Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.005%

Price spread now: Bulk against OKX−0.083%45s7-day average 0.000% · 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−$170.170% of the position

Long on OKX Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.009%+$1 on $10k

Price spread, last 7 days+0.085%+$9 · spread now −0.083%, 7d avg 0.000%

Together, before fees+0.094%+$9 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 0.083% cheaper against OKX than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of 0.000%. The two prices were read 45 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	OKX BTC-USDT-SWAP	86,525.1	0.0100	pay 0.0100% / 8h	7m 44s	$2.55B	$12.74B	100x
Short	Bulk BTC-USD	86,452.9	0.0100	get 0.0013% / 1h	7m 44s	$572.2M	$12.3M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against OKX. 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 OKXbpFee BulkbpOrdersPrice spread, now −0.083%Rate

Funding earned: $0
Price spread: −0.083% → 0.000%: −$8.33
Slippage, 4 orders: −$0.04
Fee OKX: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$25.37
Costs to cover: 0.170%
Break-even: 52125746738215424.0 days

Slippage from OKX: live order book, 1 min ago; Bulk: live order book, 1 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 OKX live order book, 1 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.4 bp −$538	7.0 bp −$3,497
Sell Bulk live order book, 1 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$351	4.5 bp −$2,272

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
Phoenix BTC	−0.0118%	1h	86,444	−0.094%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,470	−0.064%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.208%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,493.6	−0.036%	$8.3M	$42.7M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,498.8	−0.030%	$358K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,492.8	−0.037%	$412K	$22.4M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,540.1	+0.017%	$36.8M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	86,519.3	−0.007%	$501.8M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0022%	8h	86,531.8	+0.008%	$834.8M	$728.2M	125x	as long as short
Reya BTCRUSDPERP	+0.0036%	1h	86,502.4	−0.026%	$6.7M	$145.5M	40x	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	+0.0043%	8h	86,501.4	−0.027%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0055%	8h	86,528.3	+0.004%	$151.2M	$478.6M	150x	as long as short
Bitget BTCUSDT	+0.0055%	8h	86,509.9	−0.018%	$2.97B	$5.13B	150x	as long as short
dYdX BTC-USD	+0.0063%	1h	86,456.7	−0.079%	$16.9M	$21.2M	50x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,511.6	−0.016%	$2.5M	$1.4M	20x	as long as short
MEXC BTC_USDT	+0.0073%	8h	86,517.6	−0.009%	$5.16B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0074%	8h	86,512.8	−0.014%	$9.44B	$24.53B	150x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,516.5	−0.010%	$5.85B	$10.81B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,526	+0.001%	$170.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,533.7	+0.010%	$23.9M	$152.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,490	−0.041%	$8.5M	$52.3M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,516.6	−0.010%	$5.27B	$9.79B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,462	−0.073%	$197K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,514.8	−0.012%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,475.2	−0.058%	$21.8M	$233.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,595.1	+0.081%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,507.7	−0.020%	$41.1M	$538.1M	50x	as long as short
OKX BTC-USDT-SWAPlong	+0.0100%	8h	86,525.1	long leg	$2.55B	$12.74B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	86,473	−0.060%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,512.2	−0.015%	$7.3M	$95.9M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,526.9	+0.002%	$38.0M	$155.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,407.7	−0.136%	$157.0M	$567.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,408.7	−0.135%	$279.1M	$946.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,429.2	−0.111%	$217.0M	$172.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,423.1	−0.118%	$141.3M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,448	−0.089%	$30.7M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,528.1	+0.003%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,499	−0.030%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,510	−0.017%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,521.2	−0.005%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,556.9	+0.037%	$141K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,554.5	+0.034%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,497.7	−0.032%	$3.4M	$5.3M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,523	−0.002%	$60.5M	$338.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,511.5	−0.016%	$2.30B	$968.2M	200x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	86,452.9	−0.083%	$572.2M	$12.3M	40x
Extended BTC-USD	+0.0104%	1h	86,513.1	−0.014%	$45.7M	$225.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,494.7	−0.035%	—	$100.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,556	+0.036%	$193.1M	$953.1M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,569.7	+0.052%	$132.3M	$5.64B	50x	as long as short
Aftermath Perps BTCUSD	+0.0160%	1h	86,482.6	−0.049%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,501.5	−0.027%	$717K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0194%	8h	86,461.9	−0.073%	$415.2M	$658.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0199% / S −0.0224%	1h	86,524.7	0.000%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0207%	8h	86,518	−0.008%	$10.1M	$752.3M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0440%	1h	86,592.5	+0.078%	$913.7M	$1.49B	50x	as long as short