Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0013%/8h= −1.4% APRpaid last 24h +0.005%

Price spread now: Binance against SoDEX−0.047%45s7-day average +0.004% · 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−$180.181% of the position

Long on SoDEX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.012%+$1 on $10k

Price spread, last 4 days (all we have)+0.122%+$12 · spread now −0.047%, 7d avg +0.004%

Together, before fees+0.134%+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Binance is 0.051% cheaper against SoDEX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.004%). 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	SoDEX BTC-USD	85,587	0.0100	pay 0.0013% / 1h	39m 32s	$59.9M	$336.2M	40x
Short	Binance BTCUSDT	85,547	0.0087	get 0.0087% / 8h	5h 39m	$9.32B	$23.88B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against SoDEX. 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 SoDEXbpFee BinancebpOrdersPrice spread, now −0.047%Rate

Funding earned: −$2.78
Price spread: −0.047% → +0.004%: −$5.05
Slippage, 4 orders: −$0.13
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$25.96
Costs to cover: 0.181%
Break-even: never at this rate

Slippage from SoDEX: live order book, 5 min ago; Binance: 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 SoDEX live order book, 5 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	6.0 bp −$596	44.2 bp −$22.1K
Sell Binance live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$509	6.7 bp −$3,365

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	−0.0160%	1h	85,585	−0.002%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,598	+0.013%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,548.7	−0.045%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,512.5	−0.087%	$414.8M	$661.8M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,596	+0.010%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,541.2	−0.054%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,546.6	−0.047%	$22.7M	$221.4M	50x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	85,540.5	−0.054%	$917.9M	$753.2M	125x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,568.9	−0.021%	$515.6M	$1.11B	200x	as long as short
BingX BTC-USDC	+0.0054%	8h	85,534	−0.062%	—	$17.1M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0067%	1h	85,546.8	−0.047%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,553.8	−0.039%	$2.95B	$5.02B	150x	as long as short
HTX BTC-USDT	+0.0069%	8h	85,563.7	−0.027%	$2.27B	$932.5M	200x	as long as short
Phemex BTCUSDT	+0.0077%	8h	85,578.4	−0.010%	$148.3M	$478.5M	150x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.035%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,579.1	−0.009%	$2.5M	$1.7M	20x	as long as short
SunX BTC-USDT	+0.0083%	8h	85,551.4	−0.042%	$2.9M	$6.1M	100x	as long as short
Binance BTCUSDTshort	+0.0087%	8h	85,547	−0.047%	$9.32B	$23.88B	150x
MEXC BTC_USDT	+0.0087%	8h	85,535.6	−0.060%	$5.04B	$5.61B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,562	−0.029%	$169.7M	$987.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,579.9	−0.008%	$23.9M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,547	−0.047%	$8.4M	$51.9M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0098%	1h	85,617.9	+0.036%	$893.1M	$1.52B	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,594.3	+0.009%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,525	−0.072%	$203K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,615	+0.033%	$3.77B	$4.93B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,589.5	+0.003%	$40.5M	$573.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,564.4	−0.026%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,557.9	−0.034%	$2.56B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,534	−0.062%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,515.2	−0.084%	$7.2M	$97.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	−0.028%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,555.2	−0.037%	$5.55B	$10.47B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,571.6	−0.018%	$35.1M	$171.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,503.7	−0.097%	$154.4M	$549.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,550.1	−0.043%	$278.9M	$928.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,591.1	+0.005%	$214.8M	$164.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,603.5	+0.019%	$140.0M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,620.2	+0.039%	$30.3M	$210.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,616.3	+0.034%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,550	−0.043%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,538.6	−0.057%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,586.9	0.000%	$2.3M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,631.8	+0.052%	$197K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,587.6	+0.001%	$30.0M	$52.5M	15x	as long as short
SoDEX BTC-USDlong	+0.0100%	1h	85,587	long leg	$59.9M	$336.2M	40x
Extended BTC-USD	+0.0104%	1h	85,523	−0.075%	$44.1M	$227.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,583.7	−0.004%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,608.9	+0.026%	$130.6M	$5.08B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,575.2	−0.014%	$8.3M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,600.6	+0.016%	$187.8M	$948.4M	100x	as long as short
Aftermath Perps BTCUSD	+0.0195%	1h	85,573.8	−0.015%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,624.4	+0.044%	$699K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,537.9	−0.057%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,614	+0.032%	$10.5M	$760.1M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,596.3	+0.011%	$522K	$19.4M	6.7x	as long as short