Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: OKX against Bulk−0.006%7-day average +0.002% · 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−$18as in the Price arb table

costs, in and out, $10k−$170.170% of the position

Long on Bulk Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.009%−$1 on $10k

Price spread, last 7 days+0.002%$0 · spread now −0.006%, 7d avg +0.002%

Together, before fees−0.007%−$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	85,256	0.0100	pay 0.0013% / 1h	1m 57s	$695.2M	$190.7M	40x
Short	OKX BTC-USDT-SWAP	85,251.2	0.0100	get 0.0100% / 8h	1m 57s	$2.60B	$12.25B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.006%Rate

Funding earned: $0
Price spread: −0.006% → +0.002%: −$0.72
Slippage, 4 orders: −$0.04
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$17.76
Costs to cover: 0.170%
Break-even: never at this rate

Slippage from Bulk: live order book, 2 min ago; OKX: live order book, 2 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	4.1 bp −$2,044
Sell OKX live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$501	6.2 bp −$3,117

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
Hotstuff BTC-PERP	−0.0080%	1h	85,300	+0.052%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,306	+0.059%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,279.7	+0.028%	$421.7M	$684.9M	150x	as long as short
KuCoin XBTUSDTM	−0.0005%	8h	85,254.1	−0.002%	$928.3M	$777.0M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,292.3	+0.043%	$345K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,270.6	+0.017%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0017%	8h	85,262.6	+0.008%	$502.5M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0021%	1h	85,277.8	+0.026%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,275.5	+0.023%	$186.1M	$953.6M	100x	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,301	+0.053%	$311K	$26.1M	52x	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	+0.0067%	8h	85,239.4	−0.019%	—	$17.4M	—	as long as short
Bybit BTCUSDT	+0.0087%	8h	85,257.6	+0.002%	$5.08B	$10.03B	150x	as long as short
ApeX Omni BTCUSDT	+0.0092%	1h	85,259	+0.004%	$138.0M	$312.7M	100x	as long as short
Nado BTC-PERP	+0.0095%	1h	85,303.6	+0.056%	$24.0M	$219.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,278.4	+0.026%	$169.4M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,275.1	+0.022%	$23.6M	$149.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,283	+0.032%	$8.4M	$57.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,256.6	+0.001%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,263	+0.008%	$265K	$8.7M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0100%	1h	85,297.8	+0.049%	$829.9M	$1.67B	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,351.8	+0.112%	$5.7M	$9.5M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,317.5	+0.072%	$40.0M	$605.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,256	0.000%	$9.39B	$25.18B	150x	as long as short
OKX BTC-USDT-SWAPshort	+0.0100%	8h	85,251.2	−0.006%	$2.60B	$12.25B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	85,306	+0.059%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,307.3	+0.060%	$4.6M	$97.7M	40x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	85,256	long leg	$695.2M	$190.7M	40x
Gate BTC_USDT	+0.0100%	8h	85,257.9	+0.002%	$5.46B	$11.18B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,257.3	+0.002%	$5.03B	$5.78B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,250.7	−0.006%	$2.97B	$5.20B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,257.6	+0.002%	$36.7M	$191.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,262.8	+0.008%	$155.2M	$549.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,243.5	−0.015%	$282.7M	$958.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,269.1	+0.015%	$214.0M	$159.3M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,287	+0.036%	$30.1M	$215.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,366	+0.129%	—	$9.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,300	+0.052%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,268.2	+0.014%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,260.7	+0.006%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,311.1	+0.065%	$193K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,301.3	+0.053%	$28.8M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,285.1	+0.034%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,260	+0.005%	$59.7M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,265.4	+0.011%	$2.25B	$974.0M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,260	+0.005%	$158.7M	$516.1M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,240.1	−0.019%	$45.7M	$241.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,283.6	+0.032%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,304.1	+0.056%	$111.5M	$5.46B	50x	as long as short
Hyperliquid BTC	+0.0127%	1h	85,351	+0.111%	$3.79B	$5.11B	40x	as long as short
Reya BTCRUSDPERP	+0.0145%	1h	85,254.4	−0.002%	$6.6M	$141.1M	40x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,310	+0.063%	$12.0M	$737.3M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,262.9	+0.008%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,310.6	+0.064%	$8.8M	$42.9M	25x	as long as short
Aftermath Perps BTCUSD	+0.0288%	1h	85,284.8	+0.034%	$81K	$250K	20x	as long as short
Hibachi BTC/USDT-P	+0.0304%	1h	85,322.2	+0.078%	$682K	$7.8M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,305.4	+0.058%	$465K	$18.4M	6.7x	as long as short