Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:57 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.031%

Price spread now: SoDEX against Perpl−0.042%7-day average −0.017% · you buy dearer than you sell

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

Long on Perpl Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.095%−$9 on $10k

Price spread, last 4 days (all we have)+0.012%+$1 · spread now −0.042%, 7d avg −0.017%

Together, before fees−0.083%+ Points / potential airdropPerpl: Active · farm board−$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. SoDEX is 0.025% cheaper against Perpl than usual: you would sell low and buy high (spread −0.042% now, against its 7-day average of −0.017%). If the spread goes back, that is −$3 on $10k: about 20 hours of funding at the current rate (+$3 a day). Mind the row above: over the last 3 days funding on this pair cost −0.095%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl BTC	85,437.2	0	get 0.0000% / 43m	21m 21s	$528K	$18.3M	6.7x
Short	SoDEX BTC-USD	85,401	0.0100	get 0.0013% / 1h	58m 21s	$59.8M	$336.7M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against Perpl. 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 PerplbpFee SoDEXbpOrdersPrice spread, now −0.042%Rate

Funding earned: $21
Price spread: −0.042% → −0.017%: −$2.5
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$3.3
Costs to cover: 0.218%
Break-even: 8.1 days

Slippage unknown: Perpl: no order-book sample; SoDEX: 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 SoDEX live order book, 1 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	5.1 bp −$510	45.0 bp −$22.5K

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
Phoenix BTC	−0.0111%	1h	85,504	+0.078%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,437	0.000%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0049%	8h	85,421.1	−0.019%	$928.0M	$771.7M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,375.6	−0.072%	$419.9M	$683.5M	150x	as long as short
Aster BTCUSDT	−0.0008%	8h	85,403.2	−0.040%	$513.5M	$1.09B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,447.4	+0.012%	$354K	$2.4M	50x	as long as short
Nado BTC-PERP	−0.0003%	1h	85,430.5	−0.008%	$24.5M	$222.7M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,435.2	−0.002%	$16.7M	$21.5M	50x	as long as short
Perpl BTClong	0.0000%	43m	85,437.2	long leg	$528K	$18.3M	6.7x
Deribit BTC-PERPETUAL	+0.0004%	1h	85,431.6	−0.007%	$868.4M	$1.62B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,421.3	−0.019%	$36.5M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,405	−0.038%	$339K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,411.1	−0.031%	—	$1.56B	—	as long as short
Bitget BTCUSDT	+0.0087%	8h	85,397.4	−0.047%	$2.95B	$5.18B	150x	as long as short
Phemex BTCUSDT	+0.0088%	8h	85,412	−0.029%	$149.2M	$507.7M	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,406.3	−0.036%	$188.0M	$955.3M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,442.7	+0.006%	$170.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,445.2	+0.009%	$23.6M	$147.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,444	+0.008%	$8.4M	$55.9M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,426.7	−0.012%	$5.02B	$5.72B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,398.8	−0.045%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,414.2	−0.027%	$9.44B	$24.98B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,416	−0.025%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,484.2	+0.055%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,516	+0.092%	$3.75B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,460	+0.027%	$40.1M	$602.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,407.2	−0.035%	$5.15B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,411	−0.031%	$2.59B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,426	−0.013%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,443.9	+0.008%	$4.6M	$98.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,426.6	−0.012%	$5.51B	$10.94B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,375	−0.073%	$36.7M	$179.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,449.7	+0.015%	$155.0M	$560.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,469	+0.037%	$280.0M	$954.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,473.2	+0.042%	$214.6M	$167.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,469.9	+0.038%	$139.7M	$314.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,423.7	−0.016%	$30.1M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,485.8	+0.057%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,432	−0.006%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,423.1	−0.017%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,411.6	−0.030%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,444.8	+0.009%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,387.6	−0.058%	$30.0M	$47.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,359.3	−0.091%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USDshort	+0.0100%	1h	85,401	−0.042%	$59.8M	$336.7M	40x
HTX BTC-USDT	+0.0100%	8h	85,408.6	−0.033%	$2.26B	$959.0M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,476.9	+0.046%	$684.3M	$499.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,369.8	−0.079%	$44.5M	$240.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,387	−0.059%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,452.4	+0.018%	$117.6M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0121%	1h	85,418.4	−0.022%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,424.7	−0.015%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,465	+0.033%	$8.8M	$43.2M	25x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	85,406	−0.037%	$11.5M	$743.6M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0233%	1h	85,465.7	+0.033%	$79K	$229K	20x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,422.4	−0.017%	$691K	$8.0M	30x	as long as short