Funding arb · Price arb /

BTC

all BTC markets

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: Bulk against Bullet−0.136%7-day average −0.005% · 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−$29as in the Price arb table

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

Long on Bullet Short on Bulk

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+0.137%+$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: Bulk is 0.131% cheaper against Bullet than usual: you would sell low and buy high, −$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	Bullet BTC-USD	85,704	0.0100	pay 0.0013% / 1h	30m 01s	$188K	$3.3M	20x
Short	Bulk BTC-USD	85,587.5	0.0100	get 0.0013% / 1h	30m 01s	$583.6M	$150.2M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.136%Rate

Funding earned: $0
Price spread: −0.136% → −0.005%: −$13.07
Slippage, 4 orders: −$1.42
Fee Bullet: 4 bp × 2 orders: −$8
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$29.5
Costs to cover: 0.164%
Break-even: 60608637372705456.0 days

Slippage from Bullet: live order book, 4 min ago; Bulk: 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 Bullet live order book, 4 min ago	0.06 bp	4.1 bp −$4	7.5 bp −$75	doesn't fit	doesn't fit
Sell Bulk live order book, 4 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	4.0 bp −$396	5.1 bp −$2,532

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	−0.074%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,689	−0.018%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,680.8	−0.027%	$364K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,668.8	−0.041%	$515K	$20.9M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,662	−0.049%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,710.9	+0.008%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.015%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0034%	8h	85,728.8	+0.029%	$509.5M	$1.14B	200x	as long as short
KuCoin XBTUSDTM	+0.0035%	8h	85,723.1	+0.022%	$903.5M	$755.0M	125x	as long as short
ApeX Omni BTCUSDT	+0.0037%	1h	85,595.3	−0.127%	$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	−0.004%	$7.9M	$42.4M	25x	as long as short
BingX BTC-USDC	+0.0054%	8h	85,732.8	+0.034%	—	$15.4M	—	as long as short
Reya BTCRUSDPERP	+0.0056%	1h	85,695.5	−0.010%	$6.7M	$146.2M	40x	as long as short
HTX BTC-USDT	+0.0057%	8h	85,700	−0.005%	$2.27B	$952.7M	200x	as long as short
Nado BTC-PERP	+0.0064%	1h	85,654.8	−0.057%	$22.7M	$228.2M	50x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,740.3	+0.042%	$2.95B	$5.11B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,744.8	+0.048%	$5.07B	$5.72B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,713.7	+0.011%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,743.1	+0.046%	$9.33B	$24.40B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,737.7	+0.039%	$169.6M	$987.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,743.1	+0.046%	$23.4M	$146.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,699	−0.006%	$8.4M	$52.0M	100x	as long as short
Gate BTC_USDT	+0.0097%	8h	85,741.5	+0.044%	$5.61B	$10.52B	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,656	−0.056%	$205K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,643.1	−0.071%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,795	+0.106%	$3.76B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,705.8	+0.002%	$40.7M	$569.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,759.1	+0.064%	$5.30B	$9.79B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,750.8	+0.055%	$2.54B	$12.41B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,684	−0.023%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,661.1	−0.050%	$7.3M	$98.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,731.9	+0.033%	$35.3M	$163.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,640.3	−0.074%	$156.2M	$559.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,580.7	−0.144%	$278.2M	$944.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,580.1	−0.145%	$214.9M	$167.6M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,647.7	−0.066%	$30.3M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,735.3	+0.037%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,696	−0.009%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	85,704	long leg	$188K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,718.4	+0.017%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,755.8	+0.060%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,714.5	+0.012%	$30.0M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,658.5	−0.053%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,727	+0.027%	$60.0M	$337.5M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,732	+0.033%	$153.2M	$480.2M	150x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	85,587.5	−0.136%	$583.6M	$150.2M	40x
Extended BTC-USD	+0.0104%	1h	85,721.6	+0.021%	$43.9M	$228.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,667.7	−0.042%	—	$101.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,767.2	+0.074%	$131.1M	$5.18B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,697.9	−0.007%	$698K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,754.5	+0.059%	$188.9M	$965.2M	100x	as long as short
Aftermath Perps BTCUSD	+0.0164%	1h	85,662.2	−0.049%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0190%	1h	85,703.9	0.000%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	85,705	+0.001%	$10.1M	$770.6M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0221%	1h	85,772.9	+0.080%	$894.4M	$1.53B	50x	as long as short