Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0027%/8h= −3.0% APRpaid last 24h −0.014%

Price spread now: Bitget against Bulk+0.070%7-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−$12as in the Price arb table

costs, in and out, $10k−$190.191% of the position

Long on Bulk Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.034%−$3 on $10k

Price spread, last 7 days−0.064%−$6 · spread now +0.070%, 7d avg −0.003%

Together, before fees−0.098%−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.072% dearer against Bulk than usual: you sell high and buy low (spread +0.070% now, against its 7-day average of −0.003%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 8.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	85,642.1	0.0100	pay 0.0013% / 1h	55m 03s	$641.7M	$524.8M	40x
Short	Bitget BTCUSDT	85,701.9	0.0073	get 0.0073% / 8h	4h 55m	$2.96B	$5.01B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Bulk. 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 BulkbpFee BitgetbpOrdersPrice spread, now +0.070%Rate

Funding earned: −$5.67
Price spread: +0.070% → −0.003%: $7.24
Slippage, 4 orders: −$0.07
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$17.5
Costs to cover: 0.191%
Break-even: never at this rate

Slippage from Bulk: live order book, 4 min ago; Bitget: live order book, 4 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 Bulk live order book, 4 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	4.1 bp −$407	5.2 bp −$2,578
Sell Bitget live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.8 bp −$679	doesn't fit

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
Bluefin BTC-PERP	−0.4407%	1h	85,725.1	+0.097%	$194K	$725K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,659	+0.020%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,722	+0.093%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,680.9	+0.045%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0032%	8h	85,685.9	+0.051%	$417.6M	$666.0M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,713.4	+0.083%	$16.7M	$21.2M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	85,684.4	+0.049%	$920.4M	$750.0M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,696.3	+0.063%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0015%	8h	85,690.9	+0.057%	$516.4M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,666.6	+0.029%	$6.9M	$97.7M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0041%	1h	85,687.9	+0.053%	$22.6M	$218.8M	50x	as long as short
BingX BTC-USDC	+0.0058%	8h	85,685.7	+0.051%	—	$17.1M	—	as long as short
ApeX Omni BTCUSDT	+0.0059%	1h	85,584.6	−0.067%	$139.9M	$315.1M	100x	as long as short
Bitget BTCUSDTshort	+0.0073%	8h	85,701.9	+0.070%	$2.96B	$5.01B	150x
Reya BTCRUSDPERP	+0.0076%	1h	85,675.3	+0.039%	$6.7M	$146.6M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,692.2	+0.059%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,696.2	+0.063%	$5.05B	$5.57B	500x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,700	+0.068%	$9.35B	$23.96B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,694.2	+0.061%	$174.3M	$999.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,700.2	+0.068%	$23.9M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,676	+0.040%	$8.4M	$52.5M	100x	as long as short
HTX BTC-USDT	+0.0098%	8h	85,677.1	+0.041%	$2.27B	$938.2M	200x	as long as short
SoDEX BTC-USD	+0.0099%	1h	85,687	+0.052%	$60.0M	$336.1M	40x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,715.9	+0.086%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,655	+0.015%	$198K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,776	+0.156%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,703.9	+0.072%	$40.1M	$576.9M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,713.4	+0.083%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,707.2	+0.076%	$2.58B	$12.10B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,668	+0.030%	$3.9M	$18.0M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,708.5	+0.078%	$5.55B	$10.53B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,687	+0.052%	$36.0M	$175.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,690.1	+0.056%	$156.8M	$560.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,589.3	−0.062%	$279.5M	$917.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,627.1	−0.018%	$215.0M	$164.8M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,694	+0.061%	$30.3M	$207.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,722.4	+0.094%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,674	+0.037%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,681.1	+0.046%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,688.5	+0.054%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,690.2	+0.056%	$30.0M	$51.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,687.4	+0.053%	$2.9M	$6.1M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,699.1	+0.067%	$150.6M	$482.8M	150x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	85,642.1	long leg	$641.7M	$524.8M	40x
Extended BTC-USD	+0.0104%	1h	85,675.9	+0.039%	$44.5M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,691.5	+0.058%	—	$106.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,730	+0.103%	$118.0M	$5.14B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,742	+0.117%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,706.9	+0.076%	$189.2M	$952.1M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0177% / S −0.0151%	1h	85,691.2	+0.057%	$13.4M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0177%	1h	85,734.2	+0.107%	$892.0M	$1.53B	50x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	85,741.7	+0.116%	$703K	$7.8M	30x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,713.3	+0.083%	$8.4M	$42.4M	25x	as long as short
Aftermath Perps BTCUSD	+0.0201%	1h	85,709.9	+0.079%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0219%	8h	85,719	+0.090%	$10.6M	$759.1M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,680.2	+0.044%	$493K	$19.0M	6.7x	as long as short