Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.003%

Price spread now: Bybit against Bulk−0.077%7-day average 0.000% · 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−$26as in the Price arb table

costs, in and out, $10k−$180.180% of the position

Long on Bulk Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.013%−$1 on $10k

Price spread, last 7 days+0.072%+$7 · spread now −0.077%, 7d avg 0.000%

Together, before fees+0.059%+$6 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: Bybit is 0.076% cheaper against Bulk than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of 0.000%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	86,562.5	0.0100	pay 0.0013% / 1h	35m 11s	$572.7M	$17.7M	40x
Short	Bybit BTCUSDT	86,496.2	0.0100	get 0.0100% / 8h	35m 11s	$5.26B	$9.82B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.077%Rate

Funding earned: −$0.08
Price spread: −0.077% → 0.000%: −$7.62
Slippage, 4 orders: −$0.04
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$25.74
Costs to cover: 0.180%
Break-even: never at this rate

Slippage from Bulk: live order book, 4 min ago; Bybit: 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	3.5 bp −$351	3.9 bp −$1,966
Sell Bybit live order book, 4 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.5 bp −$551	6.7 bp −$3,327

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	−0.0118%	1h	86,543	−0.023%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,515	−0.055%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.006%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,531.3	−0.036%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,523.9	−0.045%	$360K	$2.5M	50x	as long as short
Aster BTCUSDT	0.0000%	8h	86,504.4	−0.067%	$501.7M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,531.4	−0.036%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0015%	8h	86,514.8	−0.055%	$850.5M	$715.3M	125x	as long as short
Reya BTCRUSDPERP	+0.0029%	1h	86,516	−0.054%	$6.7M	$145.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0032%	1h	86,536.6	−0.030%	$915.4M	$1.48B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BTC-USD	+0.0032%	1h	86,539	−0.027%	$17.0M	$21.1M	50x	as long as short
BingX BTC-USDT	+0.0042%	8h	86,508	−0.063%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0048%	8h	86,510	−0.061%	$150.6M	$478.9M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,491.8	−0.082%	$2.96B	$5.13B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,497.2	−0.075%	$5.16B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,498.9	−0.074%	$9.43B	$24.57B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,489.9	−0.084%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,508.1	−0.063%	$5.87B	$10.75B	200x	as long as short
SoDEX BTC-USD	+0.0095%	1h	86,495	−0.078%	$60.5M	$337.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,502.7	−0.069%	$170.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,514.1	−0.056%	$24.0M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,514	−0.056%	$8.5M	$52.5M	100x	as long as short
Bybit BTCUSDTshort	+0.0100%	8h	86,496.2	−0.077%	$5.26B	$9.82B	150x
Katana Perps BTC-USD	+0.0100%	8h	86,493	−0.080%	$198K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,541.6	−0.024%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,520.2	−0.049%	$21.8M	$234.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,587	+0.028%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,547.5	−0.017%	$40.8M	$527.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,505.8	−0.066%	$2.55B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,515	−0.055%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,552.9	−0.011%	$7.6M	$95.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,528.5	−0.039%	$38.4M	$155.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,514.5	−0.055%	$157.4M	$567.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,535.4	−0.031%	$279.5M	$947.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,546.5	−0.019%	$217.3M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,550	−0.014%	$141.5M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,517.4	−0.052%	$30.7M	$205.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,563.1	+0.001%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,512	−0.058%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,516	−0.054%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,501	−0.071%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,529.1	−0.039%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,532.7	−0.034%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,487.2	−0.087%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,499.4	−0.073%	$2.30B	$969.5M	200x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	86,562.5	long leg	$572.7M	$17.7M	40x
Extended BTC-USD	+0.0104%	1h	86,481	−0.094%	$45.5M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,545.7	−0.019%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,524.3	−0.044%	$194.1M	$952.3M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,534.7	−0.032%	$416K	$23.2M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,540.1	−0.026%	$132.4M	$5.66B	50x	as long as short
Aftermath Perps BTCUSD	+0.0132%	1h	86,571.4	+0.010%	$79K	$218K	20x	as long as short
BloFin BTC-USDT	+0.0192%	8h	86,513.4	−0.057%	$415.5M	$658.4M	150x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	86,559.8	−0.003%	$728K	$8.1M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0194% / S −0.0216%	1h	86,526.1	−0.042%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,543	−0.023%	$9.7M	$744.9M	6.4x	as long as short