Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0094%/8h= −10.2% APRpaid last 24h +0.006%

Price spread now: Bybit against RISEx−0.055%45s7-day average −0.007% · 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−$190.188% of the position

Long on RISEx Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.004%$0 on $10k

Price spread, last 7 days+0.014%+$1 · spread now −0.055%, 7d avg −0.007%

Together, before fees+0.018%+$2 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 Bybit is 0.048% cheaper against RISEx than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.007%). 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	RISEx BTC/USDC	85,587.1	0.0194	pay 0.0024% / 1h	48m 52s	$8.4M	$42.4M	25x
Short	Bybit BTCUSDT	85,539.8	0.0100	get 0.0100% / 8h	4h 48m	$5.32B	$9.58B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against RISEx. 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 RISExbpFee BybitbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$19.65
Price spread: −0.055% → −0.007%: −$4.8
Slippage, 4 orders: −$1.82
Fee RISEx: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$43.27
Costs to cover: 0.188%
Break-even: never at this rate

Slippage from RISEx: live order book, 5 min ago; Bybit: live order book, 5 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 RISEx live order book, 5 min ago	0.01 bp	3.0 bp −$3	3.0 bp −$30	10.7 bp −$1,066	doesn't fit
Sell Bybit live order book, 5 min ago	0.01 bp	6.1 bp −$6	6.5 bp −$65	7.0 bp −$697	7.8 bp −$3,901

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	−0.1397%	1h	85,566.1	−0.025%	$194K	$725K	40x	as long as short
Phoenix BTC	−0.0179%	1h	85,568	−0.022%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,667	+0.093%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,567.7	−0.023%	$371K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,528.7	−0.068%	$417.9M	$665.3M	150x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	85,515.4	−0.084%	$918.2M	$749.4M	125x	as long as short
dYdX BTC-USD	0.0000%	1h	85,605.7	+0.022%	$16.7M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,543.1	−0.051%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0016%	8h	85,530.7	−0.066%	$515.5M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,541.8	−0.053%	$6.9M	$97.1M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0056%	1h	85,560.6	−0.031%	$22.5M	$218.7M	50x	as long as short
BingX BTC-USDT	+0.0058%	8h	85,540.2	−0.055%	—	$1.54B	—	as long as short
Bitget BTCUSDT	+0.0075%	8h	85,528.4	−0.069%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0077%	1h	85,538.6	−0.057%	$6.7M	$146.6M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,536	−0.060%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,551.8	−0.041%	$5.04B	$5.58B	500x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,535.9	−0.060%	$9.33B	$23.97B	150x	as long as short
SoDEX BTC-USD	+0.0095%	1h	85,532	−0.064%	$59.9M	$336.1M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,537.9	−0.058%	$173.7M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,540.9	−0.054%	$23.8M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,559	−0.033%	$8.4M	$52.6M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,632.1	+0.053%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,537	−0.059%	$232K	$7.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,600	+0.015%	$3.74B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,605	+0.021%	$40.1M	$575.8M	50x	as long as short
Bybit BTCUSDTshort	+0.0100%	8h	85,539.8	−0.055%	$5.32B	$9.58B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,545.6	−0.049%	$2.57B	$12.08B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,562	−0.029%	$3.9M	$17.9M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,696.6	+0.128%	$648.3M	$574.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,552.9	−0.040%	$5.53B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,514.5	−0.085%	$35.8M	$175.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,584.4	−0.003%	$156.6M	$560.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,637.5	+0.059%	$279.7M	$917.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,650.2	+0.074%	$214.9M	$165.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,590.3	+0.004%	$139.9M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,613.8	+0.031%	$30.3M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,617	+0.035%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,548	−0.046%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,546.9	−0.047%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,522.7	−0.075%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,528.9	−0.068%	$30.0M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,539	−0.056%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,533.6	−0.063%	$2.26B	$939.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,532.7	−0.064%	$150.9M	$482.9M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,531.5	−0.065%	$44.5M	$226.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,585.5	−0.002%	—	$106.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,567.9	−0.022%	$117.4M	$5.15B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,497	−0.105%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,554.5	−0.038%	$188.5M	$952.6M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,545.1	−0.049%	$13.4M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0183%	1h	85,581.3	−0.007%	$893.4M	$1.53B	50x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	85,625.7	+0.045%	$695K	$7.9M	30x	as long as short
RISEx BTC/USDClong	+0.0194%	1h	85,587.1	long leg	$8.4M	$42.4M	25x
Aftermath Perps BTCUSD	+0.0202%	1h	85,648.3	+0.072%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,581	−0.007%	$10.7M	$758.5M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,606.6	+0.023%	$495K	$18.9M	6.7x	as long as short