Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0058%/8h= +6.4% APRpaid last 24h −0.006%

Price spread now: edgeX against Nado−0.018%7-day average −0.045% · 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−$13as in the Price arb table

costs, in and out, $10k−$160.162% of the position

Long on Nado Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.140%−$14 on $10k

Price spread, last 7 days−0.007%−$1 · spread now −0.018%, 7d avg −0.045%

Together, before fees−0.147%+ Points / potential airdropNado: Active · edgeX: Active · farm board−$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and edgeX is 0.027% dearer against Nado than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.045%. Mind the row above: over the last 3 days funding on this pair cost −0.140%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado BTC-PERP	85,488.1	0.0042	pay 0.0005% / 1h	1m 04s	$24.6M	$222.6M	50x
Short	edgeX BTCUSDC	85,472.9	0.0100	get 0.0050% / 4h	2h 01m	$280.0M	$953.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Nado. 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 NadobpFee edgeXbpOrdersPrice spread, now −0.018%Rate

Funding earned: $12.22
Price spread: −0.018% → −0.045%: $2.72
Slippage, 4 orders: −$0.15
Fee Nado: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$1.21
Costs to cover: 0.162%
Break-even: 7.7 days

Slippage from Nado: live order book, 3 min ago; edgeX: 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 Nado live order book, 3 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.3 bp −$431	9.8 bp −$4,902
Sell edgeX live order book, 3 min ago	0.02 bp	4.5 bp −$5	4.5 bp −$45	4.7 bp −$474	5.8 bp −$2,899

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	−0.0111%	1h	85,504	+0.019%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,524	+0.042%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0050%	8h	85,461	−0.032%	$928.8M	$772.0M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,488.5	+0.001%	$420.5M	$684.0M	150x	as long as short
Aster BTCUSDT	−0.0007%	8h	85,461	−0.032%	$513.9M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,484.8	−0.004%	$354K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,494.2	+0.007%	$527K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	85,489.8	+0.002%	$16.8M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,474.5	−0.016%	$36.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0021%	1h	85,500.8	+0.015%	$868.9M	$1.62B	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	+0.0023%	1h	85,492	+0.005%	$339K	$26.8M	52x	as long as short
Nado BTC-PERPlong	+0.0042%	1h	85,488.1	long leg	$24.6M	$222.6M	50x
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,482.1	−0.007%	$188.2M	$954.4M	100x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,467.1	−0.025%	—	$1.56B	—	as long as short
Phemex BTCUSDT	+0.0084%	8h	85,472.1	−0.019%	$149.1M	$507.2M	150x	as long as short
Bitget BTCUSDT	+0.0087%	8h	85,462.1	−0.030%	$2.96B	$5.18B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,477.7	−0.012%	$171.3M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,477.3	−0.013%	$23.7M	$149.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,480	−0.009%	$8.4M	$55.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,463.9	−0.028%	$2.4M	$6.7M	20x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,509.1	+0.025%	$117.0M	$5.46B	50x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,468.3	−0.023%	$5.01B	$5.77B	500x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,468.3	−0.023%	$9.45B	$24.93B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,453	−0.041%	$236K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,525.4	+0.044%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,550	+0.072%	$3.76B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,510.5	+0.026%	$40.0M	$598.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,464	−0.028%	$5.15B	$9.98B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,467.6	−0.024%	$2.59B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,484	−0.005%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,480.5	−0.009%	$4.6M	$98.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,466.6	−0.025%	$5.51B	$11.11B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,453.4	−0.041%	$36.6M	$179.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,535.9	+0.056%	$155.0M	$560.6M	—	as long as short
edgeX BTCUSDCshort	+0.0100%	4h	85,472.9	−0.018%	$280.0M	$953.9M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	85,493.3	+0.006%	$214.7M	$167.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,528	+0.047%	$139.8M	$314.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,480.9	−0.008%	$30.1M	$207.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,539.7	+0.060%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,466	−0.026%	$11.0M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,470.1	−0.021%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,472.1	−0.019%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,512.2	+0.028%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,449.8	−0.045%	$30.0M	$47.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,453.6	−0.040%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,468	−0.023%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,465.4	−0.026%	$2.26B	$941.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,476.9	−0.013%	$684.3M	$499.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,432	−0.066%	$44.5M	$240.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,497	+0.011%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0121%	1h	85,462.2	−0.030%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,474.8	−0.016%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	85,506	+0.021%	$11.5M	$743.8M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0235%	1h	85,510	+0.026%	$79K	$228K	20x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,527.9	+0.047%	$692K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,503.1	+0.018%	$8.8M	$43.2M	25x	as long as short