Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.031%

Price spread now: Coinbase International against edgeX−0.047%7-day average +0.066% · you buy dearer than you sell

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$190.194% of the position

Long on edgeX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.190%+$19 on $10k

Price spread, last 3 days (all we have)+0.092%+$9 · spread now −0.047%, 7d avg +0.066%

Together, before fees+0.282%+ Points / potential airdropedgeX: Active · farm board+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.113% cheaper against edgeX than usual: you would sell low and buy high (spread −0.047% now, against its 7-day average of +0.066%). If the spread goes back, that is −$11 on $10k: about 19 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.190% in total) that is about 4.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX BTCUSDC	86,274.4	0.0100	pay 0.0050% / 4h	3h 17m	$278.7M	$950.7M	100x
Short	Coinbase International BTC-PERP-INTX	86,233.9	0.0120	get 0.0015% / 1h	17m 13s	$132.2M	$5.33B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.047%Rate

Funding earned: $4.2
Price spread: −0.047% → +0.066%: −$11.25
Slippage, 4 orders: −$0.36
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$26.41
Costs to cover: 0.194%
Break-even: 51.0 days

Slippage from edgeX: live order book, 2 min ago; Coinbase International: live order book, 2 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 edgeX live order book, 2 min ago	0.10 bp	4.6 bp −$5	4.6 bp −$46	4.7 bp −$475	5.6 bp −$2,816
Sell Coinbase International live order book, 2 min ago	0.01 bp	5.1 bp −$5	5.6 bp −$56	10.3 bp −$1,028	22.8 bp −$11.4K

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
Phoenix BTC	−0.0129%	1h	86,239	−0.041%	$2.2M	$11.2M	40x	as long as short
Bluefin BTC-PERP	−0.0083%	1h	86,221.8	−0.061%	$144K	$667K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,248	−0.031%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,225.1	−0.057%	$363K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,233.8	−0.047%	$541K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,210	−0.075%	$36.8M	—	200x	as long as short
dYdX BTC-USD	+0.0022%	1h	86,243.1	−0.036%	$16.9M	$20.5M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	+0.097%	$343K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0028%	8h	86,213.6	−0.070%	$499.9M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0042%	8h	86,225	−0.057%	$831.0M	$718.6M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0047%	1h	86,196	−0.091%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0050%	8h	86,196.4	−0.090%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,233.1	−0.048%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0065%	8h	86,187.4	−0.101%	$2.97B	$5.05B	150x	as long as short
SoDEX BTC-USD	+0.0074%	1h	86,188	−0.100%	$60.4M	$338.2M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,192	−0.095%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0082%	8h	86,200.1	−0.086%	$5.09B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0083%	8h	86,214.1	−0.070%	$9.39B	$24.33B	150x	as long as short
Gate BTC_USDT	+0.0091%	8h	86,204.3	−0.081%	$5.76B	$10.59B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,205.5	−0.080%	$170.3M	$990.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,214.9	−0.069%	$23.6M	$151.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,220	−0.063%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,201	−0.085%	$196K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,241	−0.039%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,239.4	−0.041%	$22.0M	$227.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,285	+0.012%	$3.78B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,248.8	−0.030%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,223.3	−0.059%	$5.25B	$9.67B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,200.1	−0.086%	$2.56B	$12.45B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,218	−0.065%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,248.6	−0.030%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.149%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,232.7	−0.048%	$35.6M	$160.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,271.9	−0.003%	$157.9M	$558.2M	—	as long as short
edgeX BTCUSDClong	+0.0100%	4h	86,274.4	long leg	$278.7M	$950.7M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	86,277	+0.003%	$216.6M	$165.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,283.5	+0.011%	$141.3M	$321.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,247	−0.032%	$30.6M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,261.7	−0.015%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,224	−0.058%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,194.3	−0.093%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,180.5	−0.109%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,210.7	−0.074%	$30.3M	$56.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,203.5	−0.082%	$3.3M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,201.5	−0.085%	$2.29B	$959.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,212.7	−0.072%	$155.1M	$473.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,168.5	−0.123%	$46.0M	$222.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,236.4	−0.044%	—	$99.0M	500x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0120%	1h	86,233.9	−0.047%	$132.2M	$5.33B	50x
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,226.4	−0.056%	$191.7M	$946.3M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0156%	1h	86,239.7	−0.040%	$902.1M	$1.51B	50x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,215.3	−0.069%	$712K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0170%	1h	86,315.6	+0.048%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,184.8	−0.104%	$415.3M	$641.0M	150x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	86,236	−0.045%	$10.5M	$765.9M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,206.3	−0.079%	$14.5M	—	200x	as long as short