Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h −0.001%

Price spread now: Bybit against Nado−0.057%49s7-day average −0.005% · 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−$180.181% of the position

Long on Nado Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.018%−$2 on $10k

Price spread, last 7 days+0.050%+$5 · spread now −0.057%, 7d avg −0.005%

Together, before fees+0.032%+ Points / potential airdropNado: Active · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.052% cheaper against Nado than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.005%). Swap the legs. The two prices were read 49 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	Nado BTC-PERP	86,635.2	0.0100	pay 0.0012% / 1h	36m 43s	$21.6M	$235.5M	50x
Short	Bybit BTCUSDT	86,585.7	0.0079	get 0.0079% / 8h	2h 36m	$5.27B	$9.66B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.057%Rate

Funding earned: −$4.35
Price spread: −0.057% → −0.005%: −$5.17
Slippage, 4 orders: −$0.13
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$27.64
Costs to cover: 0.181%
Break-even: never at this rate

Slippage from Nado: live order book, 2 min ago; Bybit: 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 Nado live order book, 2 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.1 bp −$415	9.5 bp −$4,754
Sell Bybit live order book, 2 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.7 bp −$573	7.6 bp −$3,785

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
Perpl BTC	−0.0223%	43m	86,671.9	+0.042%	$428K	$24.9M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0221%	1h	86,625.7	−0.011%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,539	−0.111%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0091%	1h	86,632.9	−0.003%	$17.6M	$20.5M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,514	−0.140%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,675.5	+0.047%	$361K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	86,595.1	−0.046%	$845.0M	$706.4M	125x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,681.9	+0.054%	$936.1M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,684.9	+0.057%	$36.7M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	86,588.8	−0.054%	$505.6M	$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
Reya BTCRUSDPERP	+0.0021%	1h	86,659.3	+0.028%	$6.8M	$144.3M	40x	as long as short
BingX BTC-USDC	+0.0022%	8h	86,585.8	−0.057%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0024%	8h	86,640.7	+0.006%	$149.7M	$470.8M	150x	as long as short
Bitget BTCUSDT	+0.0028%	8h	86,586.7	−0.056%	$2.94B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,660.8	+0.030%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.112%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0050%	8h	86,600	−0.041%	$5.18B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0051%	8h	86,595.8	−0.045%	$9.43B	$24.30B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,678.3	+0.050%	$9.2M	$42.0M	25x	as long as short
Gate BTC_USDT	+0.0068%	8h	86,595.1	−0.046%	$5.86B	$10.62B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0069%	8h	86,589.9	−0.052%	$2.56B	$12.69B	100x	as long as short
Bybit BTCUSDTshort	+0.0079%	8h	86,585.7	−0.057%	$5.27B	$9.66B	150x
Variational Omni BTC	+0.0091%	8h	86,619.6	−0.018%	$160.0M	$567.4M	—	as long as short
Lighter BTC	+0.0096%	1h	86,604.7	−0.035%	$172.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,599.8	−0.041%	$24.0M	$153.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,667	+0.037%	$8.5M	$52.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,714	+0.091%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,655	+0.023%	$195K	$6.8M	50x	as long as short
Nado BTC-PERPlong	+0.0100%	1h	86,635.2	long leg	$21.6M	$235.5M	50x
Hyperliquid BTC	+0.0100%	1h	86,660	+0.029%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,678.3	+0.050%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,676	+0.047%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,737.8	+0.118%	$7.5M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	−0.033%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,650.3	+0.017%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,571.5	−0.073%	$279.6M	$949.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,620.3	−0.017%	$217.5M	$188.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,631.1	−0.005%	$141.6M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,531.1	−0.120%	$30.8M	$205.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,703.8	+0.079%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,669	+0.039%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,667.2	+0.037%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,681.6	+0.054%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,690.1	+0.063%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,668.3	+0.038%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,659.4	+0.028%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,647	+0.014%	$60.5M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,654.6	+0.022%	$2.30B	$956.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,579	−0.065%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,692.7	+0.066%	—	$98.3M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,682.4	+0.055%	$189.3M	$930.4M	100x	as long as short
Kalshi KXBTCPERP	+0.0120%	8h	86,674	+0.045%	$9.0M	$723.1M	6.4x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,694	+0.068%	$131.9M	$5.87B	50x	as long as short
BloFin BTC-USDT	+0.0170%	8h	86,675.1	+0.046%	$417.6M	$650.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,677.4	+0.049%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,585.9	−0.057%	$614K	$7.1M	30x	as long as short