Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0039%/8h= −4.2% APRpaid last 24h −0.010%

Price spread now: Binance against Nado+0.037%7-day average −0.005% · 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−$13as in the Price arb table

costs, in and out, $10k−$170.174% of the position

Long on Nado Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.019%−$2 on $10k

Price spread, last 7 days−0.038%−$4 · spread now +0.037%, 7d avg −0.005%

Together, before fees−0.057%+ Points / potential airdropNado: Active · farm board−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.042% dearer against Nado than usual: you sell high and buy low (spread +0.037% now, against its 7-day average of −0.005%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado BTC-PERP	86,606.4	0.0099	pay 0.0012% / 1h	43m 18s	$21.8M	$233.4M	50x
Short	Binance BTCUSDT	86,638.4	0.0060	get 0.0060% / 8h	1h 43m	$9.43B	$24.31B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Nado. 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 NadobpFee BinancebpOrdersPrice spread, now +0.037%Rate

Funding earned: −$8.1
Price spread: +0.037% → −0.005%: $4.17
Slippage, 4 orders: −$0.41
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$21.33
Costs to cover: 0.174%
Break-even: never at this rate

Slippage from Nado: live order book, 6 min ago; Binance: live order book, 16 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 Nado live order book, 6 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.1 bp −$413	10.0 bp −$4,984
Sell Binance live order book, 16 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.3 bp −$534	6.3 bp −$3,170

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	−0.1210%	1h	86,637.4	+0.036%	$141K	$618K	40x	as long as short
Aftermath Perps BTCUSD	−0.0175%	1h	86,597.5	−0.010%	$79K	$199K	20x	as long as short
Phoenix BTC	−0.0159%	1h	86,603	−0.004%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,623	+0.019%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0014%	1h	86,635.5	+0.034%	$17.5M	$20.3M	50x	as long as short
Aster BTCUSDT	−0.0007%	8h	86,624.3	+0.021%	$505.6M	$1.15B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,646.7	+0.047%	$359K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,615.3	+0.010%	$420K	$24.0M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,653.3	+0.054%	$925.6M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,621.7	+0.018%	$852.5M	$707.7M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,640	+0.039%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,629.6	+0.027%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,621.3	+0.017%	$6.7M	$144.8M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	−0.055%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0024%	8h	86,619.6	+0.015%	$149.6M	$473.0M	150x	as long as short
Hibachi BTC/USDT-P	+0.0024%	1h	86,629.6	+0.027%	$734K	$8.1M	30x	as long as short
BingX BTC-USDT	+0.0031%	8h	86,618	+0.013%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0041%	8h	86,617.1	+0.012%	$2.95B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,613.1	+0.008%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,638.5	+0.037%	$5.19B	$5.63B	500x	as long as short
Binance BTCUSDTshort	+0.0060%	8h	86,638.4	+0.037%	$9.43B	$24.31B	150x
Gate BTC_USDT	+0.0084%	8h	86,623.1	+0.019%	$5.86B	$10.63B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,639.5	+0.038%	$5.28B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,629.7	+0.027%	$172.3M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,641.1	+0.040%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,625	+0.022%	$8.5M	$52.1M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	86,614	+0.009%	$60.5M	$336.9M	40x	as long as short
Nado BTC-PERPlong	+0.0099%	1h	86,606.4	long leg	$21.8M	$233.4M	50x
Katana Perps BTC-USD	+0.0100%	8h	86,613	+0.008%	$206K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,669.4	+0.073%	$4.8M	$8.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,703	+0.112%	$3.81B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,653.1	+0.054%	$40.9M	$504.7M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,640	+0.039%	$2.55B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,640	+0.039%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,702.2	+0.111%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,527.4	−0.091%	$571.7M	$19.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,594.2	−0.014%	$38.4M	$153.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,560.2	−0.053%	$156.7M	$569.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,583.1	−0.027%	$279.6M	$943.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,610.1	+0.004%	$217.3M	$177.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,623.7	+0.020%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,593.7	−0.015%	$30.7M	$203.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,673	+0.077%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,633	+0.031%	$11.1M	$13.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,621	+0.017%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,624.3	+0.021%	$2.5M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,617.3	+0.013%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,615.5	+0.011%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,617.6	+0.013%	$2.30B	$958.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,599.6	−0.008%	$46.4M	$224.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,620.2	+0.016%	—	$98.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,664.3	+0.067%	$131.8M	$5.73B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,654.1	+0.055%	$191.5M	$936.4M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,618.8	+0.014%	$415.5M	$653.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,635.5	+0.034%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0191%	8h	86,649	+0.049%	$9.6M	$726.4M	6.4x	as long as short