Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:29 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.043%

Price spread now: Bullet against Perpl−0.066%7-day average −0.011% · you buy dearer than you sell

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

Long on Perpl Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.065%−$6 on $10k

Price spread, last 7 days−0.039%−$4 · spread now −0.066%, 7d avg −0.011%

Together, before fees−0.104%+ Points / potential airdropPerpl: Active · farm board−$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bullet is 0.055% cheaper against Perpl than usual: you would sell low and buy high (spread −0.066% now, against its 7-day average of −0.011%). If the spread goes back, that is −$6 on $10k: about 44 hours of funding at the current rate (+$3 a day). Mind the row above: over the last 3 days funding on this pair cost −0.065%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl BTC	86,433.8	0	get 0.0000% / 43m	34m 24s	$416K	$22.2M	6.7x
Short	Bullet BTC-USD	86,377	0.0100	get 0.0013% / 1h	55m 24s	$193K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Perpl. 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 PerplbpFee BulletbpOrdersPrice spread, now −0.066%Rate

Funding earned: $21
Price spread: −0.066% → −0.011%: −$5.52
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$6.32
Costs to cover: 0.218%
Break-even: 9.1 days

Slippage unknown: Perpl: no order-book sample; Bullet: live order book, 4 min ago. 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 Perpl no order-book sample	—	—	—	—	—
Sell Bullet live order book, 4 min ago	0.06 bp	4.4 bp −$4	7.9 bp −$79	doesn't fit	doesn't fit

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 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
Bluefin BTC-PERP	−0.0536%	1h	86,401.4	−0.037%	$140K	$664K	40x	as long as short
ApeX Omni BTCUSDT	−0.0120%	1h	86,477.3	+0.050%	$141.6M	$323.3M	100x	as long as short
Phoenix BTC	−0.0118%	1h	86,544	+0.127%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,401	−0.038%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,387	−0.054%	$361K	$2.4M	50x	as long as short
Perpl BTClong	0.0000%	43m	86,433.8	long leg	$416K	$22.2M	6.7x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,395.6	−0.044%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0007%	1h	86,458.7	+0.029%	$16.9M	$21.2M	50x	as long as short
Aster BTCUSDT	+0.0015%	8h	86,374.5	−0.069%	$501.0M	$1.15B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.211%	$333K	$26.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT BTC_USDT_Perp	+0.0026%	8h	86,468.8	+0.041%	$217.1M	$171.1M	50x	as long as short
KuCoin XBTUSDTM	+0.0029%	8h	86,378.1	−0.065%	$833.4M	$727.4M	125x	as long as short
Reya BTCRUSDPERP	+0.0040%	1h	86,372.9	−0.070%	$6.7M	$145.7M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0045%	1h	86,391.5	−0.049%	$906.8M	$1.50B	50x	as long as short
BingX BTC-USDT	+0.0046%	8h	86,377.8	−0.065%	—	$1.59B	—	as long as short
SoDEX BTC-USD	+0.0047%	1h	86,353	−0.093%	$60.4M	$338.1M	40x	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,383.9	−0.058%	$8.3M	$42.9M	25x	as long as short
Bitget BTCUSDT	+0.0059%	8h	86,352.5	−0.094%	$2.96B	$5.11B	150x	as long as short
Binance BTCUSDT	+0.0076%	8h	86,369	−0.075%	$9.43B	$24.52B	150x	as long as short
MEXC BTC_USDT	+0.0076%	8h	86,371	−0.073%	$5.13B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,444.5	+0.012%	$2.5M	$1.4M	20x	as long as short
Popdex BTCUSDT	+0.0088%	1h	86,381	−0.061%	$8.4M	$52.3M	100x	as long as short
Lighter BTC	+0.0096%	1h	86,414.9	−0.022%	$170.1M	$980.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,421.5	−0.014%	$23.7M	$148.6M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,363	−0.082%	$198K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,418.2	−0.018%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,407.6	−0.030%	$22.1M	$233.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,448	+0.016%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,426	−0.009%	$40.7M	$540.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,377.5	−0.065%	$5.26B	$9.77B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,380.1	−0.062%	$2.55B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,424	−0.011%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,420.7	−0.015%	$7.3M	$96.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,523.6	+0.104%	$572.9M	$12.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,375	−0.068%	$5.85B	$10.43B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,409.4	−0.028%	$37.7M	$156.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,440	+0.007%	$157.9M	$568.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,483.7	+0.058%	$279.3M	$947.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,422.6	−0.013%	$30.7M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,437	+0.004%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,377	−0.066%	$11.0M	$14.0M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	86,377	−0.066%	$193K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,368.5	−0.076%	$2.5M	$9.3M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,393.6	−0.046%	$30.5M	$62.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,395.6	−0.044%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,419.2	−0.017%	$2.29B	$969.2M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,417.3	−0.019%	$152.9M	$479.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,333.8	−0.116%	$45.8M	$224.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,425.1	−0.010%	—	$100.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,405	−0.033%	$132.7M	$5.60B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,390	−0.051%	$192.8M	$952.8M	100x	as long as short
Aftermath Perps BTCUSD	+0.0166%	1h	86,518.1	+0.097%	$78K	$218K	20x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,443.7	+0.011%	$715K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0197%	8h	86,444.4	+0.012%	$414.8M	$658.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0222%	1h	86,388.5	−0.052%	$14.8M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	86,467	+0.038%	$9.2M	$758.1M	6.4x	as long as short