Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0038%/8h= +4.2% APRpaid last 24h +0.010%

Price spread now: Bybit against SoDEX+0.007%7-day average +0.004% · 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−$19as in the Price arb table

costs, in and out, $10k−$190.191% of the position

Long on SoDEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.012%+$1 on $10k

Price spread, last 4 days (all we have)+0.019%+$2 · spread now +0.007%, 7d avg +0.004%

Together, before fees+0.031%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.004%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX BTC-USD	85,434	0.0062	pay 0.0008% / 1h	24m 39s	$59.9M	$336.0M	40x
Short	Bybit BTCUSDT	85,439.7	0.0100	get 0.0100% / 8h	3h 24m	$5.18B	$9.86B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against SoDEX. 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 SoDEXbpFee BybitbpOrdersPrice spread, now +0.007%Rate

Funding earned: $8.03
Price spread: +0.007% → +0.004%: $0.27
Slippage, 4 orders: −$0.13
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$10.83
Costs to cover: 0.191%
Break-even: 16.4 days

Slippage from SoDEX: live order book, 5 min ago; Bybit: 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 SoDEX live order book, 5 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	5.3 bp −$531	42.9 bp −$21.4K
Sell Bybit live order book, 5 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.9 bp −$593	7.5 bp −$3,742

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	85,490	+0.066%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,452	+0.021%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0042%	8h	85,435.6	+0.002%	$918.0M	$757.4M	125x	as long as short
BloFin BTC-USDT	−0.0021%	8h	85,435.4	+0.002%	$419.0M	$675.3M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,451.2	+0.020%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0002%	8h	85,427.5	−0.008%	$514.5M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,468	+0.040%	$501K	$18.7M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,450.2	+0.019%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0004%	1h	85,455.1	+0.025%	$24.5M	$223.3M	50x	as long as short
dYdX BTC-USD	+0.0037%	1h	85,485.8	+0.061%	$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	+0.094%	$339K	$26.9M	52x	as long as short
SoDEX BTC-USDlong	+0.0062%	1h	85,434	long leg	$59.9M	$336.0M	40x
BingX BTC-USDT	+0.0065%	8h	85,451.5	+0.020%	—	$1.55B	—	as long as short
Deribit BTC-PERPETUAL	+0.0071%	1h	85,477.6	+0.051%	$884.7M	$1.59B	50x	as long as short
Phemex BTCUSDT	+0.0073%	8h	85,437.3	+0.004%	$148.3M	$495.6M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,450	+0.019%	$2.95B	$5.11B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,454.7	+0.024%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,446.5	+0.015%	$24.0M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,439	+0.006%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,422	−0.014%	$2.7M	$2.0M	20x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,435.3	+0.002%	$9.43B	$24.42B	150x	as long as short
MEXC BTC_USDT	+0.0099%	8h	85,449.9	+0.019%	$5.06B	$5.66B	500x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,433	−0.001%	$208K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,500	+0.077%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,516	+0.096%	$3.79B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,479.5	+0.053%	$40.1M	$588.0M	50x	as long as short
Bybit BTCUSDTshort	+0.0100%	8h	85,439.7	+0.007%	$5.18B	$9.86B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,457.2	+0.027%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,451	+0.020%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,453.8	+0.023%	$4.7M	$100.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,517.4	+0.098%	$680.3M	$725.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,438.9	+0.006%	$5.53B	$10.82B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,434.8	+0.001%	$36.0M	$178.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453	+0.022%	$154.1M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,480.4	+0.054%	$279.2M	$928.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,538.4	+0.122%	$215.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,498.2	+0.075%	$139.9M	$315.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,486	+0.061%	$30.2M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,509.6	+0.088%	—	$11.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,439	+0.006%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,435	+0.001%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,430.7	−0.004%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,478.1	+0.052%	$206K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,427.3	−0.008%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,433	−0.001%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,433.6	0.000%	$2.26B	$948.8M	200x	as long as short
Reya BTCRUSDPERP	+0.0100%	1h	85,430.9	−0.004%	$6.6M	$147.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,405.8	−0.033%	$45.1M	$233.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,476.5	+0.050%	—	$107.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,478	+0.052%	$117.2M	$5.25B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,454.1	+0.024%	$187.6M	$954.8M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,470	+0.042%	$8.6M	$43.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0149%	1h	85,450.8	+0.020%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0182%	8h	85,490	+0.066%	$11.7M	$754.3M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,520.9	+0.102%	$697K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0252%	1h	85,524.2	+0.106%	$78K	$221K	20x	as long as short