Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h +0.004%

Price spread now: Bullet against Bulk+0.136%7-day average +0.005% · 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−$3as in the Price arb table

costs, in and out, $10k−$160.164% of the position

Long on Bulk Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.005%−$1 on $10k

Price spread, last 7 days−0.132%−$13 · spread now +0.136%, 7d avg +0.005%

Together, before fees−0.138%−$14 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: Bullet is 0.131% dearer against Bulk than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	85,587.5	0.0100	pay 0.0013% / 1h	30m 08s	$583.6M	$150.2M	40x
Short	Bullet BTC-USD	85,704	0.0100	get 0.0013% / 1h	30m 08s	$188K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now +0.136%Rate

Funding earned: $0
Price spread: +0.136% → +0.005%: $13.09
Slippage, 4 orders: −$1.42
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$3.33
Costs to cover: 0.164%
Break-even: never at this rate

Slippage from Bulk: live order book, 4 min ago; Bullet: 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	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.6 bp −$355	4.6 bp −$2,290
Sell Bullet live order book, 4 min ago	0.06 bp	5.3 bp −$5	9.0 bp −$90	doesn't fit	doesn't fit

BTC on 55 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	−0.0144%	1h	85,641	+0.062%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,689	+0.119%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,680.8	+0.109%	$364K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,668.8	+0.095%	$515K	$20.9M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,662	+0.087%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,710.9	+0.144%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	+0.121%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0034%	8h	85,700	+0.131%	$509.4M	$1.14B	200x	as long as short
KuCoin XBTUSDTM	+0.0035%	8h	85,711.8	+0.145%	$903.4M	$755.3M	125x	as long as short
ApeX Omni BTCUSDT	+0.0037%	1h	85,595.3	+0.009%	$140.0M	$320.4M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,700.3	+0.132%	$7.9M	$42.4M	25x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,745.4	+0.184%	—	$1.58B	—	as long as short
Reya BTCRUSDPERP	+0.0056%	1h	85,695.5	+0.126%	$6.7M	$146.2M	40x	as long as short
HTX BTC-USDT	+0.0057%	8h	85,700	+0.131%	$2.27B	$952.7M	200x	as long as short
Nado BTC-PERP	+0.0064%	1h	85,654.8	+0.079%	$22.7M	$228.2M	50x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,739.5	+0.178%	$2.95B	$5.11B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,735.9	+0.173%	$5.07B	$5.72B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,713.7	+0.147%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,730.3	+0.167%	$9.33B	$24.40B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,737.7	+0.175%	$169.6M	$987.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,743.1	+0.182%	$23.4M	$146.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,699	+0.130%	$8.4M	$52.0M	100x	as long as short
Gate BTC_USDT	+0.0097%	8h	85,741.5	+0.180%	$5.61B	$10.52B	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,656	+0.080%	$205K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,643.1	+0.065%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,795	+0.242%	$3.76B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,705.8	+0.138%	$40.7M	$569.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,756	+0.197%	$5.30B	$9.79B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,747.4	+0.187%	$2.54B	$12.41B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,684	+0.113%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,661.1	+0.086%	$7.3M	$98.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,731.9	+0.169%	$35.3M	$163.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,640.3	+0.062%	$156.2M	$559.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,580.7	−0.008%	$278.2M	$944.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,580.1	−0.009%	$214.9M	$167.6M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,647.7	+0.070%	$30.3M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,735.3	+0.173%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,696	+0.127%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	85,704	+0.136%	$188K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,718.4	+0.153%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,755.8	+0.197%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,714.5	+0.148%	$30.0M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,658.5	+0.083%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,727	+0.163%	$60.0M	$337.5M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,732	+0.169%	$153.2M	$480.2M	150x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	85,587.5	long leg	$583.6M	$150.2M	40x
Extended BTC-USD	+0.0104%	1h	85,696.5	+0.127%	$43.9M	$228.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,667.7	+0.094%	—	$101.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,767.2	+0.210%	$131.1M	$5.18B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,697.9	+0.129%	$698K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,754.5	+0.195%	$188.9M	$965.2M	100x	as long as short
Aftermath Perps BTCUSD	+0.0164%	1h	85,662.2	+0.087%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0190%	1h	85,703.9	+0.136%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	85,705	+0.137%	$10.1M	$770.6M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0221%	1h	85,772.9	+0.217%	$894.4M	$1.53B	50x	as long as short