Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:14 UTC+0.0208%/8h= +22.7% APRpaid last 24h +0.041%

Price spread now: Popdex against Perpl−0.016%7-day average −0.010% · you buy dearer than you sell

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

Long on Perpl Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.075%−$8 on $10k

Price spread, last 7 days−0.068%−$7 · spread now −0.016%, 7d avg −0.010%

Together, before fees−0.143%+ Points / potential airdropPerpl: Active · farm board−$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.010%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate. Mind the row above: over the last 4 days funding on this pair cost −0.075%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.075% in total (about -7.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl BTC	85,115	−0.0112	get 0.0010% / 43m	3m 06s	$525K	$18.4M	6.7x
Short	Popdex BTCUSDT	85,101	0.0096	get 0.0012% / 1h	23m 06s	$8.3M	$55.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.016%Rate

Funding earned: $43.6
Price spread: −0.016% → −0.010%: −$0.67
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: $22.74
Costs to cover: 0.202%
Break-even: 3.4 days

Slippage unknown: Perpl: no order-book sample; Popdex: live order book, 1 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 Popdex live order book, 1 min ago	0.06 bp	3.7 bp −$4	3.7 bp −$37	4.2 bp −$423	5.5 bp −$2,738

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 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 BTClong	−0.0112%	43m	85,115	long leg	$525K	$18.4M	6.7x
Phoenix BTC	−0.0111%	1h	85,134	+0.022%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,150	+0.041%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,122.9	+0.009%	$921.2M	$763.8M	125x	as long as short
BloFin BTC-USDT	−0.0035%	8h	85,137.3	+0.026%	$419.2M	$679.4M	150x	as long as short
Aster BTCUSDT	−0.0016%	8h	85,132.5	+0.021%	$511.8M	$1.09B	200x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,119.9	+0.006%	$372K	$2.4M	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,176	+0.072%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,121.8	+0.008%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	+0.129%	$338K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0035%	1h	85,138	+0.027%	$24.7M	$222.6M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,138.9	+0.028%	$186.8M	$953.9M	100x	as long as short
BingX BTC-USDT	+0.0067%	8h	85,152.3	+0.044%	—	$1.56B	—	as long as short
Deribit BTC-PERPETUAL	+0.0070%	1h	85,157.3	+0.050%	$866.9M	$1.61B	50x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,113.3	−0.002%	$2.4M	$6.7M	20x	as long as short
Phemex BTCUSDT	+0.0081%	8h	85,140.4	+0.030%	$147.2M	$505.0M	150x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,140.9	+0.030%	$5.05B	$5.72B	500x	as long as short
Bitget BTCUSDT	+0.0085%	8h	85,139.3	+0.029%	$2.95B	$5.15B	150x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,168	+0.062%	$9.41B	$24.81B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,135.6	+0.024%	$170.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,141.6	+0.031%	$23.6M	$148.6M	50x	as long as short
Popdex BTCUSDTshort	+0.0096%	1h	85,101	−0.016%	$8.3M	$55.7M	100x
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,167	+0.061%	$116.8M	$5.39B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,075	−0.047%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,186.7	+0.084%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,219	+0.122%	$3.74B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,151.2	+0.043%	$40.1M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,138.3	+0.027%	$5.14B	$9.94B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,147.5	+0.038%	$2.57B	$12.16B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,107	−0.009%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,109.5	−0.006%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,183.8	+0.081%	$678.4M	$603.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,141.7	+0.031%	$5.51B	$10.98B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,129.5	+0.017%	$36.2M	$176.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,082	−0.039%	$154.2M	$566.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,094.5	−0.024%	$278.9M	$945.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,181.8	+0.078%	$213.9M	$166.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,090.5	−0.029%	$139.1M	$315.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,181.9	+0.079%	$30.1M	$206.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,188.1	+0.086%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,100	−0.018%	$11.0M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,104	−0.013%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,121.2	+0.007%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,165.6	+0.059%	$227K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,095.8	−0.023%	$29.9M	$48.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,101.4	−0.016%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,122	+0.008%	$59.6M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,115	0.000%	$2.25B	$941.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,093.9	−0.025%	$45.1M	$239.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,111.7	−0.004%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0116%	1h	85,096.4	−0.022%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,108.2	−0.008%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0181%	8h	85,145	+0.035%	$11.5M	$743.7M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0224%	1h	85,166	+0.060%	$78K	$227K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,206.5	+0.107%	$687K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,124.7	+0.011%	$8.7M	$43.2M	25x	as long as short