Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0015%/8h= +1.6% APRpaid last 24h +0.018%

Price spread now: Popdex against Gate+0.015%7-day average +0.006% · 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−$21as in the Price arb table

costs, in and out, $10k−$220.221% of the position

Long on Gate Short on Popdex

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−0.017%−$2 · spread now +0.015%, 7d avg +0.006%

Together, before fees+0.018%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.006%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate BTC_USDT	86,378.7	0.0081	pay 0.0081% / 8h	21m 31s	$5.85B	$10.78B	200x
Short	Popdex BTCUSDT	86,392	0.0096	get 0.0012% / 1h	21m 31s	$8.4M	$52.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.015%Rate

Funding earned: $3.15
Price spread: +0.015% → +0.006%: $0.94
Slippage, 4 orders: −$0.73
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$18.04
Costs to cover: 0.221%
Break-even: 47.1 days

Slippage from Gate: live order book, 3 min ago; Popdex: live order book, 3 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, 3 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	8.9 bp −$892	14.7 bp −$7,335
Sell Popdex live order book, 3 min ago	0.06 bp	3.9 bp −$4	3.9 bp −$39	4.2 bp −$420	5.6 bp −$2,824

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	86,367	−0.014%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,360	−0.022%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.039%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,394	+0.018%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,392.5	+0.016%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,395.5	+0.019%	$501.3M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,418.6	+0.046%	$412K	$22.9M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,435.5	+0.066%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,378.2	−0.001%	$852.6M	$715.8M	125x	as long as short
Reya BTCRUSDPERP	+0.0033%	1h	86,384	+0.006%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0042%	8h	86,373	−0.007%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,378.6	0.000%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0054%	8h	86,411.6	+0.038%	$150.2M	$478.7M	150x	as long as short
dYdX BTC-USD	+0.0060%	1h	86,411.1	+0.038%	$16.9M	$21.2M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0067%	1h	86,445.3	+0.077%	$914.1M	$1.48B	50x	as long as short
MEXC BTC_USDT	+0.0068%	8h	86,384.1	+0.006%	$5.16B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,384.2	+0.006%	$9.42B	$24.59B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,403.1	+0.028%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDTlong	+0.0081%	8h	86,378.7	long leg	$5.85B	$10.78B	200x
SoDEX BTC-USD	+0.0088%	1h	86,403	+0.028%	$60.4M	$338.1M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,392.2	+0.016%	$170.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,404	+0.029%	$23.9M	$152.5M	50x	as long as short
Popdex BTCUSDTshort	+0.0096%	1h	86,392	+0.015%	$8.4M	$52.4M	100x
Bybit BTCUSDT	+0.0097%	8h	86,388.1	+0.011%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,363	−0.018%	$202K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,430.7	+0.060%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,396.5	+0.021%	$21.9M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,460	+0.094%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,417.2	+0.045%	$41.0M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,398.6	+0.023%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,397	+0.021%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,425.6	+0.054%	$7.4M	$95.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,402.9	+0.028%	$38.0M	$156.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,405.8	+0.031%	$157.3M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,328.2	−0.058%	$278.8M	$946.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,354.3	−0.028%	$216.8M	$171.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,355.9	−0.026%	$141.2M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,377.3	−0.002%	$30.6M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,432.1	+0.062%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,391	+0.014%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,382.9	+0.005%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,406.6	+0.032%	$2.4M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,440	+0.071%	$140K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,442.1	+0.073%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,402.6	+0.028%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,399	+0.024%	$2.29B	$969.6M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.100%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,355.2	−0.027%	$45.6M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,385.8	+0.008%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,435.2	+0.065%	$191.8M	$955.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,450.9	+0.084%	$132.3M	$5.65B	50x	as long as short
Aftermath Perps BTCUSD	+0.0154%	1h	86,432.6	+0.062%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,447.2	+0.079%	$728K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,365.3	−0.016%	$416.7M	$657.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0197% / S −0.0220%	1h	86,425.1	+0.054%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,419	+0.047%	$9.8M	$749.8M	6.4x	as long as short