Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.007%

Price spread now: edgeX against Popdex−0.121%7-day average −0.043% · 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−$24as in the Price arb table

costs, in and out, $10k−$170.166% of the position

Long on Popdex Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.148%−$15 on $10k

Price spread, last 7 days+0.089%+$9 · spread now −0.121%, 7d avg −0.043%

Together, before fees−0.059%+ Points / potential airdropedgeX: Active · farm board−$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: edgeX is 0.078% cheaper against Popdex than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex BTCUSDT	86,003	0.0096	pay 0.0012% / 1h	15m 31s	$8.7M	$52.3M	100x
Short	edgeX BTCUSDC	85,898.8	0.0100	get 0.0050% / 4h	3h 15m	$287.3M	$974.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.121%Rate

Funding earned: $0.84
Price spread: −0.121% → −0.043%: −$7.84
Slippage, 4 orders: −$1.24
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$23.64
Costs to cover: 0.166%
Break-even: 204.0 days

Slippage from Popdex: live order book, 4 min ago; edgeX: live order book, 4 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, 4 min ago	0.06 bp	3.3 bp −$3	3.3 bp −$33	3.5 bp −$352	5.0 bp −$2,483
Sell edgeX live order book, 4 min ago	0.05 bp	4.9 bp −$5	5.0 bp −$50	5.3 bp −$525	6.4 bp −$3,199

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
Bluefin BTC-PERP	−0.0549%	1h	86,121.7	+0.138%	$195K	$684K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,031	+0.033%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,950	−0.062%	$424.0M	$623.5M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,006	+0.003%	$355K	$2.1M	50x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,924	−0.092%	$308K	$26.8M	52x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,960	−0.050%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0026%	8h	86,054.2	+0.060%	$924.1M	$681.2M	125x	as long as short
dYdX BTC-USD	+0.0043%	1h	86,043.4	+0.047%	$16.8M	$19.5M	50x	as long as short
Aster BTCUSDT	+0.0043%	8h	86,007.5	+0.005%	$506.2M	$994.3M	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	86,088.9	+0.100%	$188.5M	$874.1M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,933	−0.081%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDC	+0.0080%	8h	85,990.4	−0.015%	—	$17.1M	—	as long as short
Bybit BTCUSDT	+0.0083%	8h	85,986	−0.020%	$5.11B	$9.18B	150x	as long as short
Nado BTC-PERP	+0.0087%	1h	85,987.5	−0.018%	$22.2M	$209.9M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,070.3	+0.078%	$173.1M	$960.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,043.1	+0.047%	$23.2M	$136.7M	50x	as long as short
Popdex BTCUSDTlong	+0.0096%	1h	86,003	long leg	$8.7M	$52.3M	100x
Aevo BTC-PERP	+0.0096%	1h	86,068.5	+0.076%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,988	−0.017%	$215K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,098.6	+0.111%	$5.9M	$9.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,066	+0.073%	$40.5M	$591.1M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,002.3	−0.001%	$9.43B	$23.18B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,988.1	−0.017%	$2.60B	$10.84B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,013	+0.012%	$3.9M	$16.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,024.1	+0.025%	$4.6M	$95.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,018.9	+0.019%	$5.49B	$10.11B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,022.2	+0.022%	$5.09B	$5.84B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	86,012	+0.010%	$2.99B	$4.60B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,044.3	+0.048%	$37.9M	$187.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,046.3	+0.050%	$156.9M	$515.9M	—	as long as short
edgeX BTCUSDCshort	+0.0100%	4h	85,898.8	−0.121%	$287.3M	$974.3M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	85,846.1	−0.182%	$215.6M	$155.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,913.6	−0.104%	$137.1M	$302.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,905.6	−0.113%	$30.3M	$214.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,091.9	+0.103%	—	$9.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,057	+0.063%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,074.6	+0.083%	$211K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,066.5	+0.074%	$2.6M	$9.4M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,444.6	−0.649%	$28.8M	$52.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,971.6	−0.037%	$3.1M	$7.0M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,064	+0.071%	$60.2M	$258.0M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,065	+0.072%	$2.27B	$916.0M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,072.8	+0.081%	$167.2M	$500.6M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,869.6	−0.155%	$707.4M	$169.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,981.5	−0.025%	$46.4M	$223.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,990.2	−0.015%	—	$94.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,111	+0.126%	$112.7M	$5.33B	50x	as long as short
Reya BTCRUSDPERP	+0.0152%	1h	85,897.3	−0.123%	$6.6M	$134.6M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0153%	1h	86,112.8	+0.128%	$830.1M	$1.61B	50x	as long as short
Hyperliquid BTC	+0.0155%	1h	86,132	+0.150%	$3.88B	$4.77B	40x	as long as short
Kalshi KXBTCPERP	+0.0189%	8h	86,009	+0.007%	$11.0M	$726.7M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	86,029.5	+0.031%	$9.0M	$40.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0198% / S −0.0174%	1h	85,957.3	−0.053%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0328%	1h	85,948	−0.064%	$698K	$7.4M	30x	as long as short
Aftermath Perps BTCUSD	+0.0363%	1h	85,841.8	−0.187%	$81K	$256K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,922.7	−0.093%	$481K	$17.0M	6.7x	as long as short