Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0099%/8h= −10.8% APRpaid last 24h −0.002%

Price spread now: Nado against Bybit+0.028%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−$16as in the Price arb table

costs, in and out, $10k−$180.181% of the position

Long on Bybit Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.014%+$1 on $10k

Price spread, last 7 days−0.019%−$2 · spread now +0.028%, 7d avg +0.005%

Together, before fees−0.004%+ Points / potential airdropNado: Active · farm board$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Nado is 0.023% dearer against Bybit than usual: you sell high and buy low (spread +0.028% now, against its 7-day average of +0.005%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 19 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	85,524.7	0.0100	pay 0.0100% / 8h	3h 19m	$5.18B	$9.87B	150x
Short	Nado BTC-PERP	85,548.6	0.0001	get 0.0000% / 1h	19m 34s	$24.5M	$222.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.028%Rate

Funding earned: −$20.78
Price spread: +0.028% → +0.005%: $2.34
Slippage, 4 orders: −$0.14
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$36.59
Costs to cover: 0.181%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Nado: live order book, 5 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, 5 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.6 bp −$556	7.3 bp −$3,625
Sell Nado live order book, 5 min ago	0.06 bp	3.6 bp −$4	4.1 bp −$41	5.1 bp −$511	10.7 bp −$5,374

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	−0.0140%	1h	85,468	−0.066%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,553	+0.033%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0043%	8h	85,541.4	+0.020%	$920.4M	$758.0M	125x	as long as short
BloFin BTC-USDT	−0.0026%	8h	85,543.9	+0.022%	$420.0M	$676.3M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,544.7	+0.023%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0006%	8h	85,522.9	−0.002%	$515.0M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,560.5	+0.042%	$507K	$18.7M	6.7x	as long as short
Nado BTC-PERPshort	+0.0001%	1h	85,548.6	+0.028%	$24.5M	$222.9M	50x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,576.6	+0.061%	$36.6M	—	200x	as long as short
dYdX BTC-USD	+0.0033%	1h	85,583.7	+0.069%	$16.8M	$21.2M	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	+0.0044%	1h	85,552	+0.032%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0053%	1h	85,545	+0.024%	$59.9M	$336.0M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0063%	1h	85,592.8	+0.080%	$872.0M	$1.60B	50x	as long as short
BingX BTC-USDT	+0.0064%	8h	85,522.9	−0.002%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0066%	8h	85,542.2	+0.020%	$148.6M	$496.0M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,529.2	+0.005%	$2.95B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0094%	8h	85,520.2	−0.005%	$5.07B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0094%	8h	85,526.9	+0.003%	$9.45B	$24.43B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,550.6	+0.030%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,551.1	+0.031%	$23.9M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,529	+0.005%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,546.2	+0.025%	$2.8M	$2.2M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,510	−0.017%	$230K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,565.3	+0.048%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,626	+0.118%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,562.6	+0.044%	$40.4M	$591.8M	50x	as long as short
Bybit BTCUSDTlong	+0.0100%	8h	85,524.7	long leg	$5.18B	$9.87B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,538.5	+0.016%	$2.59B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,523	−0.002%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,528.1	+0.004%	$4.7M	$99.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,535.9	+0.013%	$5.54B	$10.84B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,531.6	+0.008%	$36.1M	$178.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,535	+0.012%	$154.3M	$565.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,494.4	−0.035%	$279.2M	$930.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,547.9	+0.027%	$215.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,554.5	+0.035%	$140.0M	$315.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,525.5	+0.001%	$30.2M	$207.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,589	+0.075%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,532	+0.009%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,561.6	+0.043%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,557.5	+0.038%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,611	+0.101%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,548.1	+0.027%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,545.7	+0.025%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,543	+0.021%	$2.26B	$949.7M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,447	−0.091%	$679.5M	$701.9M	40x	as long as short
Reya BTCRUSDPERP	+0.0102%	1h	85,522.7	−0.002%	$6.6M	$147.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,498.4	−0.031%	$45.7M	$235.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,556.6	+0.037%	—	$106.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,579.7	+0.064%	$117.2M	$5.26B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,565.4	+0.048%	$188.0M	$957.0M	100x	as long as short
Kalshi KXBTCPERP	+0.0169%	8h	85,601	+0.089%	$11.5M	$754.0M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,567.1	+0.050%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0149%	1h	85,578.6	+0.063%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,593.2	+0.080%	$701K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0247%	1h	85,522.6	−0.002%	$78K	$222K	20x	as long as short