Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.010%

Price spread now: Bullet against edgeX+0.086%67s7-day average +0.046% · 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−$190.187% of the position

Long on edgeX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.135%+$13 on $10k

Price spread, last 7 days−0.060%−$6 · spread now +0.086%, 7d avg +0.046%

Together, before fees+0.075%+ Points / potential airdropedgeX: Active · farm board+$7 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: Bullet is 0.041% dearer against edgeX than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.046%. The two prices were read 67 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	edgeX BTCUSDC	85,094.5	0.0100	pay 0.0050% / 4h	2h 23m	$278.9M	$945.6M	100x
Short	Bullet BTC-USD	85,168	0.0100	get 0.0013% / 1h	23m 42s	$204K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against edgeX. 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 edgeXbpFee BulletbpOrdersPrice spread, now +0.086%Rate

Funding earned: $0
Price spread: +0.086% → +0.046%: $4.07
Slippage, 4 orders: −$1.72
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$14.65
Costs to cover: 0.187%
Break-even: never at this rate

Slippage from edgeX: live order book, 5 min ago; Bullet: live order book, just now.

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 edgeX live order book, 5 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	4.8 bp −$478	5.6 bp −$2,803
Sell Bullet live order book, just now	0.06 bp	4.4 bp −$4	7.8 bp −$78	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	−0.0112%	43m	85,145	+0.059%	$523K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,134	+0.046%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,150	+0.065%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,106.2	+0.014%	$921.0M	$763.7M	125x	as long as short
BloFin BTC-USDT	−0.0036%	8h	85,188.1	+0.110%	$419.5M	$679.4M	150x	as long as short
Aster BTCUSDT	−0.0016%	8h	85,111	+0.019%	$511.7M	$1.09B	200x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,119.9	+0.030%	$372K	$2.4M	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,176	+0.096%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,175.8	+0.096%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	+0.153%	$338K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0033%	1h	85,148.9	+0.064%	$24.7M	$222.5M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,193.3	+0.116%	$186.9M	$953.8M	100x	as long as short
BingX BTC-USDT	+0.0067%	8h	85,098.9	+0.005%	—	$1.56B	—	as long as short
Deribit BTC-PERPETUAL	+0.0072%	1h	85,213.8	+0.140%	$867.5M	$1.61B	50x	as long as short
Phemex BTCUSDT	+0.0077%	8h	85,165.6	+0.084%	$147.5M	$504.8M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,172.7	+0.092%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,106.6	+0.014%	$5.04B	$5.72B	500x	as long as short
Bitget BTCUSDT	+0.0085%	8h	85,094.8	0.000%	$2.94B	$5.15B	150x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,122.8	+0.033%	$9.41B	$24.81B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,126.4	+0.037%	$170.8M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,130.6	+0.042%	$23.6M	$148.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,176	+0.096%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,218	+0.145%	$116.9M	$5.38B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,075	−0.023%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,186.7	+0.108%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,210	+0.136%	$3.74B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,151.2	+0.067%	$40.1M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,100.6	+0.007%	$5.14B	$9.93B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,100	+0.006%	$2.57B	$12.16B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,107	+0.015%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,109.5	+0.018%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,183.8	+0.105%	$678.4M	$603.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,115.9	+0.025%	$5.51B	$10.98B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,149.8	+0.065%	$36.3M	$176.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,082	−0.015%	$154.2M	$566.7M	—	as long as short
edgeX BTCUSDClong	+0.0100%	4h	85,094.5	long leg	$278.9M	$945.6M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	85,198.3	+0.122%	$214.1M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,090.5	−0.005%	$139.1M	$315.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,166	+0.084%	$30.1M	$206.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,230.5	+0.160%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,162	+0.079%	$11.0M	$14.4M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	85,168	+0.086%	$204K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,173.2	+0.092%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,217.4	+0.144%	$228K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,152.4	+0.068%	$29.9M	$48.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,158.9	+0.076%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,182	+0.103%	$59.6M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,158.9	+0.076%	$2.25B	$941.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,076.6	−0.021%	$45.2M	$239.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,177.8	+0.098%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0115%	1h	85,157.1	+0.074%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,173.2	+0.092%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0179%	8h	85,181	+0.102%	$11.5M	$744.0M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0221%	1h	85,190.3	+0.113%	$78K	$226K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,206.5	+0.132%	$687K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,124.7	+0.036%	$8.7M	$43.2M	25x	as long as short