Funding arb · Price arb /

BTC

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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 +0.169%

Price spread now: StandX against Bluefin−0.092%50s7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs+$7as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.235% of the position

Long on Bluefin Short on StandX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.303%+$30 on $10k

Price spread, last 4 days (all we have)+0.162%+$16 · spread now −0.092%, 7d avg +0.008%

Together, before fees+0.466%+ Points / potential airdropStandX: Active · farm board+$47 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: StandX is 0.100% cheaper against Bluefin than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of +0.008%. The two prices were read 50 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	Bluefin BTC-PERP	85,717.5	0.0100	pay 0.0013% / 1h	54m 28s	$207K	$739K	40x
Short	StandX BTC-USD	85,638.2	0.0100	get 0.0013% / 1h	54m 28s	$30.3M	$208.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

StandX 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 StandXbpOrdersPrice spread, now −0.092%Rate

Funding earned: $0
Price spread: −0.092% → +0.008%: −$10.03
Slippage, 4 orders: −$8.53
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee StandX: 4 bp × 2 orders: −$8
Net: −$33.55
Costs to cover: 0.235%
Break-even: never at this rate

Slippage from Bluefin: live order book, 65 min ago; StandX: 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 Bluefin live order book, 65 min ago	2.16 bp	7.7 bp −$8	12.2 bp −$122	doesn't fit	doesn't fit
Sell StandX live order book, 5 min ago	0.35 bp	5.0 bp −$5	6.1 bp −$61	7.5 bp −$749	9.0 bp −$4,510

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	85,646	−0.083%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,688	−0.034%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0037%	8h	85,618.9	−0.115%	$923.2M	$755.9M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,677.2	−0.047%	$417.5M	$676.0M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,654.6	−0.073%	$367K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,678.6	−0.045%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,688.6	−0.034%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,676.5	−0.048%	$24.8M	$222.7M	50x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,648.5	−0.081%	$516.0M	$1.10B	200x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,690	−0.032%	$340K	$26.9M	52x	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	+0.0063%	8h	85,658.4	−0.069%	—	$17.2M	—	as long as short
Phemex BTCUSDT	+0.0067%	8h	85,674.7	−0.050%	$148.7M	$489.4M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,621.3	−0.112%	$2.96B	$5.11B	150x	as long as short
Reya BTCRUSDPERP	+0.0090%	1h	85,621.1	−0.112%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,687.9	−0.035%	$172.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,690.5	−0.031%	$23.9M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,655	−0.073%	$8.7M	$54.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,662.8	−0.064%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,638	−0.093%	$201K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,745.9	+0.033%	$5.3M	$9.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,710	−0.009%	$3.79B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,709.5	−0.009%	$40.5M	$582.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,661.9	−0.065%	$9.42B	$24.29B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,625.8	−0.107%	$5.19B	$9.83B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,635	−0.096%	$2.59B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,672	−0.053%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,656.9	−0.071%	$4.4M	$98.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,676.9	−0.047%	$5.53B	$10.72B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,620.6	−0.113%	$5.07B	$5.63B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,676.5	−0.048%	$35.7M	$176.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,637.7	−0.093%	$153.8M	$564.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,615.1	−0.119%	$279.7M	$922.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,633.8	−0.098%	$214.9M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,629.8	−0.102%	$140.0M	$315.5M	100x	as long as short
StandX BTC-USDshort	+0.0100%	1h	85,638.2	−0.092%	$30.3M	$208.4M	40x
Vest BTC-PERP	+0.0100%	1h	85,693.3	−0.028%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,636	−0.095%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,623.8	−0.109%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,672.3	−0.053%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERPlong	+0.0100%	1h	85,717.5	long leg	$207K	$739K	40x
Derive BTC-PERP	+0.0100%	1h	85,668.1	−0.058%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,623.2	−0.110%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,682	−0.041%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,670.2	−0.055%	$2.27B	$946.3M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,665.1	−0.061%	$677.0M	$718.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,645.6	−0.084%	$44.8M	$231.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,671.8	−0.053%	—	$107.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,717.9	0.000%	$117.4M	$5.22B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0111%	1h	85,716.4	−0.001%	$885.7M	$1.58B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,706.7	−0.013%	$187.8M	$956.2M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,698.5	−0.022%	$8.9M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,682.1	−0.041%	$13.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	85,670	−0.055%	$12.0M	$757.1M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0222%	1h	85,643.2	−0.087%	$78K	$220K	20x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,684.6	−0.038%	$704K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,638.4	−0.092%	$496K	$18.8M	6.7x	as long as short