Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h −0.008%

Price spread now: Binance against Bullet−0.047%53s7-day average −0.006% · 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—prices read too far apart to compare

costs, in and out, $10k−$200.196% of the position

Long on Bullet Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.009%−$1 on $10k

Price spread, last 7 days+0.035%+$4 · spread now −0.047%, 7d avg −0.006%

Together, before fees+0.026%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Binance is 0.041% cheaper against Bullet than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.006%). Swap the legs. The two prices were read 53 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	Bullet BTC-USD	86,607.9	0.0100	pay 0.0013% / 1h	45m 32s	$198K	$3.4M	20x
Short	Binance BTCUSDT	86,567.4	0.0049	get 0.0049% / 8h	2h 45m	$9.43B	$24.29B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Bullet. 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 BulletbpFee BinancebpOrdersPrice spread, now −0.047%Rate

Funding earned: −$10.79
Price spread: −0.047% → −0.006%: −$4.12
Slippage, 4 orders: −$1.57
Fee Bullet: 4 bp × 2 orders: −$8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$34.49
Costs to cover: 0.196%
Break-even: never at this rate

Slippage from Bullet: live order book, 4 min ago; Binance: live order book, 14 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 Bullet live order book, 4 min ago	0.29 bp	4.6 bp −$5	7.0 bp −$70	doesn't fit	doesn't fit
Sell Binance live order book, 14 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.8 bp −$584	7.0 bp −$3,521

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
Perpl BTC	−0.0335%	43m	86,600.4	−0.009%	$431K	$25.1M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0208%	1h	86,662	+0.063%	$85K	$188K	20x	as long as short
dYdX BTC-USD	−0.0108%	1h	86,607.2	−0.001%	$18.0M	$20.0M	50x	as long as short
Phoenix BTC	−0.0103%	1h	86,591	−0.020%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,568	−0.046%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,561.1	−0.054%	$846.0M	$707.9M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,606.1	−0.002%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,626.8	+0.022%	$938.6M	$1.42B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,631	+0.027%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	86,549.3	−0.068%	$505.3M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,565.3	−0.049%	$6.7M	$144.0M	40x	as long as short
BingX BTC-USDC	+0.0021%	8h	86,564.3	−0.050%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0025%	8h	86,592.1	−0.018%	$149.4M	$470.7M	150x	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,563.1	−0.052%	$2.94B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0048%	8h	86,565.9	−0.048%	$5.19B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,596.8	−0.013%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDTshort	+0.0049%	8h	86,567.4	−0.047%	$9.43B	$24.29B	150x
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.143%	$315K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0062%	8h	86,575.8	−0.037%	$2.57B	$12.69B	100x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,582.4	−0.029%	$9.2M	$42.1M	25x	as long as short
Gate BTC_USDT	+0.0066%	8h	86,566.9	−0.047%	$5.85B	$10.59B	200x	as long as short
Bybit BTCUSDT	+0.0079%	8h	86,564.8	−0.050%	$5.27B	$9.65B	150x	as long as short
Variational Omni BTC	+0.0089%	8h	86,618.2	+0.012%	$160.7M	$567.1M	—	as long as short
Lighter BTC	+0.0096%	1h	86,579.7	−0.033%	$171.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,587.8	−0.023%	$24.0M	$152.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,568	−0.046%	$8.5M	$52.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0098%	8h	86,607.9	0.000%	$217.4M	$189.0M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0099%	8h	86,615.1	+0.008%	$2.5M	$8.5M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,613.1	+0.006%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,562	−0.053%	$199K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,565.5	−0.049%	$21.7M	$235.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,639	+0.036%	$3.83B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,601.4	−0.008%	$40.9M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,572	−0.041%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,640.8	+0.038%	$7.4M	$94.3M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,665	+0.066%	$572.2M	$23.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,577.3	−0.035%	$38.1M	$148.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,605.1	−0.003%	$279.8M	$948.5M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,599.3	−0.010%	$141.5M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,606.9	−0.001%	$30.8M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,637.4	+0.034%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,571	−0.043%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	86,607.9	long leg	$198K	$3.4M	20x
Bluefin BTC-PERP	+0.0100%	1h	86,623.5	+0.018%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,602.4	−0.006%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,615.9	+0.009%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,588	−0.023%	$60.4M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,589	−0.022%	$2.30B	$955.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,548.6	−0.068%	$46.5M	$229.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,646.7	+0.045%	—	$98.0M	500x	as long as short
Kalshi KXBTCPERP	+0.0113%	8h	86,648	+0.046%	$8.8M	$723.0M	6.4x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,618.9	+0.013%	$191.3M	$927.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,635.6	+0.032%	$131.9M	$5.88B	50x	as long as short
BloFin BTC-USDT	+0.0168%	8h	86,618.6	+0.012%	$418.8M	$642.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0198%	1h	86,626.3	+0.021%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,645.7	+0.044%	$600K	$7.2M	30x	as long as short