Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.020%

Price spread now: Bullet against Hyperliquid−0.085%7-day average −0.034% · 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−$24as in the Price arb table

costs, in and out, $10k−$190.192% of the position

Long on Hyperliquid Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.030%−$3 on $10k

Price spread, last 7 days+0.085%+$8 · spread now −0.085%, 7d avg −0.034%

Together, before fees+0.055%+ Points / potential airdropHyperliquid: Season 2 · farm board+$5 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: Bullet is 0.050% cheaper against Hyperliquid than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BTC	86,351	0.0100	pay 0.0013% / 1h	21m 08s	$3.79B	$4.97B	40x
Short	Bullet BTC-USD	86,278	0.0100	get 0.0013% / 1h	21m 08s	$191K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.085%Rate

Funding earned: $0
Price spread: −0.085% → −0.034%: −$5.05
Slippage, 4 orders: −$2.24
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$24.29
Costs to cover: 0.192%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 13 min ago; Bullet: live order book, 3 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 Hyperliquid live order book, 13 min ago	0.06 bp	5.5 bp −$5	6.0 bp −$60	6.3 bp −$630	doesn't fit
Sell Bullet live order book, 3 min ago	0.23 bp	4.3 bp −$4	8.2 bp −$82	doesn't fit	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	−0.0161%	1h	86,307	−0.051%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,359	+0.009%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,322	−0.034%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,278.8	−0.084%	$364K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,315.4	−0.041%	$481K	$21.4M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,297.6	−0.062%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	+0.008%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0024%	1h	86,339.8	−0.013%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0030%	8h	86,274.3	−0.089%	$500.3M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0042%	8h	86,290	−0.071%	$831.1M	$717.9M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0047%	1h	86,270.5	−0.093%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0050%	8h	86,269.9	−0.094%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,288.1	−0.073%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0064%	8h	86,286.8	−0.074%	$2.98B	$5.04B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,286.5	−0.075%	$2.5M	$1.8M	20x	as long as short
SoDEX BTC-USD	+0.0082%	1h	86,285	−0.076%	$60.3M	$338.2M	40x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,281.5	−0.080%	$5.13B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0083%	8h	86,276.1	−0.087%	$9.40B	$24.27B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,306.9	−0.051%	$170.5M	$987.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,296.2	−0.063%	$23.7M	$150.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,267	−0.097%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,250	−0.117%	$196K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,327.4	−0.027%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,310.5	−0.047%	$22.1M	$227.1M	50x	as long as short
Hyperliquid BTClong	+0.0100%	1h	86,351	long leg	$3.79B	$4.97B	40x
Pacifica BTC	+0.0100%	1h	86,328	−0.027%	$41.1M	$552.2M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,286.2	−0.075%	$5.25B	$9.66B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,289.3	−0.071%	$2.56B	$12.45B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,261	−0.104%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,305.8	−0.052%	$7.2M	$94.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,283.2	−0.078%	$5.78B	$10.56B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,269.1	−0.095%	$37.2M	$158.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,271.9	−0.092%	$157.9M	$558.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,378.6	+0.032%	$279.0M	$949.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,434.6	+0.097%	$217.1M	$165.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,403.6	+0.061%	$141.5M	$321.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,336.6	−0.017%	$30.7M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,328.2	−0.026%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,274	−0.089%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	86,278	−0.085%	$191K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,280.9	−0.081%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,310.7	−0.047%	$30.3M	$57.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,256.6	−0.109%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,270.1	−0.094%	$2.29B	$958.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,290.4	−0.070%	$155.0M	$473.4M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,411.1	+0.070%	$576.0M	$32.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,272.6	−0.091%	$46.1M	$222.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,323.6	−0.032%	—	$98.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,337.7	−0.015%	$132.4M	$5.34B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,326	−0.029%	$192.4M	$944.4M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0155%	1h	86,337.9	−0.015%	$902.2M	$1.51B	50x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,341.8	−0.011%	$709K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0170%	1h	86,399.2	+0.056%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,280.1	−0.082%	$415.0M	$641.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0206% / S −0.0221%	1h	86,292.4	−0.068%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,319	−0.037%	$10.6M	$765.4M	6.4x	as long as short