Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:03 UTC+0.0006%/8h= +0.7% APRpaid last 24h +0.040%

Price spread now: RISEx against Perpl−0.007%7-day average −0.009% · you buy dearer than you sell

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

Long on Perpl Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.070%−$7 on $10k

Price spread, last 7 days−0.066%−$7 · spread now −0.007%, 7d avg −0.009%

Together, before fees−0.136%+ Points / potential airdropPerpl: Active · farm board−$14 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl BTC	86,585.6	0	get 0.0000% / 43m	17m 29s	$418K	$24.1M	6.7x
Short	RISEx BTC/USDC	86,579.4	0.0006	get 0.0001% / 1h	47m 29s	$8.6M	$43.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.007%Rate

Funding earned: $1.3
Price spread: −0.007% → −0.009%: $0.19
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$18.31
Costs to cover: 0.198%
Break-even: 105.3 days

Slippage unknown: Perpl: no order-book sample; RISEx: live order book, 2 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 RISEx live order book, 2 min ago	0.01 bp	3.4 bp −$3	5.9 bp −$59	12.1 bp −$1,209	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
Aftermath Perps BTCUSD	−0.0193%	1h	86,582.1	−0.004%	$79K	$199K	20x	as long as short
Phoenix BTC	−0.0159%	1h	86,518	−0.078%	$2.2M	$11.8M	40x	as long as short
Bluefin BTC-PERP	−0.0119%	1h	85,675.9	−1.051%	$139K	$618K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,570	−0.018%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0019%	1h	86,587.1	+0.002%	$17.5M	$20.3M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,596.3	+0.012%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0008%	8h	86,574.3	−0.013%	$505.4M	$1.15B	200x	as long as short
Perpl BTClong	0.0000%	43m	86,585.6	long leg	$418K	$24.1M	6.7x
KuCoin XBTUSDTM	+0.0003%	8h	86,556.5	−0.034%	$851.4M	$708.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,543.2	−0.049%	$36.8M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDCshort	+0.0006%	1h	86,579.4	−0.007%	$8.6M	$43.2M	25x
Hibachi BTC/USDT-P	+0.0016%	1h	86,550.4	−0.041%	$727K	$8.1M	30x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,550.4	−0.041%	$6.7M	$144.7M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	−0.031%	$315K	$26.8M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0026%	1h	86,563.5	−0.025%	$925.3M	$1.47B	50x	as long as short
Phemex BTCUSDT	+0.0028%	8h	86,526.2	−0.069%	$149.7M	$472.7M	150x	as long as short
BingX BTC-USDC	+0.0030%	8h	86,563.1	−0.026%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0040%	8h	86,568.4	−0.020%	$2.95B	$5.08B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,507.7	−0.090%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0058%	8h	86,574	−0.013%	$5.19B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0058%	8h	86,583.4	−0.003%	$9.42B	$24.35B	150x	as long as short
SoDEX BTC-USD	+0.0059%	1h	86,520	−0.076%	$60.5M	$336.8M	40x	as long as short
Gate BTC_USDT	+0.0084%	8h	86,566.3	−0.022%	$5.85B	$10.63B	200x	as long as short
Popdex BTCUSDT	+0.0088%	1h	86,583	−0.003%	$8.5M	$52.2M	100x	as long as short
Bybit BTCUSDT	+0.0088%	8h	86,584.2	−0.002%	$5.27B	$9.71B	150x	as long as short
Nado BTC-PERP	+0.0092%	1h	86,569.2	−0.019%	$21.7M	$233.5M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,574.5	−0.013%	$172.3M	$998.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,587.5	+0.002%	$24.0M	$151.6M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,569	−0.019%	$206K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,609.7	+0.028%	$4.7M	$8.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,628	+0.049%	$3.81B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,600.9	+0.018%	$40.9M	$504.7M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,574.6	−0.013%	$2.55B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,572	−0.016%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,648.3	+0.072%	$7.4M	$93.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,527.4	−0.067%	$571.7M	$19.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,523.4	−0.072%	$38.2M	$153.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,521.5	−0.074%	$156.7M	$571.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,522.6	−0.073%	$279.4M	$942.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,535.2	−0.058%	$217.1M	$182.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,530.4	−0.064%	$141.4M	$322.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,556	−0.034%	$30.7M	$203.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,616.2	+0.035%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,580	−0.006%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,539.9	−0.053%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,525.5	−0.069%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,521.2	−0.074%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,521	−0.075%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,512.2	−0.085%	$2.30B	$959.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,557	−0.033%	$46.4M	$225.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,557.9	−0.032%	—	$98.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,572	−0.016%	$131.7M	$5.75B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,563	−0.026%	$191.3M	$936.5M	100x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,543.4	−0.049%	$415.3M	$654.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,535.1	−0.058%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0188%	8h	86,559	−0.031%	$9.6M	$725.9M	6.4x	as long as short