Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0018%/8h= +2.0% APRpaid last 24h +0.017%

Price spread now: Bulk against Gate−0.025%7-day average +0.003% · 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−$25as in the Price arb table

costs, in and out, $10k−$220.220% of the position

Long on Gate Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.035%+$4 on $10k

Price spread, last 7 days+0.022%+$2 · spread now −0.025%, 7d avg +0.003%

Together, before fees+0.057%+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.027% cheaper against Gate than usual: you would sell low and buy high (spread −0.025% now, against its 7-day average of +0.003%). If the spread goes back, that is −$3 on $10k: about 5.1 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate BTC_USDT	86,813.5	0.0082	pay 0.0082% / 8h	2h 17m	$5.86B	$10.68B	200x
Short	Bulk BTC-USD	86,792.1	0.0100	get 0.0013% / 1h	17m 18s	$573.3M	$22.0M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Gate. 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 GatebpFee BulkbpOrdersPrice spread, now −0.025%Rate

Funding earned: $3.78
Price spread: −0.025% → +0.003%: −$2.74
Slippage, 4 orders: −$0.04
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$21
Costs to cover: 0.220%
Break-even: 45.9 days

Slippage from Gate: live order book, 2 min ago; Bulk: 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 Gate live order book, 2 min ago	0.01 bp	7.5 bp −$8	8.1 bp −$81	8.8 bp −$880	14.6 bp −$7,304
Sell Bulk live order book, 2 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$351	4.1 bp −$2,041

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	−0.0240%	1h	86,766	−0.055%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,808.3	−0.006%	$428K	$24.7M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,739	−0.086%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,790	−0.027%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0064%	1h	86,773.8	−0.046%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,810.9	−0.003%	$363K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,850.3	+0.042%	$932.2M	$1.46B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,839.2	+0.030%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,794.8	−0.022%	$849.9M	$707.3M	125x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,800	−0.016%	$506.9M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BTCUSDT	+0.0021%	8h	86,821.3	+0.009%	$150.5M	$472.4M	150x	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,792.1	−0.025%	$6.8M	$144.4M	40x	as long as short
BingX BTC-USDT	+0.0028%	8h	86,819.7	+0.007%	—	$1.60B	—	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,817.2	+0.004%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.201%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,817.8	+0.005%	$5.20B	$5.70B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,824.8	+0.013%	$9.45B	$24.36B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,801.5	−0.014%	$9.2M	$41.7M	25x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,818.4	+0.006%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDTlong	+0.0082%	8h	86,813.5	long leg	$5.86B	$10.68B	200x
Bybit BTCUSDT	+0.0085%	8h	86,820	+0.007%	$5.29B	$9.71B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0087%	8h	86,836.2	+0.026%	$2.56B	$12.76B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,834.1	+0.024%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,840.5	+0.031%	$24.2M	$154.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,795	−0.021%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,782	−0.036%	$202K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,847.9	+0.040%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,776	−0.043%	$21.8M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,868	+0.063%	$3.83B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,823.4	+0.011%	$41.0M	$494.9M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,788	−0.029%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,862.4	+0.056%	$7.5M	$94.8M	40x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	86,792.1	−0.025%	$573.3M	$22.0M	40x
Backpack BTC_USDC_PERP	+0.0100%	1h	86,748.4	−0.075%	$38.1M	$148.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,754.4	−0.068%	$159.6M	$567.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,765.9	−0.055%	$280.3M	$952.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,759.3	−0.062%	$217.9M	$187.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,779.4	−0.039%	$141.7M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,754.7	−0.068%	$30.8M	$204.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,843.8	+0.035%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,796	−0.020%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,819.4	+0.007%	$197K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,834.2	+0.024%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,849.4	+0.041%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,823.1	+0.011%	$30.1M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,796.5	−0.020%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,819	+0.006%	$60.6M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,799.6	−0.016%	$2.31B	$958.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,804.2	−0.011%	$46.4M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,839.6	+0.030%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,855.8	+0.049%	$188.2M	$933.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,866	+0.060%	$132.3M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0151%	8h	86,834	+0.024%	$9.8M	$727.3M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,833.4	+0.023%	$15.0M	—	200x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,825.5	+0.014%	$415.9M	$656.5M	150x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	86,793.7	−0.023%	$645K	$7.6M	30x	as long as short