Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: StandX against Bullet−0.047%55s7-day average −0.010% · 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−$200.202% of the position

Long on Bullet Short on StandX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.001%$0 on $10k

Price spread, last 7 days+0.041%+$4 · spread now −0.047%, 7d avg −0.010%

Together, before fees+0.040%+ Points / potential airdropStandX: Active · farm board+$4 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: StandX is 0.037% cheaper against Bullet than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.010%. The two prices were read 55 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	Bullet BTC-USD	85,236	0.0100	pay 0.0013% / 1h	35m 28s	$197K	$3.3M	20x
Short	StandX BTC-USD	85,195.8	0.0100	get 0.0013% / 1h	35m 28s	$30.0M	$210.7M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

StandX 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 StandXbpOrdersPrice spread, now −0.047%Rate

Funding earned: $0
Price spread: −0.047% → −0.010%: −$3.69
Slippage, 4 orders: −$4.2
Fee Bullet: 4 bp × 2 orders: −$8
Fee StandX: 4 bp × 2 orders: −$8
Net: −$23.88
Costs to cover: 0.202%
Break-even: never at this rate

Slippage from Bullet: live order book, 4 min ago; StandX: 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 Bullet live order book, 4 min ago	0.29 bp	4.3 bp −$4	6.9 bp −$69	doesn't fit	doesn't fit
Sell StandX live order book, 4 min ago	0.59 bp	5.9 bp −$6	6.7 bp −$67	7.3 bp −$731	9.0 bp −$4,503

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
Hotstuff BTC-PERP	−0.0080%	1h	85,200	−0.042%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,354	+0.138%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTM	−0.0024%	8h	85,189.4	−0.055%	$928.0M	$776.8M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,235.9	0.000%	$420.5M	$681.9M	150x	as long as short
Aster BTCUSDT	−0.0006%	8h	85,178.7	−0.067%	$509.3M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,195.1	−0.048%	$346K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0004%	1h	85,225.3	−0.013%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,245.9	+0.012%	$36.5M	—	200x	as long as short
ApeX Omni BTCUSDT	+0.0020%	1h	85,214.8	−0.025%	$139.7M	$312.6M	100x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,238.4	+0.003%	$185.6M	$954.1M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0065%	8h	85,184.6	−0.060%	—	$1.57B	—	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,249	+0.015%	$338K	$24.7M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0074%	1h	85,262.8	+0.031%	$840.8M	$1.66B	50x	as long as short
Bybit BTCUSDT	+0.0081%	8h	85,175.1	−0.071%	$5.12B	$10.00B	150x	as long as short
Nado BTC-PERP	+0.0088%	1h	85,226.6	−0.011%	$24.0M	$220.6M	50x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,189.4	−0.055%	$2.97B	$5.19B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,204.8	−0.037%	$168.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,204.1	−0.037%	$23.6M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,192	−0.052%	$8.4M	$57.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,228.2	−0.009%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,188	−0.056%	$5.03B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,186	−0.059%	$9.37B	$25.10B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,168	−0.080%	$269K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,238.6	+0.003%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,268	+0.038%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,225.7	−0.012%	$39.9M	$606.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,189.4	−0.055%	$2.59B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,206	−0.035%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,201.9	−0.040%	$4.6M	$97.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,188.8	−0.055%	$5.49B	$11.06B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,213.7	−0.026%	$37.3M	$186.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,196.3	−0.047%	$155.5M	$553.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,229.3	−0.008%	$282.6M	$957.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,333.8	+0.115%	$214.3M	$158.5M	50x	as long as short
StandX BTC-USDshort	+0.0100%	1h	85,195.8	−0.047%	$30.0M	$210.7M	40x
Vest BTC-PERP	+0.0100%	1h	85,262.8	+0.031%	—	$10.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,192	−0.052%	$10.9M	$14.8M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	85,236	long leg	$197K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,235.4	−0.001%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,272.8	+0.043%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,206.4	−0.035%	$29.9M	$45.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,213.2	−0.027%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,224	−0.014%	$59.6M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,220	−0.019%	$2.25B	$970.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,243.4	+0.009%	$159.0M	$515.0M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,299.3	+0.074%	$693.1M	$258.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,160.6	−0.088%	$45.5M	$241.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,195.9	−0.047%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,250	+0.016%	$112.0M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0139%	1h	85,178.3	−0.068%	$6.6M	$145.7M	40x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	85,248	+0.014%	$12.1M	$737.0M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,210.8	−0.030%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,240.9	+0.006%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,246.5	+0.012%	$682K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0298%	1h	85,335.3	+0.116%	$80K	$253K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,199.6	−0.043%	$474K	$18.4M	6.7x	as long as short