Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0016%/8h= −1.7% APRpaid last 24h +0.005%

Price spread now: SoDEX against Gate+0.014%7-day average −0.001% · 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−$22as in the Price arb table

costs, in and out, $10k−$230.231% of the position

Long on Gate Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.009%+$1 on $10k

Price spread, last 4 days (all we have)−0.051%−$5 · spread now +0.014%, 7d avg −0.001%

Together, before fees−0.042%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.001%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate BTC_USDT	85,595	0.0100	pay 0.0100% / 8h	4h 50m	$5.54B	$10.54B	200x
Short	SoDEX BTC-USD	85,607	0.0084	get 0.0011% / 1h	50m 39s	$60.0M	$336.1M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.014%Rate

Funding earned: −$3.27
Price spread: +0.014% → −0.001%: $1.51
Slippage, 4 orders: −$0.13
Fee Gate: 7.5 bp × 2 orders: −$15
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$24.88
Costs to cover: 0.231%
Break-even: never at this rate

Slippage from Gate: live order book, 3 min ago; SoDEX: 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 Gate live order book, 3 min ago	0.01 bp	7.5 bp −$8	8.2 bp −$82	9.4 bp −$939	13.6 bp −$6,823
Sell SoDEX live order book, 4 min ago	0.06 bp	4.1 bp −$4	4.2 bp −$42	5.9 bp −$594	47.6 bp −$23.8K

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	−0.1921%	1h	85,641.4	+0.054%	$194K	$725K	40x	as long as short
Phoenix BTC	−0.0179%	1h	85,587	−0.009%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,667	+0.084%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,586.5	−0.010%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,599.8	+0.006%	$417.7M	$665.6M	150x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	85,575.2	−0.023%	$919.2M	$749.3M	125x	as long as short
dYdX BTC-USD	0.0000%	1h	85,605.7	+0.013%	$16.7M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,610.8	+0.019%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0016%	8h	85,624.2	+0.034%	$516.1M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,570.1	−0.029%	$6.9M	$97.1M	40x	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	+0.0051%	1h	85,582.9	−0.014%	$22.5M	$218.8M	50x	as long as short
BingX BTC-USDT	+0.0058%	8h	85,588.9	−0.007%	—	$1.54B	—	as long as short
Bitget BTCUSDT	+0.0074%	8h	85,585.5	−0.011%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0077%	1h	85,595.6	+0.001%	$6.7M	$146.6M	40x	as long as short
SoDEX BTC-USDshort	+0.0084%	1h	85,607	+0.014%	$60.0M	$336.1M	40x
Aevo BTC-PERP	+0.0088%	1h	85,597.8	+0.003%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,591.2	−0.004%	$5.04B	$5.58B	500x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,591.5	−0.004%	$9.34B	$23.96B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,602.2	+0.008%	$173.9M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,636.7	+0.049%	$23.8M	$148.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,591	−0.005%	$8.4M	$52.5M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,677.3	+0.096%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,567	−0.033%	$233K	$7.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,724	+0.151%	$3.75B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,628	+0.039%	$40.1M	$576.9M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,589.4	−0.006%	$5.33B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,593.3	−0.002%	$2.57B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,590	−0.006%	$3.9M	$18.0M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,696.6	+0.119%	$648.3M	$574.6M	40x	as long as short
Gate BTC_USDTlong	+0.0100%	8h	85,595	long leg	$5.54B	$10.54B	200x
Backpack BTC_USDC_PERP	+0.0100%	1h	85,606.4	+0.013%	$35.9M	$175.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,584.4	−0.012%	$156.6M	$560.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,637.5	+0.050%	$279.7M	$917.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,650.2	+0.065%	$214.9M	$165.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,649.2	+0.063%	$140.0M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,646.5	+0.060%	$30.3M	$207.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,647.3	+0.061%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,596	+0.001%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,604.3	+0.011%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,589.7	−0.006%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,598.8	+0.005%	$30.0M	$51.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,577	−0.021%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,598	+0.004%	$2.27B	$938.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,603.9	+0.010%	$151.0M	$482.7M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,561.4	−0.039%	$44.5M	$226.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,582	−0.015%	—	$106.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,646.8	+0.061%	$117.3M	$5.14B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,670	+0.088%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,628.1	+0.039%	$188.7M	$952.2M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,609.1	+0.016%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	85,684.7	+0.105%	$700K	$7.9M	30x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,618.7	+0.028%	$8.4M	$42.4M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0196%	1h	85,656.5	+0.072%	$892.9M	$1.53B	50x	as long as short
Aftermath Perps BTCUSD	+0.0201%	1h	85,672.2	+0.090%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,624	+0.034%	$10.7M	$758.6M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,587.7	−0.008%	$492K	$18.9M	6.7x	as long as short