Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.143%

Price spread now: Bluefin against edgeX+0.034%48s7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as 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−$210.209% of the position

Long on edgeX Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.084%−$8 on $10k

Price spread, last 4 days (all we have)−0.044%−$4 · spread now +0.034%, 7d avg +0.005%

Together, before fees−0.128%+ Points / potential airdropedgeX: Active · farm board−$13 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: Bluefin is 0.029% dearer against edgeX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.005%. The two prices were read 48 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	edgeX BTCUSDC	85,253.2	0.0100	pay 0.0050% / 4h	1h 45m	$279.3M	$952.6M	100x
Short	Bluefin BTC-PERP	85,282.2	0.0100	get 0.0013% / 1h	45m 29s	$193K	$795K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against edgeX. 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 edgeXbpFee BluefinbpOrdersPrice spread, now +0.034%Rate

Funding earned: $0
Price spread: +0.034% → +0.005%: $2.85
Slippage, 4 orders: −$4.9
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$18.05
Costs to cover: 0.209%
Break-even: never at this rate

Slippage from edgeX: live order book, 4 min ago; Bluefin: live order book, 64 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 edgeX live order book, 4 min ago	0.02 bp	4.5 bp −$5	4.5 bp −$45	4.7 bp −$473	5.6 bp −$2,819
Sell Bluefin live order book, 64 min ago	1.33 bp	5.4 bp −$5	9.9 bp −$99	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	−0.0082%	1h	85,262	+0.010%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,279	+0.030%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0048%	8h	85,319.8	+0.078%	$926.9M	$772.7M	125x	as long as short
BloFin BTC-USDT	−0.0026%	8h	85,251.2	−0.002%	$421.3M	$683.5M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,344.2	+0.107%	$512.9M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,249.5	−0.004%	$16.7M	$21.5M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,250.2	−0.004%	$354K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,297.3	+0.052%	$535K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,362.3	+0.128%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0042%	1h	85,245.3	−0.009%	$24.4M	$222.7M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,405	+0.178%	$339K	$26.8M	52x	as long as short
ApeX Omni BTCUSDT	+0.0068%	1h	85,268.8	+0.018%	$139.4M	$314.4M	100x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,352.6	+0.117%	—	$1.56B	—	as long as short
Deribit BTC-PERPETUAL	+0.0072%	1h	85,277.5	+0.029%	$864.2M	$1.63B	50x	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,323.3	+0.082%	$2.95B	$5.18B	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,247.4	−0.007%	$186.4M	$956.8M	100x	as long as short
Binance BTCUSDT	+0.0093%	8h	85,351.4	+0.115%	$9.43B	$25.00B	150x	as long as short
MEXC BTC_USDT	+0.0094%	8h	85,333.8	+0.095%	$5.01B	$5.74B	500x	as long as short
Phemex BTCUSDT	+0.0096%	8h	85,243.9	−0.011%	$150.0M	$508.7M	150x	as long as short
Lighter BTC	+0.0096%	1h	85,246.8	−0.007%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,258.2	+0.006%	$23.6M	$147.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,253	0.000%	$8.4M	$56.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,232.2	−0.025%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,219	−0.040%	$237K	$8.6M	50x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,262	+0.010%	$59.6M	$336.9M	40x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,300.4	+0.055%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,398	+0.170%	$3.74B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,275.6	+0.026%	$39.9M	$602.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,303.2	+0.059%	$5.14B	$10.00B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,312	+0.069%	$2.59B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,240	−0.015%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,259.3	+0.007%	$4.6M	$98.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,253.5	0.000%	$5.49B	$10.97B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,255	+0.002%	$36.7M	$178.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,207.4	−0.054%	$154.6M	$558.5M	—	as long as short
edgeX BTCUSDClong	+0.0100%	4h	85,253.2	long leg	$279.3M	$952.6M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	85,259.3	+0.007%	$214.0M	$167.0M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,235	−0.021%	$30.0M	$204.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,353.5	+0.118%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,321	+0.080%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,351.4	+0.115%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,240	−0.015%	$2.6M	$9.9M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	85,282.2	+0.034%	$193K	$795K	40x
Derive BTC-PERP	+0.0100%	1h	85,218.8	−0.040%	$29.9M	$47.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,234.7	−0.022%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,237.6	−0.018%	$2.25B	$969.0M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,294.8	+0.049%	$682.6M	$475.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,224.2	−0.034%	$44.6M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,266.1	+0.015%	—	$107.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,278.9	+0.030%	$116.9M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0125%	1h	85,317.7	+0.076%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,358.7	+0.124%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0193%	8h	85,267	+0.016%	$11.5M	$742.7M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,269.4	+0.019%	$8.7M	$43.2M	25x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,327.4	+0.087%	$689K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0257%	1h	85,344.3	+0.107%	$79K	$229K	20x	as long as short