Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:55 UTC+0.0044%/8h= +4.8% APRpaid last 24h +0.044%

Price spread now: RISEx against Perpl+0.028%49s7-day average −0.008% · you sell dearer than you buy

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

Long on Perpl Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.070%−$7 on $10k

Price spread, last 7 days−0.130%−$13 · spread now +0.028%, 7d avg −0.008%

Together, before fees−0.201%+ Points / potential airdropPerpl: Active · farm board−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and RISEx is 0.037% dearer against Perpl than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.008%. Mind the row above: over the last 3 days funding on this pair cost −0.070%, so the current rate has only just turned in your favour. 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	Perpl BTC	85,774.7	0	get 0.0000% / 43m	27m 35s	$514K	$20.5M	6.7x
Short	RISEx BTC/USDC	85,799.1	0.0044	get 0.0006% / 1h	22m 35s	$8.2M	$42.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.028%Rate

Funding earned: $9.26
Price spread: +0.028% → −0.008%: $3.67
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$6.87
Costs to cover: 0.198%
Break-even: 12.2 days

Slippage unknown: Perpl: no order-book sample; RISEx: live order book, 2 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 RISEx live order book, 2 min ago	0.01 bp	3.4 bp −$3	3.5 bp −$35	12.1 bp −$1,208	doesn't fit

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	85,733	−0.049%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,777	+0.003%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,764.6	−0.012%	$365K	$2.3M	50x	as long as short
Perpl BTClong	0.0000%	43m	85,774.7	long leg	$514K	$20.5M	6.7x
dYdX BTC-USD	+0.0002%	1h	85,800	+0.029%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,770	−0.005%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.098%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0032%	8h	85,780.5	+0.007%	$903.5M	$754.5M	125x	as long as short
Aster BTCUSDT	+0.0038%	8h	85,780.4	+0.007%	$516.8M	$1.14B	200x	as long as short
RISEx BTC/USDCshort	+0.0044%	1h	85,799.1	+0.028%	$8.2M	$42.0M	25x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0053%	1h	85,760.6	−0.016%	$22.6M	$227.4M	50x	as long as short
BingX BTC-USDT	+0.0055%	8h	85,799.8	+0.029%	—	$1.56B	—	as long as short
Reya BTCRUSDPERP	+0.0058%	1h	85,751.2	−0.027%	$6.7M	$146.3M	40x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,789.4	+0.017%	$2.95B	$5.08B	150x	as long as short
HTX BTC-USDT	+0.0079%	8h	85,747.2	−0.032%	$2.27B	$946.9M	200x	as long as short
ApeX Omni BTCUSDT	+0.0086%	1h	85,787	+0.014%	$140.3M	$318.4M	100x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,752.6	−0.026%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0093%	8h	85,796.6	+0.026%	$5.07B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0093%	8h	85,802.8	+0.033%	$9.34B	$24.28B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,798.6	+0.028%	$170.5M	$990.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,808.7	+0.040%	$23.5M	$147.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,775	0.000%	$8.4M	$51.9M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,755	−0.023%	$202K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,773	−0.002%	$3.8M	$8.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,860.5	+0.100%	$3.77B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,823.8	+0.057%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,807.7	+0.038%	$5.31B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,800	+0.029%	$2.55B	$12.36B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,796	+0.025%	$4.0M	$18.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,758.4	−0.019%	$7.2M	$98.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,744.8	−0.035%	$590.5M	$195.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,805.6	+0.036%	$5.61B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,751.4	−0.027%	$35.3M	$164.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,799.4	+0.029%	$156.6M	$556.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,740.4	−0.040%	$278.7M	$939.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,794.3	+0.023%	$215.3M	$166.3M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,774	−0.001%	$30.3M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,816.8	+0.049%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,753	−0.025%	$11.0M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,759	−0.018%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,754.9	−0.023%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,798.1	+0.027%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,761.7	−0.015%	$30.0M	$56.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,722	−0.061%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,757	−0.021%	$60.0M	$337.3M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,756.9	−0.021%	$154.2M	$480.3M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,769.6	−0.006%	$44.1M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,768.1	−0.008%	—	$101.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,795	+0.024%	$131.2M	$5.15B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,791.7	+0.020%	$696K	$7.8M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,781.1	+0.007%	$188.5M	$963.0M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0160%	1h	85,801.8	+0.032%	$894.7M	$1.54B	50x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	85,757.3	−0.020%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0190%	1h	85,766.9	−0.009%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,785	+0.012%	$10.1M	$769.9M	6.4x	as long as short