Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:33 UTC−0.0007%/8h= −0.8% APRpaid last 24h +0.024%

Price spread now: SoDEX against Perpl+0.009%7-day average −0.018% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Perpl Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.101%−$10 on $10k

Price spread, last 4 days (all we have)−0.058%−$6 · spread now +0.009%, 7d avg −0.018%

Together, before fees−0.158%+ Points / potential airdropPerpl: Active · farm board−$16 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SoDEX is 0.027% dearer against Perpl than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl BTC	86,057.4	0	get 0.0000% / 43m	28m 52s	$476K	$13.8M	6.7x
Short	SoDEX BTC-USD	86,065	−0.0007	pay 0.0001% / 1h	47m 52s	$65.9M	$187.9M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against Perpl. 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 PerplbpFee SoDEXbpOrdersPrice spread, now +0.009%Rate

Funding earned: −$1.45
Price spread: +0.009% → −0.018%: $2.68
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$20.57
Costs to cover: 0.218%
Break-even: never at this rate

Slippage unknown: Perpl: no order-book sample; SoDEX: live order book, 4 min ago. Net counts fees only.

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 Perpl no order-book sample	—	—	—	—	—
Sell SoDEX live order book, 4 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	5.0 bp −$497	42.1 bp −$21.1K

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 55 exchanges

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	−0.0133%	1h	86,126	+0.080%	$2.1M	$7.8M	40x	as long as short
ApeX Omni BTCUSDT	−0.0103%	1h	86,098.5	+0.048%	$137.8M	$295.3M	100x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,197	+0.162%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,040.4	−0.020%	$362K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0021%	8h	86,047.9	−0.011%	$422.6M	$563.8M	150x	as long as short
SoDEX BTC-USDshort	−0.0007%	1h	86,065	+0.009%	$65.9M	$187.9M	40x
dYdX BTC-USD	0.0000%	1h	86,061.8	+0.005%	$16.9M	$14.5M	50x	as long as short
Perpl BTClong	0.0000%	43m	86,057.4	long leg	$476K	$13.8M	6.7x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,067.7	+0.012%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,114	+0.066%	$301K	$26.2M	52x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0028%	8h	86,064.6	+0.008%	$513.1M	$874.0M	200x	as long as short
BingX BTC-USDC	+0.0028%	8h	86,056.1	−0.002%	—	$16.3M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,089.3	+0.037%	$191.6M	$768.3M	100x	as long as short
Bybit BTCUSDT	+0.0039%	8h	86,085.9	+0.033%	$5.15B	$8.13B	150x	as long as short
KuCoin XBTUSDTM	+0.0054%	8h	86,076.6	+0.022%	$943.7M	$633.5M	125x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,083.2	+0.030%	$5.52B	$8.90B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,041	−0.019%	$8.5M	$45.6M	100x	as long as short
Phemex BTCUSDT	+0.0092%	8h	86,076	+0.022%	$170.8M	$478.8M	150x	as long as short
Bitget BTCUSDT	+0.0093%	8h	86,078.5	+0.025%	$2.99B	$3.96B	150x	as long as short
HTX BTC-USDT	+0.0094%	8h	86,058.8	+0.002%	$2.27B	$803.8M	200x	as long as short
Lighter BTC	+0.0096%	1h	86,092.7	+0.041%	$173.9M	$854.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,095.1	+0.044%	$23.4M	$119.1M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,046.3	−0.013%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0098%	8h	86,073.2	+0.018%	$5.17B	$4.83B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	86,074.8	+0.020%	$9.45B	$20.51B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,015	−0.049%	$218K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,089.2	+0.037%	$6.0M	$7.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,038.4	−0.022%	$23.5M	$195.5M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,077.5	+0.023%	$40.1M	$571.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,092.3	+0.041%	$2.62B	$9.50B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,027	−0.035%	$4.0M	$15.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,071.7	+0.017%	$4.2M	$90.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	+0.130%	$716.4M	$134.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,059.6	+0.003%	$38.2M	$195.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,070.8	+0.016%	$156.6M	$475.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,058.2	+0.001%	$289.8M	$814.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,097	+0.046%	$216.3M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,074.5	+0.020%	$30.3M	$223.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,099.5	+0.049%	—	$9.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,059	+0.002%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,056	−0.002%	$205K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,057.7	0.000%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,107.1	+0.058%	$195K	$563K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,045.9	−0.013%	$3.3M	$6.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,049.8	−0.009%	$46.9M	$203.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,063.4	+0.007%	—	$81.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,120.6	+0.073%	$112.3M	$4.97B	50x	as long as short
Hyperliquid BTC	+0.0159%	1h	86,173	+0.134%	$3.97B	$4.36B	40x	as long as short
Kalshi KXBTCPERP	+0.0160%	8h	86,069	+0.013%	$12.0M	$733.9M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0163%	1h	86,077.4	+0.023%	$6.6M	$131.1M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,058.6	+0.001%	$8.9M	$37.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0252%	1h	86,082.2	+0.029%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0291%	1h	86,125.8	+0.079%	$822.9M	$1.50B	50x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	86,119	+0.072%	$725K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0446%	1h	86,115.2	+0.067%	$79K	$245K	20x	as long as short