Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0088%/8h= −9.6% APRpaid last 24h −0.009%

Price spread now: Binance against RISEx−0.008%7-day average −0.007% · 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−$17as in the Price arb table

costs, in and out, $10k−$170.166% of the position

Long on RISEx Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.006%−$1 on $10k

Price spread, last 7 days−0.012%−$1 · spread now −0.008%, 7d avg −0.007%

Together, before fees−0.019%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.007%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx BTC/USDC	86,112.5	0.0187	pay 0.0023% / 1h	51m 01s	$8.9M	$37.1M	25x
Short	Binance BTCUSDT	86,106	0.0099	get 0.0099% / 8h	5h 51m	$9.46B	$20.56B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against RISEx. 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 RISExbpFee BinancebpOrdersPrice spread, now −0.008%Rate

Funding earned: −$18.4
Price spread: −0.008% → −0.007%: −$0.09
Slippage, 4 orders: −$0.59
Fee RISEx: 3 bp × 2 orders: −$6
Fee Binance: 5 bp × 2 orders: −$10
Net: −$35.08
Costs to cover: 0.166%
Break-even: never at this rate

Slippage from RISEx: live order book, 1 min ago; Binance: live order book, 16 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 RISEx live order book, 1 min ago	0.01 bp	3.0 bp −$3	3.1 bp −$31	11.1 bp −$1,113	doesn't fit
Sell Binance live order book, 16 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$504	6.6 bp −$3,297

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
Phoenix BTC	−0.0133%	1h	86,126	+0.016%	$2.1M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,197	+0.098%	$8K	$2K	50x	as long as short
ApeX Omni BTCUSDT	−0.0035%	1h	86,094.8	−0.021%	$137.6M	$295.3M	100x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,088.7	−0.028%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0021%	8h	86,096.4	−0.019%	$421.4M	$564.3M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	86,107.7	−0.006%	$16.9M	$14.5M	50x	as long as short
Perpl BTC	0.0000%	43m	86,108.2	−0.005%	$481K	$13.8M	6.7x	as long as short
SoDEX BTC-USD	+0.0001%	1h	86,092	−0.024%	$65.9M	$187.9M	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,111.6	−0.001%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,214	+0.118%	$301K	$26.1M	52x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0028%	8h	86,103.6	−0.010%	$513.3M	$875.1M	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,109.2	−0.004%	$191.4M	$770.0M	100x	as long as short
BingX BTC-USDT	+0.0030%	8h	86,111.2	−0.002%	—	$1.33B	—	as long as short
Bybit BTCUSDT	+0.0036%	8h	86,114.6	+0.002%	$5.15B	$8.13B	150x	as long as short
KuCoin XBTUSDTM	+0.0054%	8h	86,109.3	−0.004%	$943.3M	$634.5M	125x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,113.5	+0.001%	$5.52B	$8.89B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,093	−0.023%	$8.8M	$45.3M	100x	as long as short
Phemex BTCUSDT	+0.0091%	8h	86,088.8	−0.028%	$170.7M	$479.0M	150x	as long as short
Bitget BTCUSDT	+0.0094%	8h	86,108.4	−0.005%	$2.99B	$3.97B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,106	−0.008%	$173.9M	$853.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,115.2	+0.003%	$23.4M	$119.0M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,068.6	−0.051%	$2.4M	$6.7M	20x	as long as short
HTX BTC-USDT	+0.0096%	8h	86,076.7	−0.042%	$2.27B	$803.3M	200x	as long as short
MEXC BTC_USDT	+0.0099%	8h	86,105.9	−0.008%	$5.17B	$4.82B	500x	as long as short
Binance BTCUSDTshort	+0.0099%	8h	86,106	−0.008%	$9.46B	$20.56B	150x
Katana Perps BTC-USD	+0.0100%	8h	86,063	−0.057%	$219K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,119	+0.008%	$6.0M	$7.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,064.7	−0.056%	$23.5M	$195.9M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,107.2	−0.006%	$40.4M	$570.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,118.8	+0.007%	$2.62B	$9.50B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,076	−0.042%	$4.0M	$15.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,120.7	+0.010%	$4.2M	$90.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	+0.066%	$716.4M	$134.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,095.3	−0.020%	$38.2M	$196.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,125.5	+0.015%	$158.0M	$474.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,081.5	−0.036%	$289.8M	$813.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,097	−0.018%	$216.3M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,060.1	−0.061%	$30.3M	$223.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,142.5	+0.035%	—	$9.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,094	−0.021%	$11.0M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,092.8	−0.023%	$205K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,081	−0.037%	$2.7M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,128.5	+0.019%	$195K	$564K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,095.7	−0.020%	$3.2M	$6.6M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,077.2	−0.041%	$47.0M	$202.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,103.2	−0.011%	—	$81.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,141.1	+0.033%	$112.2M	$4.98B	50x	as long as short
Kalshi KXBTCPERP	+0.0159%	8h	86,111	−0.002%	$12.0M	$733.4M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0163%	1h	86,077.4	−0.041%	$6.6M	$131.1M	40x	as long as short
Hyperliquid BTC	+0.0166%	1h	86,200	+0.102%	$3.97B	$4.36B	40x	as long as short
RISEx BTC/USDClong	+0.0187%	1h	86,112.5	long leg	$8.9M	$37.1M	25x
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0251%	1h	86,101.2	−0.013%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0282%	1h	86,151.4	+0.045%	$822.7M	$1.50B	50x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	86,133	+0.024%	$726K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0447%	1h	86,136.8	+0.028%	$79K	$245K	20x	as long as short