Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0033%/8h= −3.7% APRpaid last 24h −0.011%

Price spread now: SoDEX against Bybit+0.022%46s7-day average −0.004% · 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—prices read too far apart to compare

costs, in and out, $10k−$190.191% of the position

Long on Bybit Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.009%−$1 on $10k

Price spread, last 3 days (all we have)−0.047%−$5 · spread now +0.022%, 7d avg −0.004%

Together, before fees−0.056%−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SoDEX is 0.026% dearer against Bybit than usual: you sell high and buy low (spread +0.022% now, against its 7-day average of −0.004%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.6 days. At the pace of the last 3 days (−0.009% in total) that is about 8.8 days. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	86,524.2	0.0088	pay 0.0088% / 8h	1h 48m	$5.27B	$9.71B	150x
Short	SoDEX BTC-USD	86,543	0.0055	get 0.0007% / 1h	48m 35s	$60.5M	$336.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 SoDEXbpOrdersPrice spread, now +0.022%Rate

Funding earned: −$7
Price spread: +0.022% → −0.004%: $2.58
Slippage, 4 orders: −$0.13
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$23.55
Costs to cover: 0.191%
Break-even: never at this rate

Slippage from Bybit: live order book, 6 min ago; SoDEX: 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 Bybit live order book, 6 min ago	0.01 bp	5.5 bp −$6	5.6 bp −$56	6.9 bp −$691	8.1 bp −$4,059
Sell SoDEX live order book, 1 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	5.1 bp −$505	41.6 bp −$20.8K

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
Aftermath Perps BTCUSD	−0.0196%	1h	86,588.8	+0.075%	$79K	$199K	20x	as long as short
Phoenix BTC	−0.0159%	1h	86,601	+0.089%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,529	+0.006%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0020%	1h	86,542.1	+0.021%	$17.5M	$20.2M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,542	+0.021%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0008%	8h	86,509.2	−0.017%	$505.0M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,550.1	+0.030%	$420K	$24.1M	6.7x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,508.5	−0.018%	$850.5M	$709.3M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,559	+0.040%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,527.9	+0.004%	$8.6M	$43.3M	25x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi BTC/USDT-P	+0.0016%	1h	86,573.2	+0.057%	$731K	$8.1M	30x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,522.9	−0.001%	$6.7M	$144.7M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.040%	$315K	$26.8M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0025%	1h	86,582	+0.067%	$925.7M	$1.47B	50x	as long as short
Phemex BTCUSDT	+0.0026%	8h	86,543.5	+0.022%	$149.8M	$472.7M	150x	as long as short
BingX BTC-USDT	+0.0030%	8h	86,515.1	−0.011%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0039%	8h	86,515.6	−0.010%	$2.95B	$5.08B	150x	as long as short
SoDEX BTC-USDshort	+0.0055%	1h	86,543	+0.022%	$60.5M	$336.8M	40x
Aevo BTC-PERP	+0.0056%	1h	86,524.1	0.000%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0058%	8h	86,523.1	−0.001%	$5.18B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,514.3	−0.011%	$9.42B	$24.35B	150x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,510.9	−0.015%	$5.85B	$10.62B	200x	as long as short
Popdex BTCUSDT	+0.0088%	1h	86,516	−0.009%	$8.5M	$52.2M	100x	as long as short
Bybit BTCUSDTlong	+0.0088%	8h	86,524.2	long leg	$5.27B	$9.71B	150x
Nado BTC-PERP	+0.0095%	1h	86,508.6	−0.018%	$21.7M	$233.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,537.5	+0.015%	$172.2M	$998.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,547.2	+0.027%	$24.0M	$151.6M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,509	−0.018%	$206K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,561.5	+0.043%	$4.7M	$8.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,595	+0.082%	$3.81B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,562.6	+0.044%	$40.9M	$504.7M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,527.5	+0.004%	$2.55B	$12.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,526	+0.002%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,592.6	+0.079%	$7.4M	$93.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,527.4	+0.004%	$571.7M	$19.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,548.8	+0.028%	$38.2M	$153.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,521.5	−0.003%	$156.7M	$571.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,522.6	−0.002%	$279.4M	$942.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,535.2	+0.013%	$217.1M	$182.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,588.3	+0.074%	$141.5M	$322.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,556	+0.037%	$30.7M	$203.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,584.1	+0.069%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,540	+0.018%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,533	+0.010%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,543.2	+0.022%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,556	+0.037%	$140K	$618K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,532	+0.009%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,531.4	+0.008%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,538.5	+0.017%	$2.30B	$958.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,502.6	−0.025%	$46.5M	$225.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,556.2	+0.037%	—	$98.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,586.8	+0.072%	$131.8M	$5.76B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,585.5	+0.071%	$191.3M	$937.0M	100x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,543.4	+0.022%	$415.3M	$654.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0210%	1h	86,549.4	+0.029%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0187%	8h	86,562	+0.044%	$9.6M	$726.1M	6.4x	as long as short