Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:16 UTC−0.0187%/8h= −20.5% APRpaid last 24h −0.040%

Price spread now: Perpl against RISEx−0.099%49s7-day average +0.003% · you buy dearer than you sell

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

Long on RISEx Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.081%+$8 on $10k

Price spread, last 7 days+0.096%+$10 · spread now −0.099%, 7d avg +0.003%

Together, before fees+0.176%+ Points / potential airdropPerpl: Active · farm board+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Perpl is 0.102% cheaper against RISEx than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.003%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.081%, so the current rate has only just turned against you. The two prices were read 49 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	85,915.6	0.0187	pay 0.0023% / 1h	6m 29s	$9.0M	$35.7M	25x
Short	Perpl BTC	85,830.6	0	get 0.0000% / 43m	30m 29s	$467K	$13.5M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.099%Rate

Funding earned: −$39.25
Price spread: −0.099% → +0.003%: −$10.2
Slippage, 4 orders: no order book: not counted
Fee RISEx: 3 bp × 2 orders: −$6
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$69.25
Costs to cover: 0.198%
Break-even: never at this rate

Slippage unknown: RISEx: live order book, 1 min ago; Perpl: no order-book sample. 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 RISEx live order book, 1 min ago	0.01 bp	3.7 bp −$4	3.7 bp −$37	11.5 bp −$1,150	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

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 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	85,779	−0.159%	$2.1M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,196	+0.326%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0044%	8h	85,849.3	−0.077%	$421.8M	$550.0M	150x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,896.5	−0.022%	$367K	$1.9M	50x	as long as short
SoDEX BTC-USD	−0.0007%	1h	85,855	−0.071%	$65.8M	$187.7M	40x	as long as short
Perpl BTCshort	0.0000%	43m	85,830.6	−0.099%	$467K	$13.5M	6.7x
dYdX BTC-USD	+0.0001%	1h	85,889.3	−0.031%	$16.8M	$13.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,829.1	−0.101%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	85,828	−0.102%	$320K	$30.6M	52x	as long as short
Aster BTCUSDT	+0.0014%	8h	85,872.9	−0.050%	$511.2M	$846.4M	200x	as long as short

Show all 56 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0030%	1h	85,876	−0.046%	$192.1M	$750.4M	100x	as long as short
BingX BTC-USDC	+0.0040%	8h	85,867.2	−0.056%	—	$16.1M	—	as long as short
Popdex BTCUSDT	+0.0048%	1h	85,896	−0.023%	$8.6M	$45.5M	100x	as long as short
KuCoin XBTUSDTM	+0.0052%	8h	85,872	−0.051%	$941.2M	$636.1M	125x	as long as short
Bybit BTCUSDT	+0.0058%	8h	85,898	−0.021%	$5.14B	$8.05B	150x	as long as short
Phemex BTCUSDT	+0.0066%	8h	85,868.7	−0.055%	$169.9M	$476.0M	150x	as long as short
HTX BTC-USDT	+0.0069%	8h	85,825	−0.105%	$2.27B	$786.7M	200x	as long as short
Gate BTC_USDT	+0.0075%	8h	85,902.4	−0.015%	$5.51B	$9.05B	200x	as long as short
MEXC BTC_USDT	+0.0076%	8h	85,877	−0.045%	$5.16B	$4.91B	500x	as long as short
Binance BTCUSDT	+0.0077%	8h	85,894.6	−0.024%	$9.41B	$20.28B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,835.8	−0.093%	$2.4M	$6.8M	20x	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,888.7	−0.031%	$3.00B	$3.89B	150x	as long as short
GRVT BTC_USDT_Perp	+0.0091%	8h	85,792.9	−0.143%	$215.6M	$132.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,891.9	−0.028%	$172.8M	$876.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,897.3	−0.021%	$23.7M	$121.8M	50x	as long as short
Bullet BTC-USD	+0.0098%	1h	85,859	−0.066%	$211K	$3.2M	20x	as long as short
Nado BTC-PERP	+0.0099%	1h	85,880	−0.042%	$23.3M	$190.7M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,872	−0.051%	$229K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,907.3	−0.010%	$5.9M	$7.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,911	−0.005%	$40.0M	$571.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,910	−0.007%	$2.63B	$9.28B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,871	−0.052%	$3.9M	$14.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,889.5	−0.030%	$4.9M	$91.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,846.4	−0.081%	$713.8M	$100.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,851.6	−0.075%	$38.0M	$194.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,758.6	−0.183%	$155.2M	$472.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,755.6	−0.186%	$289.3M	$738.0M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,805	−0.129%	$137.8M	$288.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,834.8	−0.094%	$30.2M	$227.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,885.6	−0.035%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,838	−0.090%	$11.0M	$11.9M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,846	−0.081%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,877.4	−0.044%	$143K	$607K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,867.5	−0.056%	$29.0M	$44.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,844.7	−0.083%	$3.3M	$6.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,855.2	−0.070%	$47.4M	$193.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,846.4	−0.081%	—	$79.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,914.2	−0.002%	$112.4M	$4.94B	50x	as long as short
Hyperliquid BTC	+0.0149%	1h	85,972	+0.066%	$3.94B	$4.17B	40x	as long as short
Kalshi KXBTCPERP	+0.0156%	8h	85,861	−0.064%	$12.0M	$735.7M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0170%	1h	85,807	−0.126%	$6.6M	$128.9M	40x	as long as short
RISEx BTC/USDClong	+0.0187%	1h	85,915.6	long leg	$9.0M	$35.7M	25x
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0251%	1h	85,869.3	−0.054%	$15.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0223%	1h	85,902.2	−0.016%	$820.3M	$1.50B	50x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	85,836.4	−0.092%	$690K	$6.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0360%	1h	85,842.5	−0.085%	$79K	$228K	20x	as long as short