Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.012%

Price spread now: Bullet against SoDEX+0.045%52s7-day average +0.008% · 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—prices read too far apart to compare

costs, in and out, $10k−$180.175% of the position

Long on SoDEX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.019%+$2 on $10k

Price spread, last 3 days (all we have)−0.010%−$1 · spread now +0.045%, 7d avg +0.008%

Together, before fees+0.010%+$1 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: Bullet is 0.036% dearer against SoDEX than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.008%. The two prices were read 52 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	86,732	0.0100	pay 0.0013% / 1h	22m 19s	$60.6M	$336.4M	40x
Short	Bullet BTC-USD	86,770.8	0.0100	get 0.0013% / 1h	22m 19s	$197K	$3.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now +0.045%Rate

Funding earned: $0
Price spread: +0.045% → +0.008%: $3.63
Slippage, 4 orders: −$1.52
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$13.89
Costs to cover: 0.175%
Break-even: never at this rate

Slippage from SoDEX: live order book, 2 min ago; Bullet: live order book, 2 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, 2 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	5.0 bp −$501	42.2 bp −$21.1K
Sell Bullet live order book, 2 min ago	0.29 bp	4.8 bp −$5	8.1 bp −$81	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
Aftermath Perps BTCUSD	−0.0237%	1h	86,727.8	−0.005%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,760.2	+0.033%	$429K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,781	+0.056%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,726	−0.007%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0067%	1h	86,773.8	+0.048%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,771.2	+0.045%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,767.1	+0.040%	$934.0M	$1.45B	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,765.3	+0.038%	$849.3M	$706.9M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,789.9	+0.067%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	86,758	+0.030%	$506.7M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,768	+0.041%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0022%	8h	86,741	+0.010%	$150.2M	$471.6M	150x	as long as short
BingX BTC-USDT	+0.0026%	8h	86,773	+0.047%	—	$1.60B	—	as long as short
Bitget BTCUSDT	+0.0034%	8h	86,770.3	+0.044%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.107%	$315K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,768.3	+0.042%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0057%	8h	86,770	+0.044%	$5.19B	$5.70B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,770.9	+0.045%	$9.45B	$24.35B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,751.4	+0.022%	$9.2M	$41.9M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,774.3	+0.049%	$5.86B	$10.66B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0082%	8h	86,783.7	+0.060%	$2.56B	$12.75B	100x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,767.2	+0.041%	$5.29B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,757.5	+0.029%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,762.4	+0.035%	$24.0M	$153.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,744	+0.014%	$8.5M	$52.3M	100x	as long as short
Variational Omni BTC	+0.0097%	8h	86,726.9	−0.006%	$159.3M	$566.6M	—	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,732	0.000%	$203K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,791.3	+0.068%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,739.8	+0.009%	$21.8M	$235.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,832	+0.115%	$3.82B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,770.9	+0.045%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,751	+0.022%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,808.2	+0.088%	$7.5M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.178%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,722.5	−0.011%	$38.1M	$148.5M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,653.8	−0.090%	$280.0M	$950.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,676.9	−0.064%	$217.6M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,687.3	−0.052%	$141.5M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,775.2	+0.050%	$30.8M	$204.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,820.4	+0.102%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,768	+0.042%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	86,770.8	+0.045%	$197K	$3.4M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,784.9	+0.061%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,798.1	+0.076%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,777	+0.052%	$30.1M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,735.3	+0.004%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USDlong	+0.0100%	1h	86,732	long leg	$60.6M	$336.4M	40x
HTX BTC-USDT	+0.0100%	8h	86,729.4	−0.003%	$2.30B	$958.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,732	0.000%	$46.3M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,789.7	+0.067%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,754.5	+0.026%	$188.5M	$933.0M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,779.2	+0.054%	$132.1M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0139%	8h	86,815	+0.096%	$9.6M	$726.5M	6.4x	as long as short
BloFin BTC-USDT	+0.0177%	8h	86,733.1	+0.001%	$417.1M	$654.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,785.8	+0.062%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,784	+0.060%	$698K	$7.1M	30x	as long as short