Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h +0.024%

Price spread now: Hyperliquid against Bulk+0.180%50s7-day average +0.039% · 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—prices read too far apart to compare

costs, in and out, $10k−$160.161% of the position

Long on Bulk Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.024%+$2 on $10k

Price spread, last 7 days−0.173%−$17 · spread now +0.180%, 7d avg +0.039%

Together, before fees−0.149%+ Points / potential airdropHyperliquid: Season 2 · farm board−$15 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: Hyperliquid is 0.140% dearer against Bulk than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of +0.039%. 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	Bulk BTC-USD	85,681.9	0.0100	pay 0.0013% / 1h	18m 47s	$628.9M	$439.0M	40x
Short	Hyperliquid BTC	85,836	0.0100	get 0.0013% / 1h	18m 47s	$3.75B	$4.97B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.180%Rate

Funding earned: $0
Price spread: +0.180% → +0.039%: $14.04
Slippage, 4 orders: −$0.15
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$2.11
Costs to cover: 0.161%
Break-even: never at this rate

Slippage from Bulk: live order book, just now; Hyperliquid: 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 Bulk live order book, just now	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.6 bp −$359	4.8 bp −$2,386
Sell Hyperliquid live order book, 5 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	5.9 bp −$586	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	−0.0906%	1h	85,779.5	+0.114%	$196K	$721K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,789	+0.125%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,768	+0.101%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,748.9	+0.078%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,764.8	+0.097%	$416.5M	$665.3M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,796.5	+0.134%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,786.8	+0.122%	$36.7M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	85,739.7	+0.067%	$918.4M	$751.3M	125x	as long as short
Nado BTC-PERP	+0.0010%	1h	85,750.6	+0.080%	$22.6M	$219.8M	50x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,755	+0.085%	$516.7M	$1.10B	200x	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	+0.0055%	8h	85,734.6	+0.062%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,737.5	+0.065%	$2.95B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0071%	1h	85,755.9	+0.086%	$6.7M	$146.5M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0072%	1h	85,803.6	+0.142%	$891.5M	$1.53B	50x	as long as short
Phemex BTCUSDT	+0.0078%	8h	85,769.9	+0.103%	$148.4M	$479.7M	150x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	+0.146%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,752.9	+0.083%	$2.5M	$1.7M	20x	as long as short
HTX BTC-USDT	+0.0082%	8h	85,764.7	+0.097%	$2.27B	$935.6M	200x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,735.1	+0.062%	$5.06B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,736.7	+0.064%	$9.36B	$23.87B	150x	as long as short
SunX BTC-USDT	+0.0092%	8h	85,737.7	+0.065%	$2.9M	$6.1M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,766.9	+0.099%	$170.2M	$994.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,763.2	+0.095%	$24.0M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,751	+0.081%	$8.4M	$52.2M	100x	as long as short
SoDEX BTC-USD	+0.0097%	1h	85,764	+0.096%	$60.1M	$336.1M	40x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,793.7	+0.131%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,721	+0.046%	$199K	$7.8M	50x	as long as short
Hyperliquid BTCshort	+0.0100%	1h	85,836	+0.180%	$3.75B	$4.97B	40x
Pacifica BTC	+0.0100%	1h	85,774.6	+0.108%	$40.2M	$577.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,742.8	+0.071%	$5.33B	$9.56B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,748	+0.077%	$2.58B	$12.10B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,741	+0.069%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,715.7	+0.039%	$6.7M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,766.8	+0.099%	$5.56B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,755.4	+0.086%	$35.1M	$172.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,772.2	+0.105%	$155.9M	$551.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,770.5	+0.103%	$280.2M	$921.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,717.9	+0.042%	$215.3M	$166.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,808.4	+0.148%	$140.4M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,798.8	+0.137%	$30.3M	$209.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,806.9	+0.146%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,762	+0.094%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,777.3	+0.111%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,755.5	+0.086%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,763.4	+0.095%	$30.0M	$50.9M	15x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	85,681.9	long leg	$628.9M	$439.0M	40x
Extended BTC-USD	+0.0104%	1h	85,714	+0.037%	$44.2M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,757.8	+0.089%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,810	+0.150%	$130.5M	$5.09B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,767.3	+0.100%	$8.4M	$42.1M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,793	+0.130%	$188.9M	$951.8M	100x	as long as short
Aftermath Perps BTCUSD	+0.0198%	1h	85,759.2	+0.090%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,783.5	+0.119%	$703K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,779.4	+0.114%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,785	+0.120%	$10.6M	$757.9M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,759.6	+0.091%	$510K	$19.2M	6.7x	as long as short