Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0124%/8h= −13.5% APRpaid last 24h −0.003%

Price spread now: RISEx against Bybit+0.032%7-day average +0.008% · 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−$180.182% of the position

Long on Bybit Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.003%$0 on $10k

Price spread, last 7 days+0.003%$0 · spread now +0.032%, 7d avg +0.008%

Together, before fees+0.007%+$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. RISEx is 0.025% dearer against Bybit than usual: you sell high and buy low (spread +0.032% now, against its 7-day average of +0.008%): +$2 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	86,523	0.0100	pay 0.0100% / 8h	39m 28s	$5.26B	$9.82B	150x
Short	RISEx BTC/USDC	86,551.1	−0.0024	pay 0.0003% / 1h	39m 28s	$8.3M	$42.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.032%Rate

Funding earned: −$25.96
Price spread: +0.032% → +0.008%: $2.47
Slippage, 4 orders: −$1.22
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$41.71
Costs to cover: 0.182%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; RISEx: 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	6.1 bp −$613	7.8 bp −$3,911
Sell RISEx live order book, 5 min ago	0.01 bp	3.0 bp −$3	3.0 bp −$30	11.0 bp −$1,100	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	−0.0118%	1h	86,598	+0.087%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,541	+0.021%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.052%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDCshort	−0.0024%	1h	86,551.1	+0.032%	$8.3M	$42.9M	25x
01 Exchange BTCUSD	−0.0024%	1h	86,550.3	+0.032%	$360K	$2.5M	50x	as long as short
Aster BTCUSDT	0.0000%	8h	86,530.2	+0.008%	$501.9M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,577.2	+0.063%	$916.5M	$1.49B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,547.3	+0.028%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0013%	8h	86,533.3	+0.012%	$850.4M	$715.1M	125x	as long as short
dYdX BTC-USD	+0.0027%	1h	86,584.4	+0.071%	$17.0M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0028%	1h	86,536.1	+0.015%	$6.7M	$145.4M	40x	as long as short
BingX BTC-USDC	+0.0042%	8h	86,509	−0.016%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0044%	8h	86,548.8	+0.030%	$150.5M	$479.2M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,529.1	+0.007%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,535.8	+0.015%	$5.15B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,527.1	+0.005%	$9.43B	$24.57B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,538.5	+0.018%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,523.6	+0.001%	$5.88B	$10.75B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,556.4	+0.039%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,560.9	+0.044%	$24.0M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,551	+0.032%	$8.5M	$52.6M	100x	as long as short
SoDEX BTC-USD	+0.0097%	1h	86,543	+0.023%	$60.5M	$337.7M	40x	as long as short
Bybit BTCUSDTlong	+0.0100%	8h	86,523	long leg	$5.26B	$9.82B	150x
Katana Perps BTC-USD	+0.0100%	8h	86,525	+0.002%	$197K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,572	+0.057%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,539.4	+0.019%	$21.9M	$234.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,611.1	+0.102%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,580.6	+0.067%	$40.8M	$527.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,525.3	+0.003%	$2.55B	$12.75B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,557	+0.039%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,578.9	+0.065%	$7.6M	$95.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,538.4	+0.018%	$38.4M	$155.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,585.8	+0.073%	$157.4M	$570.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,569.6	+0.054%	$279.6M	$946.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,600.3	+0.089%	$217.5M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,597.6	+0.086%	$141.5M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,558	+0.040%	$30.7M	$204.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,591.9	+0.080%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,538	+0.017%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,530.7	+0.009%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,531.5	+0.010%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,556.8	+0.039%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,574.6	+0.060%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,556.7	+0.039%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,531.6	+0.010%	$2.30B	$970.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,562.5	+0.046%	$572.7M	$17.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,518.4	−0.005%	$45.5M	$227.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,564.1	+0.048%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,569.3	+0.054%	$193.5M	$951.6M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,559	+0.042%	$417K	$23.2M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,584.6	+0.071%	$132.6M	$5.68B	50x	as long as short
Aftermath Perps BTCUSD	+0.0125%	1h	86,594.8	+0.083%	$79K	$218K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,625.4	+0.118%	$728K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0193%	8h	86,593.5	+0.081%	$413.9M	$658.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0193% / S −0.0215%	1h	86,541.6	+0.021%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,583	+0.069%	$9.6M	$743.9M	6.4x	as long as short