Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h +0.069%

Price spread now: Hibachi against edgeX−0.032%66s7-day average +0.078% · you buy dearer than you sell

Net, funding: paid 7d − costs+$35as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$180.184% of the position

Long on edgeX Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.534%+$53 on $10k

Price spread, last 7 days+0.087%+$9 · spread now −0.032%, 7d avg +0.078%

Together, before fees+0.622%+ Points / potential airdropedgeX: Active · Hibachi: Active · farm board+$62 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Hibachi is 0.110% cheaper against edgeX than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.078%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.534%, so the current rate has only just turned against you. The two prices were read 66 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	86,500.3	0.0100	pay 0.0050% / 4h	1h 29m	$279.4M	$945.4M	100x
Short	Hibachi BTC/USDT-P	86,472.3	0.0056	get 0.0007% / 1h	29m 54s	$724K	$8.2M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.032%Rate

Funding earned: −$9.24
Price spread: −0.032% → +0.078%: −$11.04
Slippage, 4 orders: −$0.42
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$38.7
Costs to cover: 0.184%
Break-even: never at this rate

Slippage from edgeX: live order book, 4 min ago; Hibachi: 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 edgeX live order book, 4 min ago	0.02 bp	4.5 bp −$5	4.5 bp −$45	4.7 bp −$469	5.9 bp −$2,945
Sell Hibachi live order book, 4 min ago	0.01 bp	4.5 bp −$5	4.8 bp −$48	46.7 bp −$4,666	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
Bluefin BTC-PERP	−0.0469%	1h	86,381.1	−0.138%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,459	−0.048%	$2.2M	$11.8M	40x	as long as short
Aftermath Perps BTCUSD	−0.0083%	1h	86,518.4	+0.021%	$83K	$216K	20x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,341	−0.184%	$9K	$3K	50x	as long as short
Aster BTCUSDT	−0.0012%	8h	86,366	−0.155%	$504.0M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,361	−0.161%	$358K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,344.8	−0.180%	$850.3M	$710.0M	125x	as long as short
Perpl BTC	0.0000%	43m	86,368.6	−0.152%	$423K	$23.9M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,395.4	−0.121%	$921.6M	$1.48B	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	86,364.7	−0.157%	$16.9M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,382.5	−0.136%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,354	−0.169%	$8.5M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,339.8	−0.186%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.068%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0034%	8h	86,370.4	−0.150%	$149.2M	$476.1M	150x	as long as short
BingX BTC-USDT	+0.0034%	8h	86,364.8	−0.157%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0043%	8h	86,379.5	−0.140%	$2.94B	$5.09B	150x	as long as short
Hibachi BTC/USDT-Pshort	+0.0056%	1h	86,472.3	−0.032%	$724K	$8.2M	30x
MEXC BTC_USDT	+0.0059%	8h	86,360	−0.162%	$5.13B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,364.9	−0.157%	$9.40B	$24.36B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,347.6	−0.177%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0074%	8h	86,381	−0.138%	$5.85B	$10.68B	200x	as long as short
Bybit BTCUSDT	+0.0089%	8h	86,384.2	−0.134%	$5.25B	$9.74B	150x	as long as short
SoDEX BTC-USD	+0.0089%	1h	86,365	−0.156%	$60.4M	$337.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,375.2	−0.145%	$171.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,384.7	−0.134%	$24.0M	$152.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,350	−0.174%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,332	−0.195%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,382.5	−0.136%	$4.8M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,341.9	−0.183%	$21.8M	$233.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,440	−0.070%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,380.8	−0.138%	$41.0M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,390.8	−0.127%	$2.53B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,353	−0.170%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,419.6	−0.093%	$7.4M	$94.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,343.9	−0.181%	$570.6M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,347.7	−0.176%	$38.2M	$154.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,435.6	−0.075%	$155.8M	$566.3M	—	as long as short
edgeX BTCUSDClong	+0.0100%	4h	86,500.3	long leg	$279.4M	$945.4M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	86,543.9	+0.050%	$217.3M	$174.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,518.6	+0.021%	$141.4M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,432	−0.079%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,402.4	−0.113%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,342	−0.183%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,357	−0.166%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,371	−0.149%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,364.3	−0.157%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,362.2	−0.160%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,348	−0.176%	$2.29B	$967.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,343.5	−0.181%	$45.8M	$226.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,357.1	−0.166%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,414.3	−0.099%	$131.8M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,396.6	−0.120%	$191.5M	$942.5M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,337.5	−0.188%	$413.9M	$651.2M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0182% / S −0.0213%	1h	86,377.9	−0.142%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	86,379	−0.140%	$9.7M	$730.3M	6.4x	as long as short