Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:48 UTC+0.0160%/8h= +17.6% APRpaid last 24h −0.031%

Price spread now: Perpl against RISEx−0.023%7-day average +0.007% · you buy dearer than you sell

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

Long on RISEx Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.084%+$8 on $10k

Price spread, last 7 days+0.105%+$10 · spread now −0.023%, 7d avg +0.007%

Together, before fees+0.189%+ Points / potential airdropPerpl: Active · farm board+$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. Perpl is 0.030% cheaper against RISEx than usual: you would sell low and buy high (spread −0.023% now, against its 7-day average of +0.007%). If the spread goes back, that is −$3 on $10k: about 15 hours of funding at the current rate (+$5 a day). At the pace of the last 4 days (+0.084% in total) that is about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx BTC/USDC	85,645.9	0.0174	pay 0.0022% / 1h	56m 30s	$8.9M	$42.9M	25x
Short	Perpl BTC	85,626.5	0.0335	get 0.0030% / 43m	10m 30s	$500K	$18.8M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against RISEx. 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 RISExbpFee PerplbpOrdersPrice spread, now −0.023%Rate

Funding earned: $33.69
Price spread: −0.023% → +0.007%: −$2.95
Slippage, 4 orders: no order book: not counted
Fee RISEx: 3 bp × 2 orders: −$6
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $10.93
Costs to cover: 0.198%
Break-even: 4.7 days

Slippage unknown: RISEx: live order book, 3 min ago; Perpl: no order-book sample. 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 RISEx live order book, 3 min ago	0.01 bp	3.0 bp −$3	3.0 bp −$30	11.2 bp −$1,122	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

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	−0.0179%	1h	85,646	0.000%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,643	−0.003%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0037%	8h	85,627.8	−0.021%	$923.4M	$754.0M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,624.5	−0.025%	$417.3M	$675.4M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,628.4	−0.020%	$367K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,635.6	−0.012%	$16.8M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,664.6	+0.022%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,630.1	−0.018%	$516.2M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0026%	1h	85,624	−0.026%	$25.0M	$222.4M	50x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,690	+0.051%	$340K	$26.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0063%	8h	85,636	−0.012%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0064%	8h	85,616.4	−0.034%	$148.6M	$489.3M	150x	as long as short
Deribit BTC-PERPETUAL	+0.0072%	1h	85,665.3	+0.023%	$886.4M	$1.58B	50x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,620.1	−0.030%	$2.96B	$5.10B	150x	as long as short
Reya BTCRUSDPERP	+0.0089%	1h	85,621.1	−0.029%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,635.7	−0.012%	$172.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,636.5	−0.011%	$23.9M	$147.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,621	−0.029%	$8.7M	$54.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,622.7	−0.027%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,590	−0.065%	$202K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,687.6	+0.049%	$5.2M	$9.1M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,652.6	+0.008%	$40.5M	$582.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,647.9	+0.002%	$9.38B	$24.26B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,618.7	−0.032%	$5.19B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,628	−0.021%	$2.59B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,611	−0.041%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,608	−0.044%	$4.4M	$98.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	−0.185%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,619.8	−0.031%	$5.52B	$10.72B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,617.9	−0.033%	$5.07B	$5.62B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,615.2	−0.036%	$35.7M	$176.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,565.9	−0.093%	$153.8M	$564.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,637	−0.010%	$279.8M	$921.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,666.6	+0.024%	$215.0M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,668.6	+0.027%	$140.1M	$315.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,629.2	−0.020%	$30.2M	$208.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,673.2	+0.032%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,621	−0.029%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,640	−0.007%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,625.5	−0.024%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,668.8	+0.027%	$207K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,619.7	−0.031%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,613.4	−0.038%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,625	−0.024%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,621.9	−0.028%	$2.27B	$946.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,594.8	−0.060%	$44.9M	$231.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,639.1	−0.008%	—	$107.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,661.6	+0.018%	$117.3M	$5.21B	50x	as long as short
Hyperliquid BTC	+0.0106%	1h	85,702	+0.066%	$3.79B	$5.01B	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,646.3	0.000%	$187.7M	$955.7M	100x	as long as short
RISEx BTC/USDClong	+0.0174%	1h	85,645.9	long leg	$8.9M	$42.9M	25x
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,657.5	+0.014%	$13.2M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0222%	1h	85,644.1	−0.002%	$78K	$220K	20x	as long as short
Kalshi KXBTCPERP	+0.0239%	8h	85,658	+0.014%	$12.0M	$757.3M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,664	+0.021%	$702K	$7.9M	30x	as long as short
Perpl BTCshort	+0.0335%	43m	85,626.5	−0.023%	$500K	$18.8M	6.7x