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% APRnext payment +$0.00 per $10,000 · paid last 24h +0.002%

Price spread now: Pacifica against Bullet+0.017%45s7-day average +0.016% · 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−$170.172% of the position

Long on Bullet Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.010%+$1 on $10k

Price spread, last 7 days−0.025%−$2 · spread now +0.017%, 7d avg +0.016%

Together, before fees−0.015%+ Points / potential airdropPacifica: Active · farm board−$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet BTC-USD	86,550	0.0100	pay 0.0013% / 1h	38m 48s	$193K	$3.4M	20x
Short	Pacifica BTC	86,564.3	0.0100	get 0.0013% / 1h	38m 48s	$41.2M	$490.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.017%Rate

Funding earned: $0
Price spread: +0.017% → +0.016%: $0.1
Slippage, 4 orders: −$1.25
Fee Bullet: 4 bp × 2 orders: −$8
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$17.15
Costs to cover: 0.172%
Break-even: never at this rate

Slippage from Bullet: live order book, just now; Pacifica: 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 Bullet live order book, just now	0.29 bp	4.7 bp −$5	7.4 bp −$74	doesn't fit	doesn't fit
Sell Pacifica live order book, 5 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	doesn't fit	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
Perpl BTC	−0.0223%	43m	86,583.4	+0.039%	$429K	$24.9M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0219%	1h	86,610.4	+0.070%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,607	+0.066%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0100%	1h	86,558	+0.009%	$17.6M	$20.5M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,612	+0.072%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,523.3	−0.031%	$844.5M	$707.5M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,574.3	+0.028%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,566.2	+0.019%	$936.5M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,571.8	+0.025%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0009%	8h	86,517.5	−0.038%	$505.2M	$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	86,537.1	−0.015%	$6.7M	$144.2M	40x	as long as short
BingX BTC-USDC	+0.0022%	8h	86,507.7	−0.049%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0026%	8h	86,530.7	−0.022%	$149.6M	$470.7M	150x	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,515.9	−0.039%	$2.94B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,539.9	−0.012%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.210%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0050%	8h	86,535.1	−0.017%	$5.19B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0050%	8h	86,534.1	−0.018%	$9.43B	$24.31B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,559.6	+0.011%	$9.2M	$41.9M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0067%	8h	86,546.1	−0.005%	$2.56B	$12.68B	100x	as long as short
Gate BTC_USDT	+0.0067%	8h	86,520	−0.035%	$5.84B	$10.61B	200x	as long as short
Bybit BTCUSDT	+0.0079%	8h	86,532.6	−0.020%	$5.27B	$9.65B	150x	as long as short
Variational Omni BTC	+0.0091%	8h	86,619.6	+0.080%	$160.0M	$567.4M	—	as long as short
Lighter BTC	+0.0096%	1h	86,530.6	−0.022%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,538.2	−0.014%	$24.0M	$153.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,548	−0.002%	$8.5M	$52.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,595.7	+0.053%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,541	−0.010%	$197K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,571.1	+0.024%	$21.8M	$235.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,591	+0.047%	$3.82B	$5.10B	40x	as long as short
Pacifica BTCshort	+0.0100%	1h	86,564.3	+0.017%	$41.2M	$490.3M	50x
Ondo Perps BTC-USD.P	+0.0100%	1h	86,569	+0.022%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,614.3	+0.074%	$7.4M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	+0.066%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,527.3	−0.026%	$38.0M	$148.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,603.7	+0.062%	$279.8M	$949.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,620.3	+0.081%	$217.5M	$188.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,631.1	+0.094%	$141.6M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,602	+0.060%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,630.5	+0.093%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,552	+0.002%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	86,550	long leg	$193K	$3.4M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,555.5	+0.006%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,561.7	+0.014%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,552.3	+0.003%	$30.0M	$61.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,572.6	+0.026%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,535	−0.017%	$60.4M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,530.7	−0.022%	$2.30B	$956.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,506.2	−0.051%	$46.4M	$228.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,568.3	+0.021%	—	$98.2M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,567.1	+0.020%	$190.4M	$930.3M	100x	as long as short
Kalshi KXBTCPERP	+0.0120%	8h	86,578	+0.032%	$8.8M	$723.8M	6.4x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,578.9	+0.033%	$131.9M	$5.86B	50x	as long as short
BloFin BTC-USDT	+0.0171%	8h	86,555	+0.006%	$416.9M	$646.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,566.8	+0.019%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,648.2	+0.113%	$602K	$7.2M	30x	as long as short