Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0124%/8h= +13.6% APRpaid last 24h −0.027%

Price spread now: edgeX against RISEx−0.147%55s7-day average −0.047% · 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—prices read too far apart to compare

costs, in and out, $10k−$150.153% of the position

Long on RISEx Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.145%−$15 on $10k

Price spread, last 7 days+0.100%+$10 · spread now −0.147%, 7d avg −0.047%

Together, before fees−0.045%+ Points / potential airdropedgeX: Active · farm board−$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.100% cheaper against RISEx than usual: you would sell low and buy high (spread −0.147% now, against its 7-day average of −0.047%). If the spread goes back, that is −$10 on $10k: about 2.7 days of funding at the current rate (+$4 a day). Mind the row above: over the last 3 days funding on this pair cost −0.145%, so the current rate has only just turned in your favour. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx BTC/USDC	86,628.6	−0.0024	get 0.0003% / 1h	43m 55s	$8.3M	$42.9M	25x
Short	edgeX BTCUSDC	86,501.6	0.0100	get 0.0050% / 4h	43m 55s	$279.5M	$946.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.147%Rate

Funding earned: $26.04
Price spread: −0.147% → −0.047%: −$9.95
Slippage, 4 orders: −$0.29
Fee RISEx: 3 bp × 2 orders: −$6
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $0.81
Costs to cover: 0.153%
Break-even: 6.8 days

Slippage from RISEx: live order book, 5 min ago; edgeX: live order book, 5 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, 5 min ago	0.01 bp	3.3 bp −$3	3.3 bp −$33	10.9 bp −$1,089	doesn't fit
Sell edgeX live order book, 5 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	4.7 bp −$468	5.7 bp −$2,862

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	−0.0118%	1h	86,580	−0.056%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,609	−0.023%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	−0.070%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDClong	−0.0024%	1h	86,628.6	long leg	$8.3M	$42.9M	25x
01 Exchange BTCUSD	−0.0024%	1h	86,647.7	+0.022%	$361K	$2.5M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,689.7	+0.071%	$916.3M	$1.49B	50x	as long as short
Aster BTCUSDT	+0.0001%	8h	86,647	+0.021%	$502.8M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,670.2	+0.048%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	86,644.9	+0.019%	$851.9M	$714.9M	125x	as long as short
Reya BTCRUSDPERP	+0.0026%	1h	86,658.5	+0.035%	$6.7M	$145.4M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BTC-USD	+0.0028%	1h	86,631	+0.003%	$17.0M	$21.1M	50x	as long as short
Phemex BTCUSDT	+0.0040%	8h	86,659.4	+0.036%	$150.6M	$479.8M	150x	as long as short
BingX BTC-USDC	+0.0042%	8h	86,624.9	−0.004%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,634.8	+0.007%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0072%	8h	86,662.4	+0.039%	$5.15B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,670.2	+0.048%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0073%	8h	86,638.6	+0.012%	$9.44B	$24.57B	150x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,639.1	+0.012%	$5.88B	$10.73B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,662.3	+0.039%	$170.6M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,671.8	+0.050%	$24.1M	$151.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,636	+0.009%	$8.5M	$52.5M	100x	as long as short
SoDEX BTC-USD	+0.0099%	1h	86,651	+0.026%	$60.6M	$337.7M	40x	as long as short
Nado BTC-PERP	+0.0099%	1h	86,608.1	−0.024%	$21.8M	$234.7M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,619	−0.011%	$201K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,650.6	+0.025%	$4.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,732	+0.119%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,648.3	+0.023%	$40.9M	$524.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,636.8	+0.009%	$5.27B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,630.1	+0.002%	$2.55B	$12.77B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,663	+0.040%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,648.6	+0.023%	$7.6M	$95.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	−0.078%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,657.9	+0.034%	$38.5M	$156.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,628.8	0.000%	$157.3M	$569.4M	—	as long as short
edgeX BTCUSDCshort	+0.0100%	4h	86,501.6	−0.147%	$279.5M	$946.4M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	86,516.2	−0.130%	$217.3M	$172.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,581.8	−0.054%	$141.4M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,640.9	+0.014%	$30.7M	$204.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,692.1	+0.073%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,649	+0.024%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,649.8	+0.025%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,652	+0.027%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,684.8	+0.065%	$141K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,684.8	+0.065%	$30.6M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,634.9	+0.007%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,645.5	+0.020%	$2.30B	$970.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,619.1	−0.011%	$45.5M	$227.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,672.7	+0.051%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,680.5	+0.060%	$193.8M	$951.6M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,628.8	0.000%	$419K	$23.2M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,698.3	+0.080%	$132.9M	$5.69B	50x	as long as short
Aftermath Perps BTCUSD	+0.0115%	1h	86,619.2	−0.011%	$79K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,675.6	+0.054%	$729K	$8.1M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0192% / S −0.0216%	1h	86,665.6	+0.043%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0193%	8h	86,638.8	+0.012%	$414.6M	$659.2M	150x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,670	+0.048%	$9.7M	$743.0M	6.4x	as long as short