Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.002%

Price spread now: Orderly against Bullet+0.017%7-day average −0.004% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bullet Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.007%+$1 on $10k

Price spread, last 3 days (all we have)−0.045%−$4 · spread now +0.017%, 7d avg −0.004%

Together, before fees−0.037%−$4 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: Orderly is 0.021% dearer against Bullet than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet BTC-USD	86,615.5	0.0100	pay 0.0013% / 1h	33m 36s	$194K	$3.4M	20x
Short	Orderly PERP_BTC_USDC	86,630.6	0.0100	get 0.0100% / 8h	2h 33m	$2.5M	$8.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.017%Rate

Funding earned: $0
Price spread: +0.017% → −0.004%: $2.14
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$11.86
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Bullet: live order book, 1 min ago; Orderly: no order-book sample. Net counts fees only.

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, 1 min ago	0.23 bp	4.5 bp −$5	7.7 bp −$77	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Aftermath Perps BTCUSD	−0.0229%	1h	86,609.7	−0.007%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,658.9	+0.050%	$428K	$24.9M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,539	−0.088%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0083%	1h	86,671.7	+0.065%	$17.6M	$20.5M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,624	+0.010%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,648.7	+0.038%	$363K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,643.9	+0.033%	$935.7M	$1.43B	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	86,622.4	+0.008%	$845.4M	$704.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,634.2	+0.022%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0009%	8h	86,622.3	+0.008%	$505.8M	$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	86,609.7	−0.007%	$6.7M	$144.3M	40x	as long as short
BingX BTC-USDT	+0.0022%	8h	86,631.5	+0.018%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,610.1	−0.006%	$149.5M	$471.2M	150x	as long as short
Bitget BTCUSDT	+0.0030%	8h	86,634.4	+0.022%	$2.95B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,621.3	+0.007%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.134%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0052%	8h	86,628.5	+0.015%	$5.19B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0053%	8h	86,626.4	+0.013%	$9.44B	$24.31B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,636.8	+0.025%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0070%	8h	86,630.3	+0.017%	$2.56B	$12.70B	100x	as long as short
Gate BTC_USDT	+0.0073%	8h	86,635.2	+0.023%	$5.86B	$10.63B	200x	as long as short
Bybit BTCUSDT	+0.0082%	8h	86,623.7	+0.009%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0092%	8h	86,584.3	−0.036%	$160.0M	$567.1M	—	as long as short
Lighter BTC	+0.0096%	1h	86,643.1	+0.032%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,648.1	+0.038%	$24.0M	$153.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,621	+0.006%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,615	−0.001%	$194K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,680.4	+0.075%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,626	+0.012%	$21.6M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,702	+0.100%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,661	+0.053%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,637	+0.025%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,689.3	+0.085%	$7.5M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	−0.010%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,613.2	−0.003%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587.1	−0.033%	$279.7M	$950.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,619.4	+0.004%	$217.4M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,686.6	+0.082%	$141.7M	$322.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,593.6	−0.025%	$30.8M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,681.5	+0.076%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,629	+0.016%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	86,615.5	long leg	$194K	$3.4M	20x
Orderly PERP_BTC_USDCshort	+0.0100%	8h	86,630.6	+0.017%	$2.5M	$8.5M	100x
Bluefin BTC-PERP	+0.0100%	1h	86,634.8	+0.022%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,618.4	+0.003%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,653.2	+0.043%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,610	−0.006%	$60.5M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,657.7	+0.049%	$2.30B	$957.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,621.9	+0.007%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,668	+0.061%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,644.4	+0.033%	$189.2M	$930.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,656	+0.047%	$132.0M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0123%	8h	86,669	+0.062%	$9.0M	$723.4M	6.4x	as long as short
BloFin BTC-USDT	+0.0172%	8h	86,606.7	−0.010%	$416.8M	$650.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,630	+0.017%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,617.4	+0.002%	$614K	$7.1M	30x	as long as short