Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:57 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.035%

Price spread now: Perpl against SoDEX−0.015%7-day average +0.017% · you buy dearer than you sell

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

Long on SoDEX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.095%+$9 on $10k

Price spread, last 4 days (all we have)+0.046%+$5 · spread now −0.015%, 7d avg +0.017%

Together, before fees+0.140%+ Points / potential airdropPerpl: Active · farm board+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Perpl is 0.033% cheaper against SoDEX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.017%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.095%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX BTC-USD	85,350	0.0100	pay 0.0013% / 1h	50m 04s	$59.7M	$336.8M	40x
Short	Perpl BTC	85,336.9	0	get 0.0000% / 43m	13m 04s	$526K	$18.3M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against SoDEX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now −0.015%Rate

Funding earned: −$21
Price spread: −0.015% → +0.017%: −$3.27
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$46.07
Costs to cover: 0.218%
Break-even: never at this rate

Slippage unknown: SoDEX: live order book, 4 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 SoDEX live order book, 4 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	5.0 bp −$504	41.3 bp −$20.6K
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 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	−0.0082%	1h	85,346	−0.005%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,309	−0.048%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0048%	8h	85,344.9	−0.006%	$926.3M	$772.3M	125x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,319.2	−0.036%	$421.0M	$683.6M	150x	as long as short
Aster BTCUSDT	−0.0010%	8h	85,326.8	−0.027%	$512.9M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,343.9	−0.007%	$16.7M	$21.5M	50x	as long as short
Perpl BTCshort	0.0000%	43m	85,336.9	−0.015%	$526K	$18.3M	6.7x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,362.2	+0.014%	$36.5M	—	200x	as long as short
01 Exchange BTCUSD	+0.0008%	1h	85,345.6	−0.005%	$354K	$2.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0025%	1h	85,333.8	−0.019%	$139.5M	$314.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0042%	1h	85,285	−0.076%	$24.5M	$222.6M	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,405	+0.064%	$339K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0070%	8h	85,332.3	−0.021%	—	$17.5M	—	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,350.6	+0.001%	$2.95B	$5.18B	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,364.5	+0.017%	$187.1M	$956.1M	100x	as long as short
Phemex BTCUSDT	+0.0091%	8h	85,361.1	+0.013%	$149.9M	$508.7M	150x	as long as short
MEXC BTC_USDT	+0.0095%	8h	85,352.1	+0.002%	$4.99B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0096%	8h	85,338.4	−0.014%	$9.43B	$24.99B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,364.9	+0.017%	$170.3M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,366.2	+0.019%	$23.6M	$147.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,350	0.000%	$8.3M	$56.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,343.4	−0.008%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,316	−0.040%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,407.2	+0.067%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,433.6	+0.098%	$3.75B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,374.9	+0.029%	$40.1M	$602.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,321	−0.034%	$5.14B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,324.4	−0.030%	$2.59B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,350	0.000%	$3.8M	$17.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,353	+0.004%	$4.6M	$98.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,351.4	+0.002%	$5.50B	$10.96B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,341.4	−0.010%	$36.7M	$179.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,300.3	−0.058%	$155.0M	$558.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,312.4	−0.044%	$279.5M	$951.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,303.8	−0.054%	$214.1M	$167.2M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,338.5	−0.013%	$30.1M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,406.5	+0.066%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,350	0.000%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,361	+0.013%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,351	+0.001%	$2.6M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,387.7	+0.044%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,328.4	−0.025%	$30.0M	$47.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,323	−0.032%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USDlong	+0.0100%	1h	85,350	long leg	$59.7M	$336.8M	40x
HTX BTC-USDT	+0.0100%	8h	85,344.9	−0.006%	$2.26B	$968.7M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,294.8	−0.065%	$682.6M	$475.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,324.4	−0.030%	$44.6M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,340.1	−0.012%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,391.9	+0.049%	$116.8M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0123%	1h	85,352.8	+0.003%	$6.6M	$147.6M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0136%	1h	85,391.5	+0.049%	$865.8M	$1.63B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,358.1	+0.009%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,370.6	+0.024%	$8.7M	$43.2M	25x	as long as short
Kalshi KXBTCPERP	+0.0196%	8h	85,368	+0.021%	$11.6M	$742.9M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,327.4	−0.026%	$689K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0249%	1h	85,363.9	+0.016%	$79K	$229K	20x	as long as short