Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0019%/8h= +2.1% APRpaid last 24h +0.017%

Price spread now: Bulk against Gate−0.222%7-day average +0.003% · 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−$44as in the Price arb table

costs, in and out, $10k−$220.220% of the position

Long on Gate Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.035%+$4 on $10k

Price spread, last 7 days+0.219%+$22 · spread now −0.222%, 7d avg +0.003%

Together, before fees+0.254%+$25 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.225% cheaper against Gate than usual: you would sell low and buy high (spread −0.222% now, against its 7-day average of +0.003%). If the spread goes back, that is −$22 on $10k: about 39 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate BTC_USDT	86,770.3	0.0081	pay 0.0081% / 8h	2h 22m	$5.86B	$10.66B	200x
Short	Bulk BTC-USD	86,577.9	0.0100	get 0.0013% / 1h	22m 05s	$571.8M	$22.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Gate. 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 GatebpFee BulkbpOrdersPrice spread, now −0.222%Rate

Funding earned: $3.99
Price spread: −0.222% → +0.003%: −$22.46
Slippage, 4 orders: −$0.04
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$40.51
Costs to cover: 0.220%
Break-even: 78.1 days

Slippage from Gate: live order book, 2 min ago; Bulk: live order book, 2 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 Gate live order book, 2 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	9.3 bp −$932	doesn't fit
Sell Bulk live order book, 2 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$351	3.5 bp −$1,757

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
Aftermath Perps BTCUSD	−0.0237%	1h	86,727.8	−0.049%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,760.2	−0.012%	$429K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,781	+0.012%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,726	−0.051%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0067%	1h	86,773.8	+0.004%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,771.2	+0.001%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,803.7	+0.038%	$933.2M	$1.45B	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,762.2	−0.009%	$849.3M	$706.9M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,789.9	+0.023%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	86,758	−0.014%	$506.7M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,768	−0.003%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0022%	8h	86,768.7	−0.002%	$150.3M	$471.6M	150x	as long as short
BingX BTC-USDT	+0.0026%	8h	86,770.6	0.000%	—	$1.60B	—	as long as short
Bitget BTCUSDT	+0.0034%	8h	86,773.4	+0.004%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.151%	$315K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,768.3	−0.002%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0057%	8h	86,768.8	−0.002%	$5.19B	$5.70B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,759.1	−0.013%	$9.45B	$24.35B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,751.4	−0.022%	$9.2M	$41.9M	25x	as long as short
Gate BTC_USDTlong	+0.0081%	8h	86,770.3	long leg	$5.86B	$10.66B	200x
OKX BTC-USDT-SWAP	+0.0082%	8h	86,761.6	−0.010%	$2.56B	$12.74B	100x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,753.2	−0.020%	$5.29B	$9.71B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,781.9	+0.013%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,787.1	+0.019%	$24.0M	$153.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,744	−0.030%	$8.5M	$52.3M	100x	as long as short
Variational Omni BTC	+0.0097%	8h	86,726.9	−0.050%	$159.3M	$566.6M	—	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,732	−0.044%	$203K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,791.3	+0.024%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,739.8	−0.035%	$21.8M	$235.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,840	+0.080%	$3.82B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,770.9	+0.001%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,751	−0.022%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,808.2	+0.044%	$7.5M	$94.8M	40x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	86,577.9	−0.222%	$571.8M	$22.4M	40x
Backpack BTC_USDC_PERP	+0.0100%	1h	86,768	−0.003%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,653.8	−0.134%	$280.0M	$950.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,676.9	−0.108%	$217.6M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,687.3	−0.096%	$141.5M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,775.2	+0.006%	$30.8M	$204.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,820.4	+0.058%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,768	−0.003%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,770.8	+0.001%	$197K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,784.9	+0.017%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,798.1	+0.032%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,777	+0.008%	$30.1M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,770.9	+0.001%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,769	−0.001%	$60.6M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,762	−0.010%	$2.30B	$958.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,756.8	−0.015%	$46.3M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,789.7	+0.022%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,802.9	+0.038%	$188.4M	$933.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,812.6	+0.049%	$132.1M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0139%	8h	86,784	+0.016%	$9.6M	$726.9M	6.4x	as long as short
BloFin BTC-USDT	+0.0177%	8h	86,733.1	−0.043%	$417.1M	$654.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,785.8	+0.018%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,784	+0.016%	$698K	$7.1M	30x	as long as short