Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0123%/8h= +13.5% APRpaid last 24h +0.029%

Price spread now: Popdex against BloFin+0.019%7-day average +0.009% · 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−$18as in the Price arb table

costs, in and out, $10k−$190.194% of the position

Long on BloFin Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.088%+$9 on $10k

Price spread, last 4 days (all we have)+0.016%+$2 · spread now +0.019%, 7d avg +0.009%

Together, before fees+0.105%+$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.009%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin BTC-USDT	85,477	−0.0027	get 0.0027% / 8h	1h 24m	$421.1M	$684.6M	150x
Short	Popdex BTCUSDT	85,493	0.0096	get 0.0012% / 1h	24m 48s	$8.4M	$56.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against BloFin. 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 BloFinbpFee PopdexbpOrdersPrice spread, now +0.019%Rate

Funding earned: $25.93
Price spread: +0.019% → +0.009%: $0.97
Slippage, 4 orders: −$1.01
Fee BloFin: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: $7.5
Costs to cover: 0.194%
Break-even: 5.0 days

Slippage from BloFin: live order book, 4 min ago; Popdex: live order book, 4 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 BloFin live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.5 bp −$649	7.8 bp −$3,900
Sell Popdex live order book, 4 min ago	0.06 bp	3.5 bp −$4	3.6 bp −$36	3.8 bp −$380	5.2 bp −$2,592

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	−0.0082%	1h	85,446	−0.036%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,454	−0.027%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0044%	8h	85,460.2	−0.020%	$928.7M	$774.3M	125x	as long as short
BloFin BTC-USDTlong	−0.0027%	8h	85,477	long leg	$421.1M	$684.6M	150x
Aster BTCUSDT	−0.0010%	8h	85,439.7	−0.044%	$513.2M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,502.8	+0.030%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,523	+0.054%	$491K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,470	−0.008%	$16.8M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,477	0.000%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0040%	1h	85,468.9	−0.010%	$24.4M	$222.6M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.269%	$338K	$26.8M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0069%	1h	85,511	+0.040%	$862.0M	$1.64B	50x	as long as short
BingX BTC-USDC	+0.0071%	8h	85,428	−0.057%	—	$17.5M	—	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,469.4	−0.009%	$2.4M	$6.7M	20x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,484.7	+0.009%	$186.4M	$960.5M	100x	as long as short
Bitget BTCUSDT	+0.0090%	8h	85,439.8	−0.044%	$2.97B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,440.1	−0.043%	$5.02B	$5.76B	500x	as long as short
Binance BTCUSDT	+0.0093%	8h	85,440.3	−0.043%	$9.43B	$24.99B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,457	−0.023%	$170.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,485.5	+0.010%	$23.5M	$148.2M	50x	as long as short
Popdex BTCUSDTshort	+0.0096%	1h	85,493	+0.019%	$8.4M	$56.4M	100x
Katana Perps BTC-USD	+0.0100%	8h	85,470	−0.008%	$242K	$8.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,437	−0.047%	$5.15B	$9.99B	150x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,514.5	+0.044%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,525	+0.056%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,483.2	+0.007%	$40.0M	$602.6M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,447.9	−0.034%	$2.60B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,459	−0.021%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,466.8	−0.012%	$5.2M	$98.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,448.7	−0.033%	$5.55B	$11.03B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,455.7	−0.025%	$37.1M	$178.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,436.8	−0.047%	$154.6M	$558.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,386.4	−0.106%	$279.8M	$950.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,423.4	−0.063%	$214.5M	$163.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,436.7	−0.047%	$139.7M	$313.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,414.7	−0.073%	$30.1M	$203.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,552.4	+0.088%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,506	+0.034%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,500	+0.027%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,480.4	+0.004%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,520.3	+0.051%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,214.5	−0.307%	$29.9M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,506.7	+0.035%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,471	−0.007%	$59.8M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,479.1	+0.002%	$2.26B	$968.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,498.9	+0.026%	$152.9M	$510.7M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,269.9	−0.242%	$683.1M	$415.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,423.1	−0.063%	$44.9M	$240.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,481.9	+0.006%	—	$106.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,505.6	+0.033%	$115.2M	$5.49B	50x	as long as short
Reya BTCRUSDPERP	+0.0129%	1h	85,462.8	−0.017%	$6.6M	$147.7M	40x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,499	+0.026%	$11.8M	$741.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,488.8	+0.014%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,441.9	−0.041%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,492.1	+0.018%	$685K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0247%	1h	85,377.9	−0.116%	$79K	$230K	20x	as long as short