Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.021%

Price spread now: edgeX against Bullet−0.065%67s7-day average −0.046% · 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—prices read too far apart to compare

costs, in and out, $10k−$190.190% of the position

Long on Bullet Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.134%−$13 on $10k

Price spread, last 7 days+0.043%+$4 · spread now −0.065%, 7d avg −0.046%

Together, before fees−0.091%+ Points / potential airdropedgeX: Active · farm board−$9 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet BTC-USD	86,417.8	0.0100	pay 0.0013% / 1h	28m 16s	$191K	$3.3M	20x
Short	edgeX BTCUSDC	86,361.8	0.0100	get 0.0050% / 4h	3h 28m	$278.9M	$951.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Bullet. 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 BulletbpFee edgeXbpOrdersPrice spread, now −0.065%Rate

Funding earned: $0
Price spread: −0.065% → −0.046%: −$1.93
Slippage, 4 orders: −$1.99
Fee Bullet: 4 bp × 2 orders: −$8
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$20.92
Costs to cover: 0.190%
Break-even: never at this rate

Slippage from Bullet: live order book, 1 min ago; edgeX: live order book, 1 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 Bullet live order book, 1 min ago	0.23 bp	5.1 bp −$5	8.1 bp −$81	doesn't fit	doesn't fit
Sell edgeX live order book, 1 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	4.7 bp −$467	5.7 bp −$2,856

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
Bluefin BTC-PERP	−0.0349%	1h	86,460.8	+0.050%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,403	−0.017%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,444	+0.030%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,413.5	−0.005%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,417.5	0.000%	$481K	$21.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,435.2	+0.020%	$36.9M	—	200x	as long as short
Phemex BTCUSDT	+0.0018%	8h	86,423.7	+0.007%	$154.6M	$473.6M	150x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	−0.069%	$343K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0024%	8h	86,417	−0.001%	$501.2M	$1.14B	200x	as long as short
dYdX BTC-USD	+0.0027%	1h	86,436	+0.021%	$16.9M	$20.5M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0041%	8h	86,430	+0.014%	$832.1M	$719.6M	125x	as long as short
Reya BTCRUSDPERP	+0.0045%	1h	86,415.3	−0.003%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0050%	8h	86,420.7	+0.003%	—	$1.57B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,420	+0.003%	$8.3M	$42.4M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0059%	1h	86,465.2	+0.055%	$902.5M	$1.51B	50x	as long as short
Bitget BTCUSDT	+0.0063%	8h	86,414.2	−0.004%	$2.97B	$5.03B	150x	as long as short
MEXC BTC_USDT	+0.0078%	8h	86,420.9	+0.004%	$5.13B	$5.70B	500x	as long as short
Binance BTCUSDT	+0.0079%	8h	86,418.2	0.000%	$9.42B	$24.30B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,416.2	−0.002%	$2.5M	$1.8M	20x	as long as short
SoDEX BTC-USD	+0.0095%	1h	86,428	+0.012%	$60.4M	$338.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,433.9	+0.019%	$170.7M	$986.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,435.2	+0.020%	$23.7M	$149.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,403	−0.017%	$8.4M	$52.0M	100x	as long as short
HTX BTC-USDT	+0.0098%	8h	86,407.4	−0.012%	$2.29B	$962.6M	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,390	−0.032%	$202K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,478.8	+0.071%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,429.9	+0.014%	$22.0M	$227.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,484.8	+0.077%	$3.79B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,476.8	+0.068%	$41.1M	$552.2M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,420.3	+0.003%	$5.26B	$9.66B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,426.5	+0.010%	$2.56B	$12.48B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,452	+0.040%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,459.5	+0.048%	$7.2M	$94.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,422.3	+0.005%	$5.80B	$10.54B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,412.6	−0.006%	$37.5M	$158.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,377.3	−0.047%	$158.2M	$561.5M	—	as long as short
edgeX BTCUSDCshort	+0.0100%	4h	86,361.8	−0.065%	$278.9M	$951.4M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	86,400.1	−0.021%	$217.0M	$165.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,356.3	−0.071%	$141.6M	$321.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,351.2	−0.077%	$30.7M	$209.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,450.5	+0.038%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,429	+0.013%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	86,417.8	long leg	$191K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,428.2	+0.012%	$2.5M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,450.4	+0.038%	$30.5M	$58.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,398.7	−0.022%	$3.4M	$5.2M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,411.1	−0.008%	$576.0M	$32.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,410.3	−0.009%	$45.9M	$221.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,426.3	+0.010%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,455	+0.043%	$132.4M	$5.39B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,455.2	+0.043%	$192.5M	$941.4M	100x	as long as short
Aftermath Perps BTCUSD	+0.0167%	1h	86,408.1	−0.011%	$77K	$217K	20x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,394.7	−0.027%	$710K	$7.9M	30x	as long as short
BloFin BTC-USDT	+0.0198%	8h	86,365.3	−0.061%	$415.9M	$645.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0205% / S −0.0219%	1h	86,428.6	+0.012%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,453	+0.041%	$10.2M	$762.9M	6.4x	as long as short