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 −0.008%

Price spread now: OKX against Bullet−0.207%7-day average −0.006% · 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−$39as in the Price arb table

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

Long on Bullet Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.003%$0 on $10k

Price spread, last 7 days+0.199%+$20 · spread now −0.207%, 7d avg −0.006%

Together, before fees+0.201%+$20 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: OKX is 0.201% cheaper against Bullet than usual: you would sell low and buy high, −$20 on $10k if it goes back to its 7-day average of −0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet BTC-USD	86,116.5	0.0100	pay 0.0013% / 1h	3m 42s	$189K	$3.3M	20x
Short	OKX BTC-USDT-SWAP	85,938.3	0.0100	get 0.0100% / 8h	7h 03m	$2.54B	$12.42B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.207%Rate

Funding earned: $0
Price spread: −0.207% → −0.006%: −$20.14
Slippage, 4 orders: −$1.01
Fee Bullet: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$39.15
Costs to cover: 0.190%
Break-even: never at this rate

Slippage from Bullet: live order book, just now; OKX: live order book, 5 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, just now	0.06 bp	4.3 bp −$4	8.5 bp −$85	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.4 bp −$542	7.3 bp −$3,631

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	−0.0129%	1h	86,215	+0.114%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,129	+0.015%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	86,111.1	−0.006%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,144.7	+0.033%	$518K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,126.9	+0.012%	$36.8M	—	200x	as long as short
dYdX BTC-USD	+0.0023%	1h	85,950.3	−0.193%	$16.8M	$20.5M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,365	+0.289%	$343K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0031%	8h	85,973.6	−0.166%	$498.5M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0044%	8h	85,915.2	−0.234%	$825.7M	$715.8M	125x	as long as short
Reya BTCRUSDPERP	+0.0050%	1h	86,101.2	−0.018%	$6.7M	$145.8M	40x	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	+0.0052%	1h	86,122.8	+0.007%	$8.2M	$42.4M	25x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,908.2	−0.242%	—	$15.3M	—	as long as short
HTX BTC-USDT	+0.0056%	8h	86,045.8	−0.082%	$2.28B	$959.1M	200x	as long as short
Bitget BTCUSDT	+0.0066%	8h	85,909.3	−0.241%	$2.95B	$5.07B	150x	as long as short
Phemex BTCUSDT	+0.0066%	8h	86,057.3	−0.069%	$155.2M	$473.2M	150x	as long as short
SoDEX BTC-USD	+0.0069%	1h	86,066	−0.059%	$60.3M	$338.3M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,069.6	−0.054%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0082%	8h	85,949.1	−0.194%	$9.35B	$24.33B	150x	as long as short
MEXC BTC_USDT	+0.0082%	8h	85,925.9	−0.221%	$5.09B	$5.78B	500x	as long as short
Bluefin BTC-PERP	+0.0087%	1h	86,118	+0.002%	$144K	$666K	40x	as long as short
Gate BTC_USDT	+0.0095%	8h	85,972.8	−0.167%	$5.74B	$10.68B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,960.1	−0.182%	$169.8M	$998.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,961.9	−0.180%	$23.5M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,113	−0.004%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,091	−0.030%	$201K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,946.5	−0.197%	$4.2M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,113.4	−0.004%	$21.8M	$225.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,000	−0.135%	$3.76B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,984	−0.154%	$40.7M	$560.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,945.1	−0.199%	$5.23B	$9.67B	150x	as long as short
OKX BTC-USDT-SWAPshort	+0.0100%	8h	85,938.3	−0.207%	$2.54B	$12.42B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	86,120	+0.004%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,134.1	+0.020%	$7.3M	$95.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,014	−0.119%	$35.4M	$161.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,079.3	−0.043%	$156.4M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,114.1	−0.003%	$278.1M	$940.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,175.4	+0.068%	$216.3M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,194.2	+0.090%	$141.1M	$320.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,069.2	−0.055%	$30.5M	$206.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,148.9	+0.038%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,112	−0.005%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	86,116.5	long leg	$189K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,080.1	−0.042%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,088.5	−0.032%	$30.2M	$57.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,047.1	−0.081%	$3.3M	$5.4M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,141.5	+0.029%	$581.0M	$76.4M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,950.3	−0.193%	$46.0M	$222.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,080.4	−0.042%	—	$99.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,084.4	−0.037%	$132.2M	$5.27B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0122%	1h	86,090	−0.031%	$190.1M	$954.0M	100x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	86,108.8	−0.009%	$724K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,174.5	+0.067%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0182%	1h	86,111.8	−0.005%	$902.8M	$1.51B	50x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,079.9	−0.042%	$415.6M	$640.3M	150x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	86,114	−0.003%	$10.2M	$766.1M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,121.5	+0.006%	$14.5M	—	200x	as long as short