Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Bullet against Bybit−0.018%7-day average +0.006% · 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−$23as in the Price arb table

costs, in and out, $10k−$210.205% of the position

Long on Bybit Short on Bullet

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+0.025%+$2 · spread now −0.018%, 7d avg +0.006%

Together, before fees+0.029%+$3 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: Bullet is 0.024% cheaper against Bybit than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	85,506	0.0100	pay 0.0100% / 8h	5h 53m	$5.32B	$9.57B	150x
Short	Bullet BTC-USD	85,491	0.0100	get 0.0013% / 1h	53m 40s	$188K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Bybit. 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 BybitbpFee BulletbpOrdersPrice spread, now −0.018%Rate

Funding earned: $0
Price spread: −0.018% → +0.006%: −$2.37
Slippage, 4 orders: −$1.53
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$22.89
Costs to cover: 0.205%
Break-even: never at this rate

Slippage from Bybit: live order book, 6 min ago; Bullet: live order book, 1 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 Bybit live order book, 6 min ago	0.01 bp	6.1 bp −$6	6.4 bp −$64	7.3 bp −$731	8.7 bp −$4,372
Sell Bullet live order book, 1 min ago	0.06 bp	4.8 bp −$5	8.7 bp −$87	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	85,538	+0.037%	$2.1M	$10.3M	40x	as long as short
ApeX Omni BTCUSDT	−0.0123%	1h	85,466.5	−0.046%	$139.7M	$316.3M	100x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,516	+0.012%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,490.7	−0.018%	$364K	$2.3M	50x	as long as short
Nado BTC-PERP	−0.0016%	1h	85,519.9	+0.016%	$22.5M	$222.5M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,532.4	+0.031%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,505.8	0.000%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,485.4	−0.024%	$515.3M	$1.11B	200x	as long as short
KuCoin XBTUSDTM	+0.0019%	8h	85,486.7	−0.023%	$898.4M	$745.1M	125x	as long as short
BingX BTC-USDC	+0.0054%	8h	85,490.7	−0.018%	—	$17.0M	—	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	+0.0058%	8h	85,496.9	−0.011%	$2.27B	$929.9M	200x	as long as short
Reya BTCRUSDPERP	+0.0064%	1h	85,482.5	−0.028%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,490.7	−0.018%	$2.94B	$5.01B	150x	as long as short
SoDEX BTC-USD	+0.0069%	1h	85,515	+0.011%	$59.9M	$336.4M	40x	as long as short
SunX BTC-USDT	+0.0075%	8h	85,478.4	−0.032%	$2.9M	$6.2M	100x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.130%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,505.5	−0.001%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,497.5	−0.010%	$5.07B	$5.57B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	85,501.5	−0.005%	$9.33B	$23.83B	150x	as long as short
Popdex BTCUSDT	+0.0088%	1h	85,493	−0.015%	$8.4M	$51.5M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,515.1	+0.011%	$169.5M	$982.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,512.3	+0.007%	$23.9M	$147.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,545.6	+0.046%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,475	−0.036%	$204K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,562	+0.065%	$3.76B	$4.90B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,533.3	+0.032%	$40.1M	$571.6M	50x	as long as short
Bybit BTCUSDTlong	+0.0100%	8h	85,506	long leg	$5.32B	$9.57B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,501.3	−0.005%	$2.56B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,508	+0.002%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,466.1	−0.047%	$7.1M	$96.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,482.5	−0.027%	$608.2M	$317.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,506.6	+0.001%	$5.56B	$10.39B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,487	−0.022%	$34.7M	$169.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,577.1	+0.083%	$153.7M	$552.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,470.5	−0.041%	$278.0M	$927.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,468	−0.044%	$214.5M	$161.4M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,571	+0.076%	$30.2M	$211.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,548.9	+0.050%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,484	−0.026%	$11.0M	$14.0M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	85,491	−0.018%	$188K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,504.6	−0.002%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,540.4	+0.040%	$196K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,505	−0.001%	$30.0M	$52.7M	15x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,506.6	+0.001%	$149.1M	$478.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,472.7	−0.039%	$44.3M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,509.6	+0.004%	—	$103.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,547.6	+0.049%	$130.6M	$5.06B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,524.3	+0.021%	$8.4M	$42.1M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0139%	1h	85,540.4	+0.040%	$187.0M	$949.1M	100x	as long as short
Aftermath Perps BTCUSD	+0.0192%	1h	85,561.1	+0.064%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,621	+0.134%	$683K	$7.8M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0195%	1h	85,559.5	+0.063%	$894.9M	$1.52B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0181%	1h	85,500.7	−0.006%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,544	+0.044%	$10.4M	$760.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,538.1	+0.038%	$510K	$19.6M	6.7x	as long as short