Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h −0.008%

Price spread now: SoDEX against Bulk−0.155%7-day average −0.009% · 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−$30as in the Price arb table

costs, in and out, $10k−$150.152% of the position

Long on Bulk Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.024%−$2 on $10k

Price spread, last 3 days (all we have)+0.216%+$22 · spread now −0.155%, 7d avg −0.009%

Together, before fees+0.192%+$19 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 0.145% cheaper against Bulk than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	85,804.9	0.0100	pay 0.0013% / 1h	41m 44s	$582.3M	$118.5M	40x
Short	SoDEX BTC-USD	85,672	0.0100	get 0.0013% / 1h	41m 44s	$60.0M	$337.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against Bulk. 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 BulkbpFee SoDEXbpOrdersPrice spread, now −0.155%Rate

Funding earned: $0
Price spread: −0.155% → −0.009%: −$14.54
Slippage, 4 orders: −$0.17
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$29.71
Costs to cover: 0.152%
Break-even: never at this rate

Slippage from Bulk: live order book, 2 min ago; SoDEX: 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 Bulk live order book, 2 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$353	3.7 bp −$1,841
Sell SoDEX live order book, 2 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	4.9 bp −$485	39.8 bp −$19.9K

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	−0.0144%	1h	85,767	−0.044%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,711	−0.109%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.056%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,643.7	−0.188%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,687.3	−0.137%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,735.8	−0.081%	$510K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,684.9	−0.140%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	+0.006%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0037%	8h	85,676.6	−0.150%	$496.9M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0040%	8h	85,655.2	−0.174%	$893.6M	$757.3M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,667	−0.161%	$8.1M	$42.5M	25x	as long as short
Reya BTCRUSDPERP	+0.0054%	1h	85,694.6	−0.128%	$6.7M	$146.1M	40x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,661.3	−0.167%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,655.2	−0.174%	$2.95B	$5.14B	150x	as long as short
HTX BTC-USDT	+0.0072%	8h	85,655.3	−0.174%	$2.27B	$969.7M	200x	as long as short
ApeX Omni BTCUSDT	+0.0076%	1h	85,808.2	+0.004%	$140.3M	$320.9M	100x	as long as short
Nado BTC-PERP	+0.0078%	1h	85,687.6	−0.137%	$22.7M	$229.6M	50x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,666	−0.162%	$9.33B	$24.60B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,645.9	−0.185%	$5.11B	$5.68B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,665.2	−0.163%	$2.5M	$1.8M	20x	as long as short
Lighter BTC	+0.0096%	1h	85,652.4	−0.178%	$169.2M	$980.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,656.1	−0.173%	$23.3M	$145.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,699	−0.123%	$8.4M	$52.5M	100x	as long as short
Gate BTC_USDT	+0.0099%	8h	85,659.9	−0.169%	$5.65B	$10.40B	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,632	−0.201%	$209K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,710	−0.111%	$3.8M	$8.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,740	−0.076%	$3.77B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,680.6	−0.145%	$40.8M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,669.5	−0.158%	$5.27B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,662.2	−0.166%	$2.55B	$12.52B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,644	−0.187%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,641.8	−0.190%	$7.3M	$98.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,676.9	−0.149%	$35.1M	$163.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,783.2	−0.025%	$155.9M	$552.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,787.3	−0.020%	$278.0M	$944.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,740.2	−0.075%	$215.2M	$164.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,805.4	+0.001%	$30.4M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,767.7	−0.043%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,701	−0.121%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,671.8	−0.155%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,671.7	−0.155%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,709.9	−0.111%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,682.5	−0.143%	$29.9M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,638.1	−0.194%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USDshort	+0.0100%	1h	85,672	−0.155%	$60.0M	$337.8M	40x
Phemex BTCUSDT	+0.0100%	8h	85,670.4	−0.157%	$154.0M	$480.3M	150x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	85,804.9	long leg	$582.3M	$118.5M	40x
Extended BTC-USD	+0.0104%	1h	85,634.2	−0.199%	$44.9M	$227.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,716.7	−0.103%	—	$101.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,706	−0.115%	$131.3M	$5.26B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0130%	1h	85,710.8	−0.110%	$892.9M	$1.54B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,832.3	+0.032%	$709K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,691.7	−0.132%	$188.7M	$970.8M	100x	as long as short
Aftermath Perps BTCUSD	+0.0150%	1h	85,794.3	−0.012%	$77K	$217K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,678.9	−0.147%	$13.8M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	85,728	−0.090%	$10.0M	$770.4M	6.4x	as long as short