Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.149%

Price spread now: Bluefin against Bulk+0.090%7-day average −0.019% · 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−$9as in the Price arb table

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

Long on Bulk Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.437%−$44 on $10k

Price spread, last 4 days (all we have)−0.098%−$10 · spread now +0.090%, 7d avg −0.019%

Together, before fees−0.535%−$53 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 0.108% dearer against Bulk than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of −0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	85,324.1	0.0100	pay 0.0013% / 1h	59m 51s	$690.8M	$302.3M	40x
Short	Bluefin BTC-PERP	85,400.6	0.0100	get 0.0013% / 1h	59m 51s	$194K	$795K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Bulk. 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 BulkbpFee BluefinbpOrdersPrice spread, now +0.090%Rate

Funding earned: $0
Price spread: +0.090% → −0.019%: $10.83
Slippage, 4 orders: −$5.41
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$8.58
Costs to cover: 0.194%
Break-even: never at this rate

Slippage from Bulk: live order book, 4 min ago; Bluefin: live order book, 44 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 Bulk live order book, 4 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$351	4.2 bp −$2,116
Sell Bluefin live order book, 44 min ago	1.09 bp	6.5 bp −$7	11.6 bp −$116	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	−0.0082%	1h	85,415	+0.107%	$2.3M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,360	+0.042%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0031%	8h	85,353.1	+0.034%	$928.6M	$773.0M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,336.6	+0.015%	$420.9M	$680.7M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,342.9	+0.022%	$512.2M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,367.4	+0.051%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,343.9	+0.023%	$491K	$18.3M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	85,392.5	+0.080%	$847.8M	$1.65B	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,341.4	+0.020%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,384.6	+0.071%	$36.5M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0049%	1h	85,319.1	−0.006%	$24.1M	$219.6M	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,374	+0.058%	$338K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0073%	8h	85,325.3	+0.001%	—	$17.4M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,382.1	+0.068%	$185.8M	$952.0M	100x	as long as short
Bybit BTCUSDT	+0.0089%	8h	85,338.9	+0.017%	$5.13B	$9.97B	150x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,345.5	+0.025%	$2.96B	$5.16B	150x	as long as short
SoDEX BTC-USD	+0.0093%	1h	85,368	+0.051%	$59.7M	$336.6M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,355.3	+0.037%	$169.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,359.7	+0.042%	$23.5M	$149.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,357	+0.039%	$8.4M	$57.2M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,357.1	+0.039%	$5.03B	$5.79B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,361	+0.043%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0096%	8h	85,347.3	+0.027%	$9.42B	$24.88B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,330	+0.007%	$245K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,399.1	+0.088%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,425	+0.118%	$3.74B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,359	+0.041%	$40.4M	$603.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,357	+0.039%	$2.60B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,320	−0.005%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,350.6	+0.031%	$5.1M	$96.0M	40x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	85,324.1	long leg	$690.8M	$302.3M	40x
Gate BTC_USDT	+0.0100%	8h	85,356.6	+0.038%	$5.54B	$11.10B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,355.4	+0.037%	$37.2M	$183.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,299.4	−0.029%	$156.2M	$556.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,382.6	+0.069%	$279.7M	$953.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,372.3	+0.056%	$214.3M	$161.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,433.9	+0.129%	$139.7M	$313.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,339	+0.017%	$30.1M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,414	+0.105%	—	$9.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,376	+0.061%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,374.4	+0.059%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,364.1	+0.047%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	85,400.6	+0.090%	$194K	$795K	40x
Derive BTC-PERP	+0.0100%	1h	85,383.8	+0.070%	$30.0M	$46.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,325	+0.001%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,366.7	+0.050%	$2.26B	$963.2M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,379.1	+0.064%	$157.7M	$512.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,327.3	+0.004%	$45.2M	$240.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,335.2	+0.013%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,397.8	+0.086%	$113.1M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0135%	1h	85,361.4	+0.044%	$6.6M	$147.2M	40x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,382	+0.068%	$11.9M	$738.9M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,382	+0.068%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,377.3	+0.062%	$8.8M	$42.7M	25x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,374.7	+0.059%	$684K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0283%	1h	85,405.3	+0.095%	$79K	$246K	20x	as long as short