Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0070%/8h= −7.7% APRpaid last 24h −0.013%

Price spread now: Bitget against Popdex−0.037%45s7-day average −0.005% · 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−$200.202% of the position

Long on Popdex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.029%−$3 on $10k

Price spread, last 7 days+0.030%+$3 · spread now −0.037%, 7d avg −0.005%

Together, before fees+0.001%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bitget is 0.033% cheaper against Popdex than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.005%). Swap the legs. 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	Popdex BTCUSDT	86,667	0.0096	pay 0.0012% / 1h	51m 48s	$8.5M	$52.1M	100x
Short	Bitget BTCUSDT	86,634.6	0.0026	get 0.0026% / 8h	2h 51m	$2.95B	$5.08B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Popdex. 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 PopdexbpFee BitgetbpOrdersPrice spread, now −0.037%Rate

Funding earned: −$14.7
Price spread: −0.037% → −0.005%: −$3.27
Slippage, 4 orders: −$1.83
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$38.2
Costs to cover: 0.202%
Break-even: never at this rate

Slippage from Popdex: live order book, 2 min ago; Bitget: live order book, 2 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 Popdex live order book, 2 min ago	0.06 bp	4.0 bp −$4	4.1 bp −$41	4.4 bp −$436	5.6 bp −$2,823
Sell Bitget live order book, 2 min ago	0.01 bp	6.0 bp −$6	6.9 bp −$69	8.2 bp −$819	doesn't fit

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 BTC	−0.0335%	43m	86,676.3	+0.011%	$425K	$25.4M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0192%	1h	86,795.1	+0.148%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,701	+0.039%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,691	+0.028%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0073%	1h	86,696.3	+0.034%	$18.1M	$19.9M	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,646.6	−0.024%	$845.4M	$709.5M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,694.9	+0.032%	$361K	$2.5M	50x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,715	+0.055%	$8.8M	$725.1M	6.4x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,702.9	+0.041%	$921.9M	$1.38B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,698.3	+0.036%	$36.7M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0015%	8h	86,634.9	−0.037%	$505.8M	$1.16B	200x	as long as short
Bluefin BTC-PERP	+0.0015%	1h	86,690.8	+0.027%	$141K	$619K	40x	as long as short
BingX BTC-USDT	+0.0019%	8h	86,645.7	−0.025%	—	$1.59B	—	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,671	+0.005%	$6.8M	$143.9M	40x	as long as short
Phemex BTCUSDT	+0.0022%	8h	86,660.2	−0.008%	$149.5M	$469.5M	150x	as long as short
Bitget BTCUSDTshort	+0.0026%	8h	86,634.6	−0.037%	$2.95B	$5.08B	150x
MEXC BTC_USDT	+0.0047%	8h	86,647.9	−0.022%	$5.21B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0047%	8h	86,644.6	−0.026%	$9.44B	$24.35B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,670.5	+0.004%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.075%	$315K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0058%	8h	86,653.1	−0.016%	$2.58B	$12.72B	100x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,687.4	+0.024%	$9.0M	$42.1M	25x	as long as short
Gate BTC_USDT	+0.0064%	8h	86,646.8	−0.023%	$5.86B	$10.56B	200x	as long as short
Bybit BTCUSDT	+0.0077%	8h	86,645.4	−0.025%	$5.28B	$9.69B	150x	as long as short
Variational Omni BTC	+0.0088%	8h	86,792.9	+0.145%	$161.2M	$563.4M	—	as long as short
GRVT BTC_USDT_Perp	+0.0095%	8h	86,798	+0.151%	$217.8M	$191.2M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,673.9	+0.008%	$172.3M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,680.4	+0.015%	$24.1M	$152.7M	50x	as long as short
Popdex BTCUSDTlong	+0.0096%	1h	86,667	long leg	$8.5M	$52.1M	100x
Orderly PERP_BTC_USDC	+0.0098%	8h	86,675.4	+0.010%	$2.5M	$8.4M	100x	as long as short
SoDEX BTC-USD	+0.0099%	1h	86,658	−0.010%	$60.5M	$336.4M	40x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,727.8	+0.070%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,665	−0.002%	$202K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,658.2	−0.010%	$21.9M	$237.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,728	+0.070%	$3.85B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,707.4	+0.047%	$41.6M	$484.5M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,683	+0.018%	$3.9M	$18.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,749.5	+0.095%	$7.6M	$95.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,919.5	+0.291%	$573.8M	$23.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,662.8	−0.005%	$38.2M	$148.1M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,752.1	+0.098%	$280.2M	$945.8M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,805.9	+0.160%	$142.0M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,692.9	+0.030%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,740.3	+0.085%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,680	+0.015%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,670.8	+0.004%	$201K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,672.9	+0.007%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,668.1	+0.001%	$3.4M	$5.6M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,663.6	−0.004%	$2.30B	$954.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,632.4	−0.040%	$46.3M	$228.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,703.3	+0.042%	—	$97.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,704.2	+0.043%	$192.6M	$927.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,711.1	+0.051%	$132.1M	$5.93B	50x	as long as short
BloFin BTC-USDT	+0.0167%	8h	86,696.6	+0.034%	$419.6M	$641.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0200%	1h	86,693.4	+0.030%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	86,754.1	+0.100%	$599K	$7.2M	30x	as long as short