Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0116%/8h= −12.7% APRpaid last 24h −0.015%

Price spread now: BloFin against Popdex−0.119%7-day average −0.008% · 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−$32as in the Price arb table

costs, in and out, $10k−$210.212% of the position

Long on Popdex Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.093%−$9 on $10k

Price spread, last 4 days (all we have)−0.064%−$6 · spread now −0.119%, 7d avg −0.008%

Together, before fees−0.157%−$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and BloFin is 0.110% cheaper against Popdex than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.008%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex BTCUSDT	86,110	0.0096	pay 0.0012% / 1h	12m 03s	$8.5M	$52.3M	100x
Short	BloFin BTC-USDT	86,007.6	−0.0020	pay 0.0020% / 8h	7h 12m	$420.7M	$624.0M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.119%Rate

Funding earned: −$24.36
Price spread: −0.119% → −0.008%: −$11.04
Slippage, 4 orders: −$2.79
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$56.59
Costs to cover: 0.212%
Break-even: never at this rate

Slippage from Popdex: live order book, 2 min ago; BloFin: live order book, 7 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	0.76 bp	4.7 bp −$5	4.8 bp −$48	5.0 bp −$504	6.5 bp −$3,229
Sell BloFin live order book, 7 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.0 bp −$601	6.1 bp −$3,031

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
Bluefin BTC-PERP	−0.0427%	1h	86,201.9	+0.107%	$196K	$673K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,038	−0.084%	$8K	$2K	50x	as long as short
BloFin BTC-USDTshort	−0.0020%	8h	86,007.6	−0.119%	$420.7M	$624.0M	150x
01 Exchange BTCUSD	−0.0008%	1h	86,107.6	−0.003%	$355K	$2.1M	50x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	86,136	+0.030%	$298K	$27.3M	52x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,162.8	+0.061%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0028%	8h	86,151.7	+0.048%	$944.1M	$676.0M	125x	as long as short
dYdX BTC-USD	+0.0041%	1h	86,030.7	−0.092%	$16.8M	$18.6M	50x	as long as short
Aster BTCUSDT	+0.0044%	8h	86,173.2	+0.073%	$503.7M	$987.3M	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	86,170.9	+0.071%	$189.1M	$872.4M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	86,095	−0.017%	$2.3M	$10.4M	40x	as long as short
Bybit BTCUSDT	+0.0078%	8h	86,171.4	+0.071%	$5.09B	$9.06B	150x	as long as short
BingX BTC-USDC	+0.0080%	8h	86,131.4	+0.025%	—	$16.6M	—	as long as short
Nado BTC-PERP	+0.0092%	1h	86,100.1	−0.011%	$22.1M	$209.4M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,162.5	+0.061%	$173.1M	$963.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,167.2	+0.066%	$23.2M	$137.1M	50x	as long as short
Popdex BTCUSDTlong	+0.0096%	1h	86,110	long leg	$8.5M	$52.3M	100x
Aevo BTC-PERP	+0.0096%	1h	86,157.3	+0.055%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,073	−0.043%	$219K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,136.7	+0.031%	$6.0M	$8.9M	50x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,177.5	+0.078%	$167.7M	$499.8M	150x	as long as short
Pacifica BTC	+0.0100%	1h	86,113.5	+0.004%	$40.5M	$591.1M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,188.1	+0.091%	$9.45B	$23.07B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,180	+0.081%	$2.61B	$10.84B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,096	−0.016%	$3.9M	$16.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,111	+0.001%	$4.7M	$94.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,158.9	+0.057%	$5.51B	$10.17B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,151.6	+0.048%	$5.09B	$5.86B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	86,193.6	+0.097%	$2.98B	$4.58B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,155.3	+0.053%	$37.3M	$187.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,046.3	−0.074%	$156.9M	$515.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,007	−0.120%	$289.3M	$980.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,992.6	−0.136%	$216.0M	$149.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,996.3	−0.132%	$137.0M	$302.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,107.5	−0.003%	$30.3M	$213.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,180	+0.081%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,132	+0.026%	$11.0M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,148.5	+0.045%	$211K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,171.5	+0.071%	$2.6M	$9.4M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,136.8	+0.031%	$3.2M	$7.0M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,155	+0.052%	$60.3M	$257.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,147.7	+0.044%	$2.28B	$911.6M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,869.6	−0.279%	$707.4M	$169.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,171.5	+0.071%	$46.3M	$220.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,131.5	+0.025%	—	$94.3M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0109%	1h	86,196.4	+0.100%	$830.0M	$1.61B	50x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,195.3	+0.099%	$112.4M	$5.32B	50x	as long as short
Hyperliquid BTC	+0.0151%	1h	86,227	+0.136%	$3.86B	$4.82B	40x	as long as short
Reya BTCRUSDPERP	+0.0152%	1h	85,977.5	−0.154%	$6.7M	$134.0M	40x	as long as short
Kalshi KXBTCPERP	+0.0189%	8h	86,124	+0.016%	$11.1M	$727.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	86,121.3	+0.013%	$9.0M	$40.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0198% / S −0.0178%	1h	86,156	+0.053%	$12.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	86,147.7	+0.044%	$693K	$7.4M	30x	as long as short
Aftermath Perps BTCUSD	+0.0377%	1h	85,997.6	−0.131%	$82K	$254K	20x	as long as short
Perpl BTC	+0.0447%	43m	86,146.4	+0.042%	$495K	$16.7M	6.7x	as long as short