Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.024%

Price spread now: Bulk against Hyperliquid−0.180%50s7-day average −0.039% · 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—prices read too far apart to compare

costs, in and out, $10k−$160.161% of the position

Long on Hyperliquid Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.024%−$2 on $10k

Price spread, last 7 days+0.173%+$17 · spread now −0.180%, 7d avg −0.039%

Together, before fees+0.148%+ Points / potential airdropHyperliquid: Season 2 · farm board+$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 0.140% cheaper against Hyperliquid than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of −0.039%. The two prices were read 50 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	Hyperliquid BTC	85,836	0.0100	pay 0.0013% / 1h	18m 44s	$3.75B	$4.97B	40x
Short	Bulk BTC-USD	85,681.9	0.0100	get 0.0013% / 1h	18m 44s	$628.9M	$439.0M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Hyperliquid. 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 HyperliquidbpFee BulkbpOrdersPrice spread, now −0.180%Rate

Funding earned: $0
Price spread: −0.180% → −0.039%: −$14.01
Slippage, 4 orders: −$0.15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$30.15
Costs to cover: 0.161%
Break-even: 61959646194900112.0 days

Slippage from Hyperliquid: live order book, 5 min ago; Bulk: live order book, just now.

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 Hyperliquid live order book, 5 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.6 bp −$456	doesn't fit
Sell Bulk live order book, just now	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$352	4.3 bp −$2,167

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	−0.0906%	1h	85,779.5	−0.066%	$196K	$721K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,789	−0.055%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,768	−0.079%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,748.9	−0.101%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,764.8	−0.083%	$416.5M	$665.3M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,796.5	−0.046%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,786.8	−0.057%	$36.7M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	85,739.7	−0.112%	$918.4M	$751.3M	125x	as long as short
Nado BTC-PERP	+0.0010%	1h	85,750.6	−0.100%	$22.6M	$219.8M	50x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,755	−0.094%	$516.7M	$1.10B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0055%	8h	85,734.6	−0.118%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,737.5	−0.115%	$2.95B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0071%	1h	85,755.9	−0.093%	$6.7M	$146.5M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0072%	1h	85,803.6	−0.038%	$891.5M	$1.53B	50x	as long as short
Phemex BTCUSDT	+0.0078%	8h	85,769.9	−0.077%	$148.4M	$479.7M	150x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	−0.034%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,752.9	−0.097%	$2.5M	$1.7M	20x	as long as short
HTX BTC-USDT	+0.0082%	8h	85,764.7	−0.083%	$2.27B	$935.6M	200x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,735.1	−0.118%	$5.06B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,736.7	−0.116%	$9.36B	$23.87B	150x	as long as short
SunX BTC-USDT	+0.0092%	8h	85,737.7	−0.115%	$2.9M	$6.1M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,766.9	−0.081%	$170.2M	$994.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,763.2	−0.085%	$24.0M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,751	−0.099%	$8.4M	$52.2M	100x	as long as short
SoDEX BTC-USD	+0.0097%	1h	85,764	−0.084%	$60.1M	$336.1M	40x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,793.7	−0.049%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,721	−0.134%	$199K	$7.8M	50x	as long as short
Hyperliquid BTClong	+0.0100%	1h	85,836	long leg	$3.75B	$4.97B	40x
Pacifica BTC	+0.0100%	1h	85,774.6	−0.072%	$40.2M	$577.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,742.8	−0.109%	$5.33B	$9.56B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,748	−0.103%	$2.58B	$12.10B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,741	−0.111%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,715.7	−0.140%	$6.7M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,766.8	−0.081%	$5.56B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,755.4	−0.094%	$35.1M	$172.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,772.2	−0.074%	$155.9M	$551.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,770.5	−0.076%	$280.2M	$921.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,717.9	−0.138%	$215.3M	$166.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,808.4	−0.032%	$140.4M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,798.8	−0.043%	$30.3M	$209.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,806.9	−0.034%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,762	−0.086%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,777.3	−0.068%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,755.5	−0.094%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,763.4	−0.085%	$30.0M	$50.9M	15x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	85,681.9	−0.180%	$628.9M	$439.0M	40x
Extended BTC-USD	+0.0104%	1h	85,714	−0.142%	$44.2M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,757.8	−0.091%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,810	−0.030%	$130.5M	$5.09B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,767.3	−0.080%	$8.4M	$42.1M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,793	−0.050%	$188.9M	$951.8M	100x	as long as short
Aftermath Perps BTCUSD	+0.0198%	1h	85,759.2	−0.089%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,783.5	−0.061%	$703K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,779.4	−0.066%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,785	−0.059%	$10.6M	$757.9M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,759.6	−0.089%	$510K	$19.2M	6.7x	as long as short