Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h +0.021%

Price spread now: Nado against edgeX+0.132%58s7-day average +0.045% · 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−$160.163% of the position

Long on edgeX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.143%+$14 on $10k

Price spread, last 7 days−0.112%−$11 · spread now +0.132%, 7d avg +0.045%

Together, before fees+0.031%+ Points / potential airdropedgeX: Active · Nado: Active · farm board+$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Nado is 0.087% dearer against edgeX than usual: you sell high and buy low (spread +0.132% now, against its 7-day average of +0.045%): +$9 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 14 days. Mind the row above: over the last 3 days funding on this pair paid +0.143%, so the current rate has only just turned against you. The two prices were read 58 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	85,687.9	0.0100	pay 0.0050% / 4h	2h 49m	$277.7M	$941.4M	100x
Short	Nado BTC-PERP	85,801	0.0079	get 0.0010% / 1h	49m 34s	$22.5M	$228.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.132%Rate

Funding earned: −$4.37
Price spread: +0.132% → +0.045%: $8.69
Slippage, 4 orders: −$0.35
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$12.03
Costs to cover: 0.163%
Break-even: never at this rate

Slippage from edgeX: live order book, 5 min ago; Nado: 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 edgeX live order book, 5 min ago	0.01 bp	4.7 bp −$5	4.8 bp −$48	5.0 bp −$503	6.3 bp −$3,152
Sell Nado live order book, 5 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.3 bp −$430	11.3 bp −$5,671

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	−0.0144%	1h	85,641	−0.055%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,779	+0.106%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,852.9	+0.193%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0039%	8h	85,793.5	+0.123%	$415.3M	$657.4M	150x	as long as short
ApeX Omni BTCUSDT	−0.0018%	1h	85,787.3	+0.116%	$140.3M	$320.8M	100x	as long as short
dYdX BTC-USD	0.0000%	1h	85,880.2	+0.224%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,832.4	+0.169%	$512K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,819.3	+0.153%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	+0.142%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0031%	8h	85,867.6	+0.210%	$498.2M	$1.13B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0041%	8h	85,838.8	+0.176%	$894.5M	$757.1M	125x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,860.2	+0.201%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDT	+0.0052%	8h	85,864.4	+0.206%	—	$1.59B	—	as long as short
Reya BTCRUSDPERP	+0.0052%	1h	85,799	+0.130%	$6.7M	$146.0M	40x	as long as short
HTX BTC-USDT	+0.0057%	8h	85,815.9	+0.149%	$2.28B	$968.8M	200x	as long as short
Bitget BTCUSDT	+0.0066%	8h	85,858.8	+0.199%	$2.95B	$5.13B	150x	as long as short
Nado BTC-PERPshort	+0.0079%	1h	85,801	+0.132%	$22.5M	$228.7M	50x
Aevo BTC-PERP	+0.0080%	1h	85,820.9	+0.155%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0082%	8h	85,859.6	+0.200%	$5.09B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0083%	8h	85,854.2	+0.194%	$9.34B	$24.59B	150x	as long as short
Gate BTC_USDT	+0.0090%	8h	85,863.9	+0.205%	$5.66B	$10.36B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,854.1	+0.194%	$170.9M	$976.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,864.5	+0.206%	$23.3M	$145.1M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	85,757.5	+0.081%	$215.4M	$162.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,856	+0.196%	$8.4M	$52.5M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0097%	1h	85,871.4	+0.214%	$895.0M	$1.54B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,833	+0.169%	$199K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,870.2	+0.213%	$3.8M	$8.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,944	+0.299%	$3.77B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,880.9	+0.225%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,875.6	+0.219%	$5.26B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,884	+0.229%	$2.55B	$12.56B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,886	+0.231%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,840.5	+0.178%	$7.3M	$98.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,888.3	+0.234%	$579.3M	$92.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,858.3	+0.199%	$35.2M	$162.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,782.9	+0.111%	$155.6M	$556.1M	—	as long as short
edgeX BTCUSDClong	+0.0100%	4h	85,687.9	long leg	$277.7M	$941.4M	100x
StandX BTC-USD	+0.0100%	1h	85,793.4	+0.123%	$30.4M	$206.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,856.9	+0.197%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,825	+0.160%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,815.9	+0.149%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,833.6	+0.170%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,846.1	+0.185%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,840.6	+0.178%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,807.5	+0.140%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,836	+0.173%	$60.1M	$338.1M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,847.6	+0.186%	$153.8M	$476.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,833.6	+0.170%	$44.9M	$226.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,814.8	+0.148%	—	$101.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,871.1	+0.214%	$131.7M	$5.26B	50x	as long as short
Hibachi BTC/USDT-P	+0.0120%	1h	85,813.4	+0.146%	$707K	$8.0M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,864.3	+0.206%	$189.4M	$969.6M	100x	as long as short
Aftermath Perps BTCUSD	+0.0153%	1h	85,829.7	+0.165%	$77K	$217K	20x	as long as short
Kalshi KXBTCPERP	+0.0203%	8h	85,840	+0.177%	$9.9M	$768.5M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,812.5	+0.145%	$13.8M	—	200x	as long as short