Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Ondo Perps against Nado+0.058%52s7-day average −0.005% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Nado Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 7 days−0.299%−$30 · spread now +0.058%, 7d avg −0.005%

Together, before fees−0.299%+ Points / potential airdropNado: Active · Ondo Perps: Active · farm board−$30 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: Ondo Perps is 0.063% dearer against Nado than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.005%. The two prices were read 52 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	86,596.6	0.0100	pay 0.0012% / 1h	28m 37s	$21.7M	$235.4M	50x
Short	Ondo Perps BTC-USD.P	86,647	0.0100	get 0.0013% / 1h	28m 37s	$3.9M	$18.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Nado. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpOrdersPrice spread, now +0.058%Rate

Funding earned: $0
Price spread: +0.058% → −0.005%: $6.33
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$5.67
Costs to cover: 0.120%
Break-even: 582970049635976.1 days

Slippage unknown: Nado: live order book, 6 min ago; Ondo Perps: no order-book sample. Net counts fees only.

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	4.7 bp −$465	9.6 bp −$4,780
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Aftermath Perps BTCUSD	−0.0235%	1h	86,602.7	+0.007%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,617.3	+0.024%	$428K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,583	−0.016%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,628	+0.036%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0080%	1h	86,626.4	+0.034%	$17.6M	$20.5M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,655.1	+0.068%	$362K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,648.8	+0.060%	$935.2M	$1.44B	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,631.4	+0.040%	$844.1M	$704.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,619.4	+0.026%	$36.8M	—	200x	as long as short
Aster BTCUSDT	+0.0007%	8h	86,624.2	+0.032%	$505.9M	$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	86,593.9	−0.003%	$6.7M	$144.4M	40x	as long as short
BingX BTC-USDT	+0.0023%	8h	86,642.6	+0.053%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0026%	8h	86,613.5	+0.020%	$149.7M	$471.2M	150x	as long as short
Bitget BTCUSDT	+0.0032%	8h	86,631.7	+0.041%	$2.95B	$5.07B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	+0.049%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0053%	8h	86,638	+0.048%	$5.19B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0054%	8h	86,640.6	+0.051%	$9.44B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,613.8	+0.020%	$2.4M	$1.3M	20x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,649.7	+0.061%	$9.1M	$42.0M	25x	as long as short
Gate BTC_USDT	+0.0076%	8h	86,640.2	+0.050%	$5.86B	$10.64B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0076%	8h	86,655.9	+0.069%	$2.56B	$12.71B	100x	as long as short
Bybit BTCUSDT	+0.0082%	8h	86,637.8	+0.048%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0095%	8h	86,614.5	+0.021%	$160.3M	$564.8M	—	as long as short
Lighter BTC	+0.0096%	1h	86,655	+0.067%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,658.4	+0.071%	$24.0M	$153.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,639	+0.049%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,632	+0.041%	$193K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,690.7	+0.109%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERPlong	+0.0100%	1h	86,596.6	long leg	$21.7M	$235.4M	50x
Hyperliquid BTC	+0.0100%	1h	86,715	+0.137%	$3.82B	$5.13B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,670.7	+0.086%	$40.9M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.Pshort	+0.0100%	1h	86,647	+0.058%	$3.9M	$18.5M	25x
Arcus BTC-USD	+0.0100%	1h	86,710.7	+0.132%	$7.5M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.022%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,617.9	+0.025%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587	−0.011%	$279.7M	$950.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,622.1	+0.029%	$217.5M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,626.6	+0.035%	$141.4M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,606.5	+0.012%	$30.8M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,656.4	+0.069%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,597	+0.001%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,599.8	+0.004%	$195K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,630.8	+0.040%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,641.5	+0.052%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,620.4	+0.028%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,612.9	+0.019%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,614	+0.020%	$60.5M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,598.6	+0.002%	$2.30B	$956.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,628.2	+0.037%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,616.1	+0.023%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,656.1	+0.069%	$188.8M	$930.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,661.3	+0.075%	$132.0M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0124%	8h	86,625	+0.033%	$9.0M	$723.8M	6.4x	as long as short
BloFin BTC-USDT	+0.0174%	8h	86,596.5	0.000%	$417.0M	$653.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,611.9	+0.018%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,641.4	+0.052%	$614K	$7.1M	30x	as long as short