091%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,613.3	+0.109%	$7.6M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	+0.048%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,611.9	+0.107%	$38.0M	$155.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,524.8	+0.006%	$155.3M	$568.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,541.9	+0.026%	$279.6M	$945.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,542.5	+0.027%	$217.3M	$172.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,541.7	+0.026%	$141.4M	$323.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,502.8	−0.019%	$30.7M	$204.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,606.8	+0.101%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,590	+0.082%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,592	+0.084%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,595.3	+0.088%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,619.8	+0.116%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,622.3	+0.119%	$30.6M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,551.6	+0.037%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USDshort	+0.0100%	1h	86,589	+0.081%	$60.5M	$337.6M	40x
HTX BTC-USDT	+0.0100%	8h	86,587	+0.078%	$2.30B	$970.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,562.8	+0.050%	$45.4M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,608.1	+0.103%	—	$99.1M	500x	as long as short
Aftermath Perps BTCUSD	+0.0106%	1h	86,552.5	+0.038%	$79K	$220K	20x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,625.1	+0.122%	$193.7M	$951.3M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,573.7	+0.063%	$419K	$23.3M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,638.7	+0.138%	$132.8M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,558.4	+0.045%	$721K	$8.0M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0191% / S −0.0214%	1h	86,605.3	+0.099%	$15.1M	—	200x	as long as short
BloFin BTC-USDTlong	+0.0192%	8h	86,519.3	long leg	$414.3M	$658.1M	150x
Kalshi KXBTCPERP	+0.0205%	8h	86,603	+0.097%	$9.7M	$741.4M	6.4x	as long as short