Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0089%/8h= +9.7% APRpaid last 24h −0.032%

Price spread now: BloFin against Bulk+0.103%7-day average −0.006% · 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−$8as in the Price arb table

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

Long on Bulk Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.101%−$10 on $10k

Price spread, last 3 days (all we have)−0.149%−$15 · spread now +0.103%, 7d avg −0.006%

Together, before fees−0.250%−$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and BloFin is 0.108% dearer against Bulk than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.006%. Mind the row above: over the last 3 days funding on this pair cost −0.101%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	86,382.9	0.0100	pay 0.0013% / 1h	57m 04s	$571.1M	$18.1M	40x
Short	BloFin BTC-USDT	86,471.5	0.0189	get 0.0189% / 8h	57m 04s	$414.6M	$655.4M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.103%Rate

Funding earned: $18.63
Price spread: +0.103% → −0.006%: $10.83
Slippage, 4 orders: −$0.05
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $10.41
Costs to cover: 0.191%
Break-even: 3.1 days

Slippage from Bulk: live order book, 2 min ago; BloFin: live order book, 7 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, 2 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$351	4.0 bp −$2,014
Sell BloFin live order book, 7 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.0 bp −$601	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
Phoenix BTC	−0.0159%	1h	86,352	−0.036%	$2.2M	$11.7M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,425	+0.049%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,424	+0.048%	$332K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,439.8	+0.066%	$8.4M	$42.8M	25x	as long as short
Aster BTCUSDT	−0.0007%	8h	86,461.2	+0.091%	$503.4M	$1.15B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,453.6	+0.082%	$358K	$2.5M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,484.7	+0.118%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0008%	8h	86,462.9	+0.093%	$849.6M	$713.6M	125x	as long as short
Deribit BTC-PERPETUAL	+0.0017%	1h	86,502.7	+0.139%	$917.4M	$1.49B	50x	as long as short
Reya BTCRUSDPERP	+0.0024%	1h	86,448.4	+0.076%	$6.7M	$145.2M	40x	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	+0.0038%	8h	86,448.6	+0.076%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,471.3	+0.102%	$149.8M	$477.8M	150x	as long as short
Bitget BTCUSDT	+0.0050%	8h	86,464.7	+0.095%	$2.96B	$5.12B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,461.8	+0.091%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0067%	8h	86,469.6	+0.100%	$5.13B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,469.6	+0.100%	$9.42B	$24.51B	150x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,463.3	+0.093%	$5.84B	$10.69B	200x	as long as short
dYdX BTC-USD	+0.0082%	1h	86,452.4	+0.080%	$17.0M	$21.1M	50x	as long as short
Aftermath Perps BTCUSD	+0.0082%	1h	86,424.1	+0.048%	$79K	$220K	20x	as long as short
Lighter BTC	+0.0096%	1h	86,471.6	+0.103%	$170.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,487.4	+0.121%	$24.0M	$151.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,443	+0.070%	$8.5M	$52.5M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,464.4	+0.094%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,417	+0.040%	$203K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,460.4	+0.090%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,429.3	+0.054%	$21.9M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,539.3	+0.181%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,462	+0.092%	$41.1M	$521.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,465.2	+0.095%	$2.54B	$12.72B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,441	+0.067%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,471.4	+0.102%	$7.6M	$94.7M	40x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	86,382.9	long leg	$571.1M	$18.1M	40x
Backpack BTC_USDC_PERP	+0.0100%	1h	86,462.4	+0.092%	$37.8M	$154.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,337.9	−0.052%	$155.6M	$568.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,393.2	+0.012%	$279.2M	$943.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,348.3	−0.040%	$216.7M	$173.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,396.2	+0.015%	$141.2M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,432.8	+0.058%	$30.7M	$204.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,492.3	+0.127%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,451	+0.079%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,473.5	+0.105%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,470	+0.101%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,503.3	+0.139%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,501.5	+0.137%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,460.3	+0.090%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,470	+0.101%	$60.4M	$337.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,440	+0.066%	$2.29B	$969.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,451.2	+0.079%	$45.4M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,470.3	+0.101%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,497.2	+0.132%	$192.2M	$947.8M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,446.9	+0.074%	$417K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,511.9	+0.149%	$132.3M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,468.3	+0.099%	$719K	$8.1M	30x	as long as short
BloFin BTC-USDTshort	+0.0189%	8h	86,471.5	+0.103%	$414.6M	$655.4M	150x
GMX BTC/USD [WBTC.b-USDC]	L +0.0190% / S −0.0213%	1h	86,480.8	+0.113%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0201%	8h	86,470	+0.101%	$9.8M	$738.0M	6.4x	as long as short