Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0031%/8h= +3.4% APRpaid last 24h +0.017%

Price spread now: Bullet against Bitget−0.029%47s7-day average +0.008% · 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−$210.210% of the position

Long on Bitget Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.023%+$2 on $10k

Price spread, last 7 days+0.028%+$3 · spread now −0.029%, 7d avg +0.008%

Together, before fees+0.051%+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bullet is 0.036% cheaper against Bitget than usual: you would sell low and buy high (spread −0.029% now, against its 7-day average of +0.008%). If the spread goes back, that is −$4 on $10k: about 3.9 days of funding at the current rate (+$1 a day). The two prices were read 47 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	Bitget BTCUSDT	85,633.2	0.0069	pay 0.0069% / 8h	6h 04m	$2.95B	$5.04B	150x
Short	Bullet BTC-USD	85,608.6	0.0100	get 0.0013% / 1h	4m 40s	$187K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Bitget. 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 BitgetbpFee BulletbpOrdersPrice spread, now −0.029%Rate

Funding earned: $6.51
Price spread: −0.029% → +0.008%: −$3.63
Slippage, 4 orders: −$0.96
Fee Bitget: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$18.08
Costs to cover: 0.210%
Break-even: 26.4 days

Slippage from Bitget: live order book, 5 min ago; Bullet: 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 Bitget live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.4 bp −$645	doesn't fit
Sell Bullet live order book, 5 min ago	0.23 bp	4.4 bp −$4	8.3 bp −$83	doesn't fit	doesn't fit

BTC on 55 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	−0.0144%	1h	85,616	−0.020%	$2.1M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,614	−0.022%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,641.2	+0.009%	$362K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,643.5	+0.012%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,622.3	−0.013%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,682	+0.057%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0023%	8h	85,621.4	−0.014%	$516.3M	$1.12B	200x	as long as short
KuCoin XBTUSDTM	+0.0025%	8h	85,616.8	−0.019%	$901.2M	$748.7M	125x	as long as short
Nado BTC-PERP	+0.0033%	1h	85,590.2	−0.050%	$22.7M	$225.8M	50x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,668.2	+0.041%	$8.4M	$42.2M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0054%	8h	85,603.1	−0.035%	$2.27B	$937.3M	200x	as long as short
BingX BTC-USDT	+0.0056%	8h	85,645.2	+0.014%	—	$1.56B	—	as long as short
Reya BTCRUSDPERP	+0.0061%	1h	85,602.2	−0.036%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDTlong	+0.0069%	8h	85,633.2	long leg	$2.95B	$5.04B	150x
SunX BTC-USDT	+0.0077%	8h	85,571.8	−0.072%	$2.9M	$6.6M	100x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,597.3	−0.042%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,636.2	+0.004%	$5.08B	$5.76B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,636.3	+0.004%	$9.34B	$24.03B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,640.5	+0.009%	$170.4M	$996.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,621.5	−0.014%	$23.9M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,644	+0.013%	$8.4M	$51.7M	100x	as long as short
ApeX Omni BTCUSDT	+0.0097%	1h	85,611.5	−0.025%	$140.0M	$317.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,673.1	+0.047%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,612	−0.025%	$206K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,675.3	+0.049%	$3.77B	$4.91B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,659.9	+0.031%	$40.2M	$569.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,642.5	+0.011%	$5.32B	$9.64B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,642.4	+0.011%	$2.55B	$12.19B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,599	−0.040%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,610.5	−0.027%	$7.1M	$96.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,649.9	+0.020%	$5.58B	$10.61B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,588.5	−0.052%	$35.1M	$167.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,602.8	−0.036%	$154.0M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,588.5	−0.052%	$278.4M	$938.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,544.9	−0.103%	$214.7M	$162.9M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,623.8	−0.011%	$30.3M	$210.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,659.5	+0.031%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,606	−0.032%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	85,608.6	−0.029%	$187K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,599.4	−0.039%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,640	+0.008%	$196K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,605.2	−0.033%	$30.0M	$56.1M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,603	−0.035%	$59.9M	$336.6M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,596.9	−0.042%	$150.9M	$480.3M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,593.2	−0.047%	$605.0M	$283.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,624.7	−0.010%	$44.1M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,621.7	−0.013%	—	$102.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,643.9	+0.012%	$130.7M	$5.10B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,626.3	−0.008%	$187.3M	$957.5M	100x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	85,644.8	+0.014%	$682K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0177%	1h	85,642.5	+0.011%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0186%	1h	85,620	−0.015%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,623	−0.012%	$10.2M	$765.4M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0233%	1h	85,654.2	+0.025%	$894.9M	$1.53B	50x	as long as short
Perpl BTC	+0.0447%	43m	85,633.1	0.000%	$510K	$20.1M	6.7x	as long as short