Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.166%

Price spread now: Bulk against Bluefin−0.043%7-day average +0.019% · 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−$29as in the Price arb table

costs, in and out, $10k−$220.224% of the position

Long on Bluefin Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.437%+$44 on $10k

Price spread, last 4 days (all we have)+0.079%+$8 · spread now −0.043%, 7d avg +0.019%

Together, before fees+0.516%+$52 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 0.062% cheaper against Bluefin than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	85,492.4	0.0100	pay 0.0013% / 1h	11m 12s	$206K	$737K	40x
Short	Bulk BTC-USD	85,455.5	0.0100	get 0.0013% / 1h	11m 12s	$679.5M	$683.6M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Bluefin. 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 BluefinbpFee BulkbpOrdersPrice spread, now −0.043%Rate

Funding earned: $0
Price spread: −0.043% → +0.019%: −$6.17
Slippage, 4 orders: −$8.39
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$28.56
Costs to cover: 0.224%
Break-even: never at this rate

Slippage from Bluefin: live order book, 43 min ago; Bulk: 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 Bluefin live order book, 43 min ago	1.83 bp	6.7 bp −$7	12.1 bp −$121	doesn't fit	doesn't fit
Sell Bulk live order book, 3 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.8 bp −$380	4.8 bp −$2,377

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	−0.0140%	1h	85,504	+0.014%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,469	−0.027%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,444.8	−0.056%	$919.4M	$758.2M	125x	as long as short
BloFin BTC-USDT	−0.0028%	8h	85,443.4	−0.057%	$420.3M	$675.4M	150x	as long as short
Aster BTCUSDT	−0.0009%	8h	85,437.9	−0.064%	$514.4M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,460.9	−0.037%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,452.3	−0.047%	$503K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0002%	1h	85,448.6	−0.051%	$24.4M	$223.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,455.9	−0.043%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0029%	1h	85,493.3	+0.001%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,552	+0.070%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0045%	1h	85,448	−0.052%	$59.9M	$335.9M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0049%	1h	85,491.5	−0.001%	$872.1M	$1.60B	50x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,421.1	−0.083%	—	$17.2M	—	as long as short
Phemex BTCUSDT	+0.0066%	8h	85,448.5	−0.051%	$148.6M	$497.9M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,442.4	−0.058%	$2.95B	$5.12B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,439.8	−0.062%	$2.8M	$3.5M	20x	as long as short
Binance BTCUSDT	+0.0092%	8h	85,448.3	−0.052%	$9.44B	$24.47B	150x	as long as short
MEXC BTC_USDT	+0.0092%	8h	85,450.7	−0.049%	$5.07B	$5.68B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,461.9	−0.036%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,463.4	−0.034%	$23.9M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,442	−0.059%	$8.4M	$55.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,433	−0.069%	$228K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,511.9	+0.023%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,532.5	+0.047%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,487.3	−0.006%	$40.4M	$591.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,445.4	−0.055%	$5.17B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,451.1	−0.048%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,465	−0.032%	$3.8M	$17.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,452.1	−0.047%	$4.7M	$99.4M	40x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	85,455.5	−0.043%	$679.5M	$683.6M	40x
Gate BTC_USDT	+0.0100%	8h	85,443.8	−0.057%	$5.53B	$10.85B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,439.2	−0.062%	$36.4M	$178.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,488.9	−0.004%	$154.5M	$565.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,455.6	−0.043%	$279.2M	$930.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,470.5	−0.026%	$214.8M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,468.6	−0.028%	$139.7M	$316.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,468	−0.029%	$30.2M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,508.1	+0.018%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,445	−0.055%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,443	−0.058%	$203K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,432.6	−0.070%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERPlong	+0.0100%	1h	85,492.4	long leg	$206K	$737K	40x
Derive BTC-PERP	+0.0100%	1h	85,426.4	−0.077%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,419.6	−0.085%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,439.1	−0.062%	$2.26B	$950.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,414.1	−0.092%	$45.8M	$235.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,465.5	−0.031%	—	$106.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,484	−0.010%	$117.5M	$5.26B	50x	as long as short
Reya BTCRUSDPERP	+0.0104%	1h	85,434.5	−0.068%	$6.6M	$147.2M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,467.5	−0.029%	$187.7M	$956.7M	100x	as long as short
Kalshi KXBTCPERP	+0.0166%	8h	85,476	−0.019%	$11.5M	$753.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,485	−0.009%	$8.6M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,456.4	−0.042%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,481.3	−0.013%	$700K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0250%	1h	85,504.3	+0.014%	$78K	$222K	20x	as long as short