Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bullet against Polymarket Perps−0.014%7-day average +0.017% · 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−$20as in the Price arb table

costs, in and out, $10k−$170.170% of the position

Long on Polymarket Perps Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.010%−$1 on $10k

Price spread, last 7 days+0.020%+$2 · spread now −0.014%, 7d avg +0.017%

Together, before fees+0.011%+$1 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: Bullet is 0.031% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps BTC-USD	85,486	0.0100	pay 0.0013% / 1h	26m 19s	$11.1M	$14.3M	50x
Short	Bullet BTC-USD	85,474	0.0100	get 0.0013% / 1h	26m 19s	$199K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Polymarket Perps. 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 Polymarket PerpsbpFee BulletbpOrdersPrice spread, now −0.014%Rate

Funding earned: $0
Price spread: −0.014% → +0.017%: −$3.1
Slippage, 4 orders: −$1.03
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$20.14
Costs to cover: 0.170%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 min ago; Bullet: live order book, 3 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 Polymarket Perps live order book, 3 min ago	0.06 bp	4.1 bp −$4	5.4 bp −$54	7.6 bp −$759	doesn't fit
Sell Bullet live order book, 3 min ago	0.06 bp	4.1 bp −$4	7.1 bp −$71	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	−0.0140%	1h	85,526	+0.047%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,500	+0.016%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0042%	8h	85,470.8	−0.018%	$918.3M	$757.4M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,495.6	+0.011%	$419.0M	$675.7M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,491.5	+0.006%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	0.0000%	8h	85,470.1	−0.019%	$514.7M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,489.6	+0.004%	$502K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0004%	1h	85,483	−0.004%	$24.6M	$223.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,485.8	0.000%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0039%	1h	85,528.6	+0.050%	$16.8M	$21.2M	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	85,514	+0.033%	$339K	$26.9M	52x	as long as short
BingX BTC-USDC	+0.0065%	8h	85,454.1	−0.037%	—	$17.1M	—	as long as short
SoDEX BTC-USD	+0.0066%	1h	85,456	−0.035%	$59.9M	$336.0M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0066%	1h	85,508.1	+0.026%	$884.7M	$1.59B	50x	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,482.7	−0.004%	$148.3M	$495.5M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,462.5	−0.027%	$2.95B	$5.11B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,499	+0.015%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,500.8	+0.017%	$24.0M	$148.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,479	−0.008%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,452.9	−0.039%	$2.7M	$2.0M	20x	as long as short
Binance BTCUSDT	+0.0099%	8h	85,471.6	−0.017%	$9.44B	$24.41B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,472	−0.016%	$209K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,539.4	+0.062%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,569.5	+0.098%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,521.5	+0.041%	$40.1M	$588.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,462	−0.028%	$5.18B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,473.1	−0.015%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,474	−0.014%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,481.7	−0.005%	$4.7M	$100.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,517.4	+0.037%	$680.3M	$725.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,476.9	−0.011%	$5.53B	$10.81B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,484.1	−0.002%	$5.07B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,471	−0.018%	$36.2M	$179.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,584.9	+0.116%	$154.4M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,513.5	+0.032%	$279.3M	$928.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,538.4	+0.061%	$215.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,591	+0.123%	$139.9M	$315.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,549	+0.074%	$30.2M	$207.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,544.4	+0.068%	—	$11.2M	50x	as long as short
Polymarket Perps BTC-USDlong	+0.0100%	1h	85,486	long leg	$11.1M	$14.3M	50x
Bullet BTC-USDshort	+0.0100%	1h	85,474	−0.014%	$199K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,463.2	−0.027%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,509.4	+0.027%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,458.2	−0.033%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,462.6	−0.027%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,476.1	−0.012%	$2.26B	$948.6M	200x	as long as short
Reya BTCRUSDPERP	+0.0100%	1h	85,479.3	−0.008%	$6.6M	$147.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,432.5	−0.063%	$45.0M	$233.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,492.8	+0.008%	—	$107.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,494.4	+0.010%	$117.2M	$5.25B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,481.9	−0.005%	$187.5M	$954.7M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,520.1	+0.040%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0149%	1h	85,490.3	+0.005%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0197%	8h	85,527	+0.048%	$11.7M	$754.4M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,531.5	+0.053%	$697K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0250%	1h	85,536.5	+0.059%	$78K	$221K	20x	as long as short