Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.007%

Price spread now: OKX against Bullet+0.007%7-day average −0.005% · 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−$19as in the Price arb table

costs, in and out, $10k−$200.199% of the position

Long on Bullet Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.004%$0 on $10k

Price spread, last 7 days−0.013%−$1 · spread now +0.007%, 7d avg −0.005%

Together, before fees−0.016%−$2 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet BTC-USD	85,561.1	0.0100	pay 0.0013% / 1h	6m 08s	$204K	$3.3M	20x
Short	OKX BTC-USDT-SWAP	85,567.1	0.0100	get 0.0100% / 8h	2h 06m	$2.59B	$12.26B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Bullet. 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 BulletbpFee OKXbpOrdersPrice spread, now +0.007%Rate

Funding earned: $0
Price spread: +0.007% → −0.005%: $1.17
Slippage, 4 orders: −$1.94
Fee Bullet: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$18.77
Costs to cover: 0.199%
Break-even: never at this rate

Slippage from Bullet: live order book, 3 min ago; OKX: live order book, 3 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 Bullet live order book, 3 min ago	0.41 bp	4.9 bp −$5	7.9 bp −$79	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$501	5.9 bp −$2,965

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
Perpl BTC	−0.0112%	43m	85,541.4	−0.023%	$524K	$18.3M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,557	−0.005%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,520	−0.048%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0051%	8h	85,550.7	−0.012%	$929.9M	$772.2M	125x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,524.7	−0.042%	$417.9M	$683.9M	150x	as long as short
Aster BTCUSDT	−0.0008%	8h	85,552.2	−0.010%	$514.5M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,569.3	+0.010%	$355K	$2.4M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,538.3	−0.027%	$16.8M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,569.9	+0.010%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,349	−0.248%	$339K	$26.8M	52x	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	+0.0043%	1h	85,537.4	−0.028%	$24.7M	$222.5M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0052%	1h	85,595.2	+0.040%	$867.8M	$1.62B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,576.1	+0.018%	$188.6M	$953.9M	100x	as long as short
BingX BTC-USDC	+0.0069%	8h	85,544.8	−0.019%	—	$17.5M	—	as long as short
Phemex BTCUSDT	+0.0078%	8h	85,560.4	−0.001%	$149.0M	$506.8M	150x	as long as short
Bitget BTCUSDT	+0.0087%	8h	85,570	+0.010%	$2.96B	$5.18B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,572.5	+0.013%	$171.5M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,575.7	+0.017%	$23.7M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,563	+0.002%	$8.4M	$55.9M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,559.2	−0.002%	$5.02B	$5.76B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,554.9	−0.007%	$2.4M	$6.7M	20x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,601.5	+0.047%	$117.2M	$5.45B	50x	as long as short
Binance BTCUSDT	+0.0096%	8h	85,561.3	0.000%	$9.46B	$24.91B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,533	−0.033%	$236K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,609.6	+0.057%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,647	+0.100%	$3.76B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,583.5	+0.026%	$40.1M	$598.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,556.5	−0.005%	$5.16B	$9.98B	150x	as long as short
OKX BTC-USDT-SWAPshort	+0.0100%	8h	85,567.1	+0.007%	$2.59B	$12.26B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	85,536	−0.029%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,557.2	−0.005%	$4.6M	$98.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,501.7	−0.069%	$682.6M	$531.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,571.8	+0.013%	$5.52B	$11.09B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,558.4	−0.003%	$36.5M	$178.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,517.5	−0.051%	$155.0M	$560.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,513.1	−0.056%	$280.1M	$951.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,550.7	−0.012%	$214.8M	$167.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,544.6	−0.019%	$139.8M	$314.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,514.8	−0.054%	$30.2M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,616.2	+0.064%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,555	−0.007%	$11.0M	$14.5M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	85,561.1	long leg	$204K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,571.9	+0.013%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,605.9	+0.052%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,546.9	−0.017%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,505.8	−0.065%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,561	0.000%	$59.9M	$336.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,549.9	−0.013%	$2.26B	$942.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,534.7	−0.031%	$44.5M	$240.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,549.5	−0.014%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0120%	1h	85,550.4	−0.012%	$6.6M	$147.5M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,566.5	+0.006%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	85,572	+0.013%	$11.6M	$743.1M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0227%	1h	85,508.4	−0.062%	$79K	$228K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,559.3	−0.002%	$694K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,584.2	+0.027%	$8.7M	$43.2M	25x	as long as short