Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0003%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Bullet against Bybit+0.005%7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$210.210% of the position

Long on Bybit Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.011%+$1 on $10k

Price spread, last 7 days+0.010%+$1 · spread now +0.005%, 7d avg +0.006%

Together, before fees+0.022%+$2 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	86,378.6	0.0097	pay 0.0097% / 8h	21m 05s	$5.26B	$9.80B	150x
Short	Bullet BTC-USD	86,382.9	0.0100	get 0.0013% / 1h	21m 05s	$190K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Bybit. 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 BybitbpFee BulletbpOrdersPrice spread, now +0.005%Rate

Funding earned: $0.73
Price spread: +0.005% → +0.006%: −$0.12
Slippage, 4 orders: −$1.96
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$20.35
Costs to cover: 0.210%
Break-even: 202.5 days

Slippage from Bybit: live order book, 3 min ago; Bullet: live order book, 3 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 Bybit live order book, 3 min ago	0.01 bp	5.6 bp −$6	6.4 bp −$64	7.1 bp −$711	8.4 bp −$4,188
Sell Bullet live order book, 3 min ago	0.06 bp	4.9 bp −$5	8.2 bp −$82	doesn't fit	doesn't fit

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	86,367	−0.013%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,360	−0.022%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.039%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,394	+0.018%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,392.5	+0.016%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,372.7	−0.007%	$501.1M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,418.6	+0.046%	$412K	$22.9M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,387.9	+0.011%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,364.2	−0.017%	$852.5M	$715.8M	125x	as long as short
Reya BTCRUSDPERP	+0.0033%	1h	86,384	+0.006%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0039%	1h	86,395.3	+0.019%	$914.0M	$1.48B	50x	as long as short
BingX BTC-USDT	+0.0042%	8h	86,385.3	+0.008%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,375.3	−0.004%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0054%	8h	86,361.3	−0.020%	$150.1M	$478.8M	150x	as long as short
dYdX BTC-USD	+0.0060%	1h	86,411.1	+0.038%	$16.9M	$21.2M	50x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,346.4	−0.037%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0068%	8h	86,370.2	−0.010%	$5.16B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,369.3	−0.011%	$9.42B	$24.59B	150x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,379.3	+0.001%	$5.85B	$10.78B	200x	as long as short
SoDEX BTC-USD	+0.0089%	1h	86,354	−0.028%	$60.4M	$338.1M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,379.9	+0.002%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,380.6	+0.002%	$23.9M	$152.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,392	+0.016%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDTlong	+0.0097%	8h	86,378.6	long leg	$5.26B	$9.80B	150x
Katana Perps BTC-USD	+0.0100%	8h	86,363	−0.018%	$202K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,430.7	+0.060%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,396.5	+0.021%	$21.9M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,450	+0.083%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,417.2	+0.045%	$41.0M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,385.1	+0.008%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,397	+0.021%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,425.6	+0.054%	$7.4M	$95.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,364.3	−0.017%	$37.9M	$157.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,376.4	−0.003%	$157.0M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,328.2	−0.058%	$278.8M	$946.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,354.3	−0.028%	$216.8M	$171.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,355.9	−0.026%	$141.2M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,377.3	−0.001%	$30.6M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,432.1	+0.062%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,391	+0.014%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	86,382.9	+0.005%	$190K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,352.1	−0.031%	$2.4M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,379.4	+0.001%	$140K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,387.9	+0.011%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,402.6	+0.028%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,350.1	−0.033%	$2.29B	$968.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.100%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,336.4	−0.049%	$45.6M	$227.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,421.4	+0.050%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,385.3	+0.008%	$191.7M	$953.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,408.2	+0.034%	$132.2M	$5.64B	50x	as long as short
Aftermath Perps BTCUSD	+0.0154%	1h	86,432.6	+0.062%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,447.2	+0.079%	$728K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,357.9	−0.024%	$415.7M	$658.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0197% / S −0.0220%	1h	86,390.8	+0.014%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,411	+0.038%	$9.8M	$749.4M	6.4x	as long as short