Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.158%

Price spread now: Bluefin against SoDEX+0.041%7-day average −0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$220.219% of the position

Long on SoDEX Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.398%−$40 on $10k

Price spread, last 4 days (all we have)−0.046%−$5 · spread now +0.041%, 7d avg −0.013%

Together, before fees−0.444%−$44 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: Bluefin is 0.055% dearer against SoDEX than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX BTC-USD	85,520	0.0100	pay 0.0013% / 1h	23m 19s	$59.9M	$336.2M	40x
Short	Bluefin BTC-PERP	85,555.4	0.0100	get 0.0013% / 1h	23m 19s	$207K	$738K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now +0.041%Rate

Funding earned: $0
Price spread: +0.041% → −0.013%: $5.48
Slippage, 4 orders: −$6.89
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$16.41
Costs to cover: 0.219%
Break-even: never at this rate

Slippage from SoDEX: live order book, 1 min ago; Bluefin: live order book, 36 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, 1 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	5.0 bp −$502	41.1 bp −$20.5K
Sell Bluefin live order book, 36 min ago	2.16 bp	6.1 bp −$6	11.3 bp −$113	doesn't fit	doesn't fit

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	85,485	−0.041%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,534	+0.016%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,510.4	−0.011%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,505.5	−0.017%	$417.1M	$667.7M	150x	as long as short
KuCoin XBTUSDTM	−0.0020%	8h	85,489.6	−0.036%	$920.0M	$751.0M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,522.4	+0.003%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	85,501.8	−0.021%	$515.5M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0015%	1h	85,497.7	−0.026%	$16.7M	$21.2M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,490.5	−0.034%	$4.4M	$98.4M	40x	as long as short
Nado BTC-PERP	+0.0022%	1h	85,520	0.000%	$25.5M	$222.3M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0062%	8h	85,516.4	−0.004%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0073%	8h	85,510.2	−0.011%	$147.6M	$487.2M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,515.8	−0.005%	$2.95B	$5.07B	150x	as long as short
Reya BTCRUSDPERP	+0.0083%	1h	85,505.1	−0.017%	$6.7M	$146.7M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,529.9	+0.012%	$173.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,538.5	+0.022%	$23.9M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,510	−0.012%	$8.4M	$52.9M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,515.9	−0.005%	$5.07B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,511.2	−0.010%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,515.8	−0.005%	$9.37B	$24.14B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,486	−0.040%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,575.2	+0.065%	$4.9M	$8.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,586	+0.077%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,546	+0.030%	$40.7M	$580.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,510.7	−0.011%	$5.21B	$9.79B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,521.7	+0.002%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,499	−0.025%	$3.8M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	−0.005%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,518.7	−0.002%	$5.51B	$10.72B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,517	−0.004%	$35.7M	$176.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,455.5	−0.075%	$153.7M	$564.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,482.9	−0.043%	$279.2M	$920.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,448.2	−0.084%	$214.5M	$169.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,521.5	+0.002%	$139.8M	$314.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,507.1	−0.015%	$30.2M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,566.3	+0.054%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,510	−0.012%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,515	−0.006%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,514.4	−0.007%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	85,555.4	+0.041%	$207K	$738K	40x
Derive BTC-PERP	+0.0100%	1h	85,510.6	−0.011%	$29.9M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,496.2	−0.028%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USDlong	+0.0100%	1h	85,520	long leg	$59.9M	$336.2M	40x
HTX BTC-USDT	+0.0100%	8h	85,499.9	−0.024%	$2.26B	$942.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,494.7	−0.030%	$44.6M	$230.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,526.2	+0.007%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,560.8	+0.048%	$117.1M	$5.19B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0141%	1h	85,561.6	+0.049%	$884.7M	$1.57B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,475	−0.053%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,543.2	+0.027%	$187.6M	$954.9M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,532.9	+0.015%	$8.2M	$42.5M	25x	as long as short
Aftermath Perps BTCUSD	+0.0201%	1h	85,518.6	−0.002%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,521.6	+0.002%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,537.3	+0.020%	$703K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,539	+0.022%	$10.5M	$756.5M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,538.3	+0.021%	$500K	$18.8M	6.7x	as long as short