Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:33 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.034%

Price spread now: Perpl against Nado+0.011%7-day average +0.006% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Nado Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.078%+$8 on $10k

Price spread, last 7 days+0.009%+$1 · spread now +0.011%, 7d avg +0.006%

Together, before fees+0.087%+ Points / potential airdropNado: Active · Perpl: Active · farm board+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.006%, 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 4 days funding on this pair paid +0.078%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado BTC-PERP	86,149.1	0.0100	pay 0.0012% / 1h	54m 49s	$23.5M	$196.7M	50x
Short	Perpl BTC	86,158.7	0	get 0.0000% / 43m	35m 49s	$483K	$13.8M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Nado. 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 NadobpFee PerplbpOrdersPrice spread, now +0.011%Rate

Funding earned: −$21
Price spread: +0.011% → +0.006%: $0.5
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$41.3
Costs to cover: 0.208%
Break-even: never at this rate

Slippage unknown: Nado: live order book, 2 min ago; Perpl: no order-book sample. Net counts fees only.

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 Nado live order book, 2 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.8 bp −$480	9.5 bp −$4,747
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 55 exchanges

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	86,197	+0.056%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,154.5	+0.006%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,143.8	−0.006%	$421.0M	$566.5M	150x	as long as short
SoDEX BTC-USD	−0.0010%	1h	86,151	+0.002%	$66.0M	$188.0M	40x	as long as short
ApeX Omni BTCUSDT	−0.0004%	1h	86,185.3	+0.042%	$138.2M	$295.1M	100x	as long as short
dYdX BTC-USD	0.0000%	1h	86,162.9	+0.016%	$16.9M	$14.5M	50x	as long as short
Perpl BTCshort	0.0000%	43m	86,158.7	+0.011%	$483K	$13.8M	6.7x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,178.5	+0.034%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,214	+0.075%	$301K	$26.1M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,165.8	+0.019%	$191.8M	$773.0M	100x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0030%	8h	86,103.6	−0.053%	—	$16.4M	—	as long as short
Aster BTCUSDT	+0.0031%	8h	86,137.1	−0.014%	$513.3M	$877.7M	200x	as long as short
Bybit BTCUSDT	+0.0037%	8h	86,122.6	−0.031%	$5.15B	$8.14B	150x	as long as short
Phoenix BTC	+0.0053%	1h	86,185	+0.042%	$2.0M	$7.8M	40x	as long as short
KuCoin XBTUSDTM	+0.0053%	8h	86,153.4	+0.005%	$943.7M	$636.4M	125x	as long as short
Gate BTC_USDT	+0.0069%	8h	86,150.7	+0.002%	$5.52B	$8.87B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,151	+0.002%	$8.8M	$45.5M	100x	as long as short
Phemex BTCUSDT	+0.0077%	8h	86,145.7	−0.004%	$170.8M	$479.5M	150x	as long as short
Bitget BTCUSDT	+0.0095%	8h	86,121.9	−0.032%	$2.99B	$3.98B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,163.9	+0.017%	$173.8M	$850.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,167.5	+0.021%	$23.6M	$118.6M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,134.5	−0.017%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,126	−0.027%	$220K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,191.2	+0.049%	$6.0M	$7.7M	50x	as long as short
Nado BTC-PERPlong	+0.0100%	1h	86,149.1	long leg	$23.5M	$196.7M	50x
Pacifica BTC	+0.0100%	1h	86,190.1	+0.048%	$40.4M	$570.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,125.2	−0.028%	$9.46B	$20.68B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,124.3	−0.029%	$2.62B	$9.53B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,139	−0.012%	$4.0M	$15.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,177.2	+0.033%	$4.2M	$90.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	+0.023%	$716.4M	$134.3M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,146.5	−0.003%	$5.19B	$4.81B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,140.6	−0.010%	$38.7M	$196.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,125.5	−0.027%	$158.0M	$474.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,136.3	−0.015%	$290.0M	$813.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,152.6	+0.004%	$216.4M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,149	0.000%	$30.3M	$222.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,206.4	+0.066%	—	$9.3M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,156	+0.008%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,153	+0.004%	$205K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,138.8	−0.012%	$2.7M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,194.5	+0.053%	$195K	$564K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,158.5	+0.011%	$3.2M	$6.7M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,142.6	−0.008%	$2.28B	$804.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,123.2	−0.030%	$47.0M	$203.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,161.9	+0.015%	—	$81.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,193	+0.051%	$112.2M	$4.99B	50x	as long as short
Kalshi KXBTCPERP	+0.0160%	8h	86,174	+0.029%	$11.8M	$732.3M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0163%	1h	86,137.1	−0.014%	$6.6M	$131.1M	40x	as long as short
Hyperliquid BTC	+0.0176%	1h	86,248	+0.115%	$3.97B	$4.41B	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,175.9	+0.031%	$9.0M	$37.3M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0210% / S −0.0250%	1h	86,160.4	+0.013%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0216%	1h	86,205.2	+0.065%	$822.6M	$1.51B	50x	as long as short
Hibachi BTC/USDT-P	+0.0344%	1h	86,190	+0.047%	$716K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0448%	1h	86,214.3	+0.076%	$82K	$242K	20x	as long as short