Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Orderly against Bullet−0.016%7-day average −0.004% · you buy dearer than you sell

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

Long on Bullet Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.012%+$1 on $10k

Price spread, last 4 days (all we have)−0.011%−$1 · spread now −0.016%, 7d avg −0.004%

Together, before fees+0.001%$0 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	86,093.8	0.0100	pay 0.0013% / 1h	52m 00s	$205K	$3.2M	20x
Short	Orderly PERP_BTC_USDC	86,080.1	0.0100	get 0.0100% / 8h	5h 52m	$2.7M	$8.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.016%Rate

Funding earned: $0
Price spread: −0.016% → −0.004%: −$1.2
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$15.2
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Bullet: live order book, just now; Orderly: 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 Bullet live order book, just now	0.23 bp	4.6 bp −$5	6.9 bp −$69	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	+0.037%	$2.0M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,197	+0.120%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,076.4	−0.020%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,091.8	−0.002%	$421.2M	$564.2M	150x	as long as short
SoDEX BTC-USD	0.0000%	1h	86,097	+0.004%	$65.9M	$187.9M	40x	as long as short
dYdX BTC-USD	0.0000%	1h	86,064.4	−0.034%	$16.9M	$14.6M	50x	as long as short
Perpl BTC	0.0000%	43m	86,108.2	+0.017%	$481K	$13.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,111.6	+0.021%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,214	+0.140%	$301K	$26.1M	52x	as long as short
Aster BTCUSDT	+0.0028%	8h	86,085.8	−0.009%	$513.2M	$875.3M	200x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,113.5	+0.023%	$191.3M	$770.3M	100x	as long as short
BingX BTC-USDC	+0.0030%	8h	86,078.4	−0.018%	—	$16.3M	—	as long as short
Bybit BTCUSDT	+0.0036%	8h	86,100	+0.007%	$5.14B	$8.14B	150x	as long as short
ApeX Omni BTCUSDT	+0.0037%	1h	86,155.8	+0.072%	$137.8M	$295.3M	100x	as long as short
KuCoin XBTUSDTM	+0.0054%	8h	86,091.3	−0.003%	$943.1M	$634.7M	125x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,103.2	+0.011%	$5.52B	$8.88B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,073	−0.024%	$8.8M	$45.3M	100x	as long as short
Phemex BTCUSDT	+0.0088%	8h	86,088.5	−0.006%	$170.6M	$479.1M	150x	as long as short
Bitget BTCUSDT	+0.0095%	8h	86,097.5	+0.004%	$2.99B	$3.97B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,103.5	+0.011%	$173.8M	$852.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,105.8	+0.014%	$23.4M	$119.0M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,069.3	−0.028%	$2.4M	$6.7M	20x	as long as short
HTX BTC-USDT	+0.0097%	8h	86,076.7	−0.020%	$2.27B	$805.8M	200x	as long as short
Binance BTCUSDT	+0.0099%	8h	86,098.7	+0.006%	$9.46B	$20.58B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,048	−0.053%	$218K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,112	+0.021%	$6.0M	$7.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,059.5	−0.040%	$23.5M	$196.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,101.8	+0.009%	$40.4M	$570.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,107.4	+0.016%	$2.62B	$9.51B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,063	−0.036%	$4.0M	$15.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,105.1	+0.013%	$4.2M	$90.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	+0.088%	$716.4M	$134.3M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,097.7	+0.005%	$5.17B	$4.82B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,092	−0.002%	$38.7M	$196.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,125.5	+0.037%	$158.0M	$474.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,136.3	+0.049%	$290.0M	$813.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,151.9	+0.068%	$216.4M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,151	+0.066%	$30.3M	$222.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,134.7	+0.048%	—	$9.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,077	−0.019%	$11.0M	$12.0M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	86,093.8	long leg	$205K	$3.2M	20x
Orderly PERP_BTC_USDCshort	+0.0100%	8h	86,080.1	−0.016%	$2.7M	$8.9M	100x
Bluefin BTC-PERP	+0.0100%	1h	86,127.2	+0.039%	$195K	$564K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,061.2	−0.038%	$3.2M	$6.6M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,062.9	−0.036%	$47.0M	$203.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,101.5	+0.009%	—	$81.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,143.8	+0.058%	$112.3M	$4.98B	50x	as long as short
Kalshi KXBTCPERP	+0.0159%	8h	86,102	+0.010%	$11.9M	$733.1M	6.4x	as long as short
Hyperliquid BTC	+0.0163%	1h	86,191	+0.113%	$3.97B	$4.36B	40x	as long as short
Reya BTCRUSDPERP	+0.0163%	1h	86,062.8	−0.036%	$6.6M	$131.1M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,098.7	+0.006%	$8.9M	$37.1M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0251%	1h	86,101.2	+0.009%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0245%	1h	86,143.2	+0.057%	$822.7M	$1.50B	50x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	86,160	+0.077%	$727K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0450%	1h	86,144.6	+0.059%	$79K	$245K	20x	as long as short