Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h −0.003%

Price spread now: Bulk against Bybit−0.050%55s7-day average 0.000% · 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−$180.180% of the position

Long on Bybit Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.012%+$1 on $10k

Price spread, last 7 days+0.054%+$5 · spread now −0.050%, 7d avg 0.000%

Together, before fees+0.066%+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.050% cheaper against Bybit than usual: you would sell low and buy high (spread −0.050% now, against its 7-day average of 0.000%). If the spread goes back, that is −$5 on $10k: about 14 days of funding at the current rate ($0 a day). The two prices were read 55 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	Bybit BTCUSDT	86,570.3	0.0088	pay 0.0088% / 8h	1h 50m	$5.27B	$9.73B	150x
Short	Bulk BTC-USD	86,527.4	0.0100	get 0.0013% / 1h	50m 39s	$571.7M	$19.3M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Bybit. 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 BybitbpFee BulkbpOrdersPrice spread, now −0.050%Rate

Funding earned: $2.49
Price spread: −0.050% → 0.000%: −$5
Slippage, 4 orders: −$0.04
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$20.55
Costs to cover: 0.180%
Break-even: 64.9 days

Slippage from Bybit: 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 Bybit live order book, 4 min ago	0.01 bp	5.5 bp −$6	5.6 bp −$56	6.9 bp −$691	8.1 bp −$4,059
Sell Bulk live order book, 4 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$353	4.2 bp −$2,076

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	−0.0203%	1h	86,603.6	+0.038%	$79K	$199K	20x	as long as short
Phoenix BTC	−0.0159%	1h	86,601	+0.035%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,531	−0.045%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0025%	1h	86,590.3	+0.023%	$17.6M	$20.7M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,552.8	−0.020%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0006%	8h	86,560.7	−0.011%	$505.4M	$1.16B	200x	as long as short
Perpl BTC	0.0000%	43m	86,551.9	−0.021%	$421K	$24.2M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,564.9	−0.006%	$925.7M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,554.4	−0.018%	$851.0M	$709.4M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,560.9	−0.011%	$36.8M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0006%	1h	86,539.3	−0.036%	$8.5M	$43.2M	25x	as long as short
Hibachi BTC/USDT-P	+0.0016%	1h	86,585.3	+0.017%	$731K	$8.1M	30x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,523.2	−0.054%	$6.7M	$144.7M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,587	+0.019%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0028%	8h	86,533.7	−0.042%	$149.6M	$473.2M	150x	as long as short
BingX BTC-USDC	+0.0030%	8h	86,559.6	−0.012%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0039%	8h	86,575	+0.005%	$2.95B	$5.08B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,533.7	−0.042%	$2.4M	$1.3M	20x	as long as short
SoDEX BTC-USD	+0.0058%	1h	86,528	−0.049%	$60.5M	$336.8M	40x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,565.5	−0.006%	$9.42B	$24.38B	150x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,565.6	−0.005%	$5.19B	$5.61B	500x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,555.7	−0.017%	$5.85B	$10.62B	200x	as long as short
Bybit BTCUSDTlong	+0.0088%	8h	86,570.3	long leg	$5.27B	$9.73B	150x
Lighter BTC	+0.0096%	1h	86,577.2	+0.008%	$172.5M	$997.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,587.9	+0.020%	$24.0M	$151.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,529	−0.048%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,516	−0.063%	$205K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,604.7	+0.040%	$4.7M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,533.1	−0.043%	$21.7M	$234.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,637	+0.077%	$3.81B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,601.5	+0.036%	$41.0M	$499.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,578.9	+0.010%	$2.55B	$12.72B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,554	−0.019%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,638.3	+0.079%	$7.4M	$94.0M	40x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	86,527.4	−0.050%	$571.7M	$19.3M	40x
Backpack BTC_USDC_PERP	+0.0100%	1h	86,532.4	−0.044%	$38.2M	$153.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,582.6	+0.014%	$156.4M	$568.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,579.9	+0.011%	$279.6M	$942.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,665.5	+0.110%	$217.4M	$182.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,588.3	+0.021%	$141.5M	$322.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,561.3	−0.010%	$30.7M	$202.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,587.4	+0.020%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,534	−0.042%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,535	−0.041%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,543.3	−0.031%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,559	−0.013%	$140K	$618K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,535.2	−0.041%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,527.8	−0.049%	$3.4M	$5.5M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,530.3	−0.046%	$2.30B	$959.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,515.1	−0.064%	$46.4M	$225.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,558.1	−0.014%	—	$99.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,571.9	+0.002%	$131.6M	$5.77B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,562.4	−0.009%	$191.3M	$937.3M	100x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,545.5	−0.029%	$415.3M	$655.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0210%	1h	86,554.7	−0.018%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0188%	8h	86,566	−0.005%	$9.5M	$726.4M	6.4x	as long as short