Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.018%

Price spread now: edgeX against gTrade (Gains Network)−0.019%68s7-day average −0.034% · you buy dearer than you sell

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−$170.175% of the position

Long on gTrade (Gains Network)Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.052%−$5 on $10k

Price spread, last 7 days−0.015%−$2 · spread now −0.019%, 7d avg −0.034%

Together, before fees−0.067%+ Points / potential airdropedgeX: Active · farm board−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.034%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. Mind the row above: over the last 3 days funding on this pair cost −0.052%, so the current rate has only just turned in your favour. The two prices were read 68 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	gTrade (Gains Network) BTC/USD	85,635.7	L +0.0004% / S −0.0004%	pay 0.0001% / 1h	48m 11s	$36.6M	—	200x
Short	edgeX BTCUSDC	85,619.2	0.0100	get 0.0050% / 4h	3h 48m	$279.6M	$925.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee edgeXbpOrdersPrice spread, now −0.019%Rate

Funding earned: $20.06
Price spread: −0.019% → −0.034%: $1.46
Slippage, 4 orders: −$1.45
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $4.07
Costs to cover: 0.175%
Break-even: 5.6 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 1 min ago; edgeX: 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 gTrade (Gains Network) virtual book (oracle venue), 1 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$447	6.4 bp −$3,182
Sell edgeX live order book, 1 min ago	0.21 bp	4.7 bp −$5	4.8 bp −$48	5.0 bp −$498	5.4 bp −$2,723

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	−0.0140%	1h	85,589	−0.055%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,625	−0.012%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0038%	8h	85,609.1	−0.031%	$917.4M	$756.3M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,603.2	−0.038%	$418.0M	$675.3M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,650.2	+0.017%	$366K	$2.3M	50x	as long as short
Nado BTC-PERP	−0.0006%	1h	85,631.5	−0.005%	$24.8M	$222.6M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,625.7	−0.012%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USDlong	L +0.0004% / S −0.0004%	1h	85,635.7	long leg	$36.6M	—	200x
Aster BTCUSDT	+0.0011%	8h	85,624.8	−0.013%	$515.6M	$1.10B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0037%	1h	85,659.8	+0.028%	$884.1M	$1.59B	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	+0.0044%	1h	85,690	+0.063%	$340K	$26.9M	52x	as long as short
BingX BTC-USDT	+0.0064%	8h	85,620.3	−0.018%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0067%	8h	85,617	−0.022%	$148.8M	$490.9M	150x	as long as short
SoDEX BTC-USD	+0.0078%	1h	85,617	−0.022%	$60.0M	$336.1M	40x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,618.1	−0.021%	$2.96B	$5.11B	150x	as long as short
Reya BTCRUSDPERP	+0.0092%	1h	85,642.3	+0.008%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,634.8	−0.001%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,636	0.000%	$24.0M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,639	+0.004%	$8.7M	$54.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,613.9	−0.025%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,617	−0.022%	$205K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,712.6	+0.090%	$5.6M	$9.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,672.1	+0.043%	$40.6M	$584.8M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,622.2	−0.016%	$9.42B	$24.32B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,616	−0.023%	$5.19B	$9.84B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,621.7	−0.016%	$2.59B	$12.16B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,658	+0.026%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,642.1	+0.007%	$4.4M	$98.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,630.4	−0.006%	$5.54B	$10.76B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,619.7	−0.019%	$5.07B	$5.64B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,613.3	−0.026%	$35.9M	$177.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,614	−0.025%	$153.6M	$564.6M	—	as long as short
edgeX BTCUSDCshort	+0.0100%	4h	85,619.2	−0.019%	$279.6M	$925.3M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	85,677.6	+0.049%	$215.0M	$168.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,670.8	+0.041%	$140.1M	$315.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,624.6	−0.013%	$30.2M	$208.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,696.1	+0.070%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,647	+0.013%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,622	−0.016%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,614.7	−0.025%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,666.7	+0.036%	$207K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,616.2	−0.023%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,620.6	−0.018%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,609.8	−0.030%	$2.27B	$946.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,665.1	+0.034%	$677.0M	$718.2M	40x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,707.5	+0.084%	$3.79B	$5.01B	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,592	−0.051%	$44.8M	$231.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,617	−0.022%	—	$107.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,654	+0.021%	$117.1M	$5.22B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,637	+0.001%	$188.1M	$956.4M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,677.9	+0.049%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0177%	1h	85,636.6	+0.001%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,679	+0.051%	$12.0M	$757.0M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0229%	1h	85,650.5	+0.017%	$78K	$220K	20x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,633.7	−0.002%	$698K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,655.5	+0.023%	$503K	$18.8M	6.7x	as long as short