Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:46 UTC+0.0012%/8h= +1.3% APRpaid last 24h −0.031%

Price spread now: Perpl against SoDEX−0.054%7-day average +0.018% · you buy dearer than you sell

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

Long on SoDEX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.082%+$8 on $10k

Price spread, last 3 days (all we have)+0.084%+$8 · spread now −0.054%, 7d avg +0.018%

Together, before fees+0.166%+ Points / potential airdropPerpl: Active · farm board+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Perpl is 0.072% cheaper against SoDEX than usual: you would sell low and buy high (spread −0.054% now, against its 7-day average of +0.018%). If the spread goes back, that is −$7 on $10k: about 21 days of funding at the current rate ($0 a day). At the pace of the last 3 days (+0.082% in total) that is about 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX BTC-USD	86,663	0.0100	pay 0.0013% / 1h	45m 38s	$60.6M	$337.6M	40x
Short	Perpl BTC	86,616.2	0.0112	get 0.0010% / 43m	41m 38s	$419K	$23.4M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against SoDEX. 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 SoDEXbpFee PerplbpOrdersPrice spread, now −0.054%Rate

Funding earned: $2.44
Price spread: −0.054% → +0.018%: −$7.18
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$26.54
Costs to cover: 0.218%
Break-even: 83.1 days

Slippage unknown: SoDEX: live order book, 4 min ago; Perpl: no order-book sample. 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 SoDEX live order book, 4 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	4.9 bp −$488	40.3 bp −$20.2K
Sell Perpl no order-book sample	—	—	—	—	—

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 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	86,505	−0.182%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,636	−0.031%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	−0.110%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,668.6	+0.007%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,648.9	−0.016%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	0.0000%	8h	86,655.4	−0.009%	$502.8M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,680.7	+0.020%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0011%	8h	86,655.5	−0.009%	$852.1M	$714.8M	125x	as long as short
Deribit BTC-PERPETUAL	+0.0013%	1h	86,700.1	+0.043%	$916.4M	$1.49B	50x	as long as short
Reya BTCRUSDPERP	+0.0026%	1h	86,646.5	−0.019%	$6.7M	$145.4M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BTC-USD	+0.0030%	1h	86,677.5	+0.017%	$17.0M	$21.1M	50x	as long as short
Phemex BTCUSDT	+0.0038%	8h	86,663.4	0.000%	$150.4M	$480.0M	150x	as long as short
BingX BTC-USDC	+0.0042%	8h	86,645.9	−0.020%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,660.2	−0.003%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,659.1	−0.005%	$5.15B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,685.6	+0.026%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0073%	8h	86,661.6	−0.002%	$9.44B	$24.56B	150x	as long as short
Gate BTC_USDT	+0.0084%	8h	86,662.3	−0.001%	$5.88B	$10.73B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,673.1	+0.012%	$170.6M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,680.4	+0.020%	$24.1M	$151.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,637	−0.030%	$8.5M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,642	−0.024%	$199K	$7.0M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,631.6	−0.036%	$21.8M	$234.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,700.1	+0.043%	$4.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,736	+0.084%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,692	+0.033%	$40.9M	$524.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,665.6	+0.003%	$5.27B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,671.2	+0.009%	$2.55B	$12.77B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,663	0.000%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,691.9	+0.033%	$7.6M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	−0.118%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,665.2	+0.003%	$38.3M	$155.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,524.8	−0.159%	$155.3M	$568.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,501.6	−0.186%	$279.5M	$946.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,516.2	−0.169%	$217.3M	$172.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,541.7	−0.140%	$141.4M	$323.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,574.7	−0.102%	$30.7M	$204.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,675.9	+0.015%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,642	−0.024%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,660	−0.003%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,663.7	+0.001%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,700.6	+0.043%	$141K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,695.9	+0.038%	$30.6M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,570.9	−0.106%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USDlong	+0.0100%	1h	86,663	long leg	$60.6M	$337.6M	40x
HTX BTC-USDT	+0.0100%	8h	86,646.8	−0.019%	$2.30B	$969.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,644.4	−0.021%	$45.4M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,680.2	+0.020%	—	$99.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,697.5	+0.040%	$193.9M	$951.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0111%	1h	86,585.2	−0.090%	$79K	$220K	20x	as long as short
Perpl BTCshort	+0.0112%	43m	86,616.2	−0.054%	$419K	$23.4M	6.7x
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,710.8	+0.055%	$132.9M	$5.69B	50x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,598.3	−0.075%	$729K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0192%	8h	86,589.3	−0.085%	$414.8M	$658.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0192% / S −0.0215%	1h	86,676.2	+0.015%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,674	+0.013%	$9.8M	$742.3M	6.4x	as long as short