Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0140%/8h= +15.3% APRpaid last 24h +0.042%

Price spread now: Hibachi against edgeX+0.087%66s7-day average +0.077% · you sell dearer than you buy

Net, funding: paid 7d − costs+$34as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$190.191% of the position

Long on edgeX Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.527%+$53 on $10k

Price spread, last 7 days−0.025%−$3 · spread now +0.087%, 7d avg +0.077%

Together, before fees+0.501%+ Points / potential airdropedgeX: Active · Hibachi: Active · farm board+$50 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.077%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate. The two prices were read 66 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	edgeX BTCUSDC	85,494.4	0.0100	pay 0.0050% / 4h	3h 17m	$279.2M	$930.5M	100x
Short	Hibachi BTC/USDT-P	85,569.1	0.0240	get 0.0030% / 1h	17m 51s	$701K	$7.9M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against edgeX. 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 edgeXbpFee HibachibpOrdersPrice spread, now +0.087%Rate

Funding earned: $29.4
Price spread: +0.087% → +0.077%: $1.02
Slippage, 4 orders: −$1.13
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $11.29
Costs to cover: 0.191%
Break-even: 4.3 days

Slippage from edgeX: live order book, 1 min ago; Hibachi: 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 edgeX live order book, 1 min ago	0.01 bp	4.6 bp −$5	4.6 bp −$46	4.8 bp −$481	5.9 bp −$2,925
Sell Hibachi live order book, 1 min ago	0.01 bp	5.4 bp −$5	6.0 bp −$60	72.0 bp −$7,205	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	−0.0140%	1h	85,468	−0.031%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,553	+0.069%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0044%	8h	85,548.6	+0.063%	$920.5M	$758.0M	125x	as long as short
BloFin BTC-USDT	−0.0026%	8h	85,549.9	+0.065%	$420.0M	$676.4M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,534.1	+0.046%	$364K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0006%	8h	85,563.6	+0.081%	$515.3M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,528.6	+0.040%	$505K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0001%	1h	85,519.3	+0.029%	$24.5M	$223.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,561.1	+0.078%	$36.6M	—	200x	as long as short
dYdX BTC-USD	+0.0032%	1h	85,584.5	+0.105%	$16.8M	$21.3M	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	+0.067%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0054%	1h	85,550	+0.065%	$59.9M	$336.0M	40x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,577.4	+0.097%	—	$1.55B	—	as long as short
Phemex BTCUSDT	+0.0068%	8h	85,560.1	+0.077%	$148.9M	$496.4M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,587.1	+0.108%	$2.95B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0094%	8h	85,560.7	+0.078%	$5.07B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0094%	8h	85,578.3	+0.098%	$9.45B	$24.44B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,588.1	+0.110%	$172.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,592.4	+0.115%	$23.9M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,520	+0.030%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,548.7	+0.064%	$2.7M	$2.6M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,507	+0.015%	$229K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,566.2	+0.084%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,664	+0.198%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,558.1	+0.075%	$40.4M	$591.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,569.2	+0.088%	$5.18B	$9.87B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,577.6	+0.097%	$2.59B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,520	+0.030%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,521.9	+0.032%	$4.7M	$99.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,582.4	+0.103%	$5.54B	$10.84B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,551.6	+0.067%	$36.1M	$178.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,535	+0.047%	$154.3M	$565.4M	—	as long as short
edgeX BTCUSDClong	+0.0100%	4h	85,494.4	long leg	$279.2M	$930.5M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	85,547.9	+0.063%	$215.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,554.5	+0.070%	$140.0M	$315.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,524.3	+0.035%	$30.2M	$206.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,594.5	+0.117%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,546	+0.060%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,548.4	+0.063%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,541.5	+0.055%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,597.8	+0.121%	$207K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,539.3	+0.053%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,529.6	+0.041%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,541.3	+0.055%	$2.27B	$949.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,447	−0.055%	$679.5M	$701.9M	40x	as long as short
Reya BTCRUSDPERP	+0.0102%	1h	85,542.2	+0.056%	$6.6M	$147.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,532.6	+0.045%	$45.7M	$235.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,533.9	+0.046%	—	$106.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,606.2	+0.131%	$117.2M	$5.26B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0114%	1h	85,598.7	+0.122%	$872.1M	$1.60B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,575.1	+0.094%	$188.0M	$957.0M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,556.9	+0.073%	$8.6M	$42.9M	25x	as long as short
Kalshi KXBTCPERP	+0.0176%	8h	85,576	+0.095%	$11.5M	$753.8M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,555.3	+0.071%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-Pshort	+0.0240%	1h	85,569.1	+0.087%	$701K	$7.9M	30x
Aftermath Perps BTCUSD	+0.0255%	1h	85,553	+0.069%	$78K	$222K	20x	as long as short