Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC−0.0347%/8h= −37.9% APRpaid last 24h +0.030%

Price spread now: edgeX against Perpl−0.130%66s7-day average −0.055% · you buy dearer than you sell

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

Long on Perpl Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.505%−$51 on $10k

Price spread, last 7 days−0.017%−$2 · spread now −0.130%, 7d avg −0.055%

Together, before fees−0.523%+ Points / potential airdropPerpl: Active · edgeX: Active · farm board−$52 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and edgeX is 0.075% cheaper against Perpl than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.055%). Swap the legs. The two prices were read 66 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	Perpl BTC	85,646.9	0.0447	pay 0.0040% / 43m	10m 57s	$510K	$20.1M	6.7x
Short	edgeX BTCUSDC	85,535.8	0.0100	get 0.0050% / 4h	2h 05m	$278.1M	$937.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Perpl. 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 PerplbpFee edgeXbpOrdersPrice spread, now −0.130%Rate

Funding earned: −$72.77
Price spread: −0.130% → −0.055%: −$7.49
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$103.05
Costs to cover: 0.228%
Break-even: never at this rate

Slippage unknown: Perpl: no order-book sample; edgeX: live order book, 3 min ago. 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 Perpl no order-book sample	—	—	—	—	—
Sell edgeX live order book, 3 min ago	0.10 bp	4.6 bp −$5	4.6 bp −$46	4.9 bp −$490	5.8 bp −$2,901

Perpl: 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 55 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	−0.0144%	1h	85,535	−0.131%	$2.1M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,643	−0.005%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,613.2	−0.039%	$361K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,646.2	−0.001%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,629.5	−0.020%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,682	+0.041%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0023%	8h	85,567.3	−0.093%	$515.9M	$1.12B	200x	as long as short
KuCoin XBTUSDTM	+0.0025%	8h	85,565	−0.096%	$900.5M	$749.0M	125x	as long as short
Nado BTC-PERP	+0.0034%	1h	85,625.5	−0.025%	$22.7M	$225.9M	50x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,644.4	−0.003%	$8.3M	$42.1M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0051%	8h	85,622	−0.029%	$2.27B	$937.4M	200x	as long as short
BingX BTC-USDC	+0.0056%	8h	85,573.8	−0.085%	—	$17.1M	—	as long as short
Reya BTCRUSDPERP	+0.0061%	1h	85,598.3	−0.057%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,590.3	−0.066%	$2.95B	$5.04B	150x	as long as short
SunX BTC-USDT	+0.0075%	8h	85,590.9	−0.065%	$2.9M	$6.6M	100x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,622.9	−0.028%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,579.1	−0.079%	$5.08B	$5.76B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,579.1	−0.079%	$9.32B	$24.05B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,610.7	−0.042%	$170.4M	$996.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,615	−0.037%	$23.8M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,616	−0.036%	$8.4M	$51.8M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,648.3	+0.002%	$3.8M	$8.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,550.6	−0.112%	$139.9M	$317.8M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,586	−0.071%	$206K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,648	+0.001%	$3.76B	$4.91B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,643.9	−0.003%	$40.2M	$569.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,593.6	−0.062%	$5.32B	$9.75B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,581.9	−0.076%	$2.55B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,615	−0.037%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,585.5	−0.072%	$7.2M	$96.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,588.1	−0.069%	$5.58B	$10.60B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,588.3	−0.068%	$35.1M	$166.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,602.8	−0.052%	$154.0M	$555.5M	—	as long as short
edgeX BTCUSDCshort	+0.0100%	4h	85,535.8	−0.130%	$278.1M	$937.5M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	85,544.9	−0.119%	$214.7M	$162.9M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,515.3	−0.154%	$30.2M	$209.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,663.7	+0.020%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,604	−0.050%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,622.5	−0.028%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,622.9	−0.028%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,670.7	+0.028%	$196K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,622.4	−0.029%	$30.0M	$56.1M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,609	−0.044%	$59.9M	$336.6M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,604.7	−0.049%	$151.0M	$480.6M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,673.6	+0.031%	$597.8M	$234.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,559.3	−0.102%	$44.1M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,628.7	−0.021%	—	$102.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,646.9	0.000%	$130.7M	$5.11B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,629.7	−0.020%	$187.4M	$957.9M	100x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	85,592	−0.064%	$682K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0177%	1h	85,647.4	+0.001%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0186%	1h	85,627.4	−0.023%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,645	−0.002%	$10.2M	$765.5M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0248%	1h	85,664.3	+0.020%	$895.0M	$1.53B	50x	as long as short
Perpl BTClong	+0.0447%	43m	85,646.9	long leg	$510K	$20.1M	6.7x