Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.019%

Price spread now: edgeX against Coinbase International−0.116%77s7-day average −0.064% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

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 Coinbase International Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.197%−$20 on $10k

Price spread, last 4 days (all we have)+0.047%+$5 · spread now −0.116%, 7d avg −0.064%

Together, before fees−0.150%+ Points / potential airdropedgeX: Active · farm board−$15 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: edgeX is 0.052% cheaper against Coinbase International than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.064%. The two prices were read 77 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	Coinbase International BTC-PERP-INTX	85,242	0.0104	pay 0.0013% / 1h	19m 37s	$111.7M	$5.48B	50x
Short	edgeX BTCUSDC	85,142.9	0.0100	get 0.0050% / 4h	19m 37s	$282.3M	$957.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Coinbase International. 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 Coinbase InternationalbpFee edgeXbpOrdersPrice spread, now −0.116%Rate

Funding earned: −$0.84
Price spread: −0.116% → −0.064%: −$5.18
Slippage, 4 orders: −$0.05
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$25.06
Costs to cover: 0.190%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; edgeX: 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 Coinbase International live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.2 bp −$519	10.4 bp −$5,175
Sell edgeX live order book, 5 min ago	0.02 bp	4.5 bp −$5	4.5 bp −$45	4.7 bp −$470	5.8 bp −$2,892

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
Hotstuff BTC-PERP	−0.0080%	1h	85,215	−0.032%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,189	−0.062%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,150.1	−0.108%	$421.9M	$685.2M	150x	as long as short
KuCoin XBTUSDTM	−0.0016%	8h	85,215.8	−0.031%	$927.1M	$777.8M	125x	as long as short
Aster BTCUSDT	0.0000%	8h	85,214.2	−0.033%	$509.1M	$1.08B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,250	+0.009%	$343K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,226.6	−0.018%	$36.4M	—	200x	as long as short
dYdX BTC-USD	+0.0009%	1h	85,231.4	−0.012%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,226.5	−0.018%	$185.7M	$955.6M	100x	as long as short
ApeX Omni BTCUSDT	+0.0058%	1h	85,166	−0.089%	$139.5M	$312.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0064%	8h	85,227.6	−0.017%	—	$1.58B	—	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,181	−0.072%	$302K	$25.3M	52x	as long as short
Bybit BTCUSDT	+0.0080%	8h	85,220.3	−0.025%	$5.10B	$10.03B	150x	as long as short
Nado BTC-PERP	+0.0086%	1h	85,173.5	−0.080%	$24.0M	$220.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,232.5	−0.011%	$168.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,235.8	−0.007%	$23.6M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,247	+0.006%	$8.4M	$57.7M	100x	as long as short
Bitget BTCUSDT	+0.0096%	8h	85,227.7	−0.017%	$2.97B	$5.21B	150x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,199.2	−0.050%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,211	−0.036%	$269K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,259.8	+0.021%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,300	+0.068%	$3.75B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,241.5	−0.001%	$40.3M	$604.7M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,225.6	−0.019%	$9.38B	$25.15B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,229.5	−0.015%	$2.60B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,221	−0.025%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,246.8	+0.006%	$4.7M	$97.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,239.7	−0.003%	$5.48B	$11.13B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,230	−0.014%	$5.03B	$5.77B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,216.9	−0.029%	$36.7M	$188.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,136.5	−0.124%	$156.2M	$549.1M	—	as long as short
edgeX BTCUSDCshort	+0.0100%	4h	85,142.9	−0.116%	$282.3M	$957.0M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	85,184	−0.068%	$213.9M	$159.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,160.1	−0.096%	$30.0M	$212.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,253.1	+0.013%	—	$10.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,204	−0.045%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,206	−0.042%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,207.5	−0.040%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,241.4	−0.001%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,139.1	−0.121%	$29.5M	$45.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,176.7	−0.077%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,211	−0.036%	$59.7M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,200.6	−0.049%	$2.25B	$973.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,212	−0.035%	$159.0M	$516.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,240	−0.002%	$693.3M	$214.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,205.2	−0.043%	$45.4M	$241.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,207.7	−0.040%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0104%	1h	85,242	long leg	$111.7M	$5.48B	50x
Reya BTCRUSDPERP	+0.0141%	1h	85,184.1	−0.068%	$6.6M	$143.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0149%	1h	85,246.4	+0.005%	$840.2M	$1.67B	50x	as long as short
Kalshi KXBTCPERP	+0.0170%	8h	85,202	−0.047%	$12.2M	$737.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,258.2	+0.019%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0147%	1h	85,225.7	−0.019%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,205.5	−0.043%	$678K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0289%	1h	85,228.7	−0.016%	$81K	$254K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,208.5	−0.039%	$459K	$18.4M	6.7x	as long as short