Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0013%/8h= +1.4% APRpaid last 24h −0.003%

Price spread now: Binance against Popdex+0.022%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$170.172% of the position

Long on Popdex Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.008%−$1 on $10k

Price spread, last 7 days−0.018%−$2 · spread now +0.022%, 7d avg −0.003%

Together, before fees−0.026%−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Binance is 0.025% dearer against Popdex than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex BTCUSDT	85,463	0.0072	pay 0.0009% / 1h	57m 12s	$8.3M	$51.5M	100x
Short	Binance BTCUSDT	85,481.7	0.0085	get 0.0085% / 8h	5h 57m	$9.32B	$23.90B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Popdex. 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 PopdexbpFee BinancebpOrdersPrice spread, now +0.022%Rate

Funding earned: $2.73
Price spread: +0.022% → −0.003%: $2.47
Slippage, 4 orders: −$0.83
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Binance: 5 bp × 2 orders: −$10
Net: −$12.03
Costs to cover: 0.172%
Break-even: 37.8 days

Slippage from Popdex: live order book, 2 min ago; Binance: live order book, 2 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 Popdex live order book, 2 min ago	0.06 bp	3.9 bp −$4	4.0 bp −$40	4.4 bp −$438	5.9 bp −$2,928
Sell Binance live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$501	5.9 bp −$2,961

BTC on 55 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	−0.0144%	1h	85,498	+0.041%	$2.1M	$10.1M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,608	+0.170%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,462.3	−0.001%	$363K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,531.5	+0.080%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,488.5	+0.030%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,457.4	−0.007%	$515.2M	$1.12B	200x	as long as short
Nado BTC-PERP	+0.0019%	1h	85,477.1	+0.016%	$22.5M	$224.4M	50x	as long as short
KuCoin XBTUSDTM	+0.0021%	8h	85,454	−0.011%	$900.6M	$747.9M	125x	as long as short
SoDEX BTC-USD	+0.0030%	1h	85,464	+0.001%	$59.8M	$336.4M	40x	as long as short
BingX BTC-USDC	+0.0055%	8h	85,479	+0.019%	—	$17.0M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0055%	8h	85,473.5	+0.012%	$2.27B	$930.9M	200x	as long as short
Reya BTCRUSDPERP	+0.0063%	1h	85,457.5	−0.006%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,487.9	+0.029%	$2.94B	$5.01B	150x	as long as short
Popdex BTCUSDTlong	+0.0072%	1h	85,463	long leg	$8.3M	$51.5M	100x
SunX BTC-USDT	+0.0073%	8h	85,453.9	−0.011%	$2.9M	$6.4M	100x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.180%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,469	+0.007%	$2.4M	$1.7M	20x	as long as short
Binance BTCUSDTshort	+0.0085%	8h	85,481.7	+0.022%	$9.32B	$23.90B	150x
MEXC BTC_USDT	+0.0085%	8h	85,488.6	+0.030%	$5.08B	$5.57B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,474.4	+0.013%	$169.3M	$981.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,491.8	+0.034%	$23.9M	$146.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,513.3	+0.059%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,440	−0.027%	$204K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,539	+0.089%	$3.76B	$4.92B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,512	+0.057%	$40.1M	$571.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,492.5	+0.035%	$5.32B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,493.6	+0.036%	$2.55B	$12.10B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,473	+0.012%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,446	−0.020%	$7.1M	$96.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,494.1	+0.036%	$5.57B	$10.37B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,474.6	+0.014%	$34.8M	$168.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,545	+0.096%	$154.0M	$554.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,553.1	+0.105%	$278.3M	$939.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,581.5	+0.139%	$214.8M	$161.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,594.5	+0.154%	$139.9M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,539.1	+0.089%	$30.2M	$211.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,538.5	+0.088%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,464	+0.001%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,474.3	+0.013%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,464.6	+0.002%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,506.1	+0.050%	$196K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,469.3	+0.007%	$30.0M	$52.7M	15x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,481.9	+0.022%	$149.6M	$478.8M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,593.2	+0.152%	$605.0M	$283.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,444.4	−0.022%	$44.2M	$227.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,556.3	+0.109%	—	$101.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,515	+0.061%	$130.4M	$5.06B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,498	+0.041%	$8.4M	$42.1M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0139%	1h	85,492.3	+0.034%	$186.9M	$951.6M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0166%	1h	85,517.1	+0.063%	$894.8M	$1.52B	50x	as long as short
Aftermath Perps BTCUSD	+0.0188%	1h	85,583.9	+0.141%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,577.9	+0.134%	$682K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0184%	1h	85,485.2	+0.026%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,509	+0.054%	$10.2M	$765.2M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,512.5	+0.058%	$509K	$19.7M	6.7x	as long as short