Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.174%

Price spread now: Bluefin against StandX+0.116%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$240.238% of the position

Long on StandX Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.299%−$30 on $10k

Price spread, last 3 days (all we have)−0.132%−$13 · spread now +0.116%, 7d avg −0.011%

Together, before fees−0.431%+ Points / potential airdropStandX: Active · farm board−$43 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bluefin is 0.127% dearer against StandX than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	StandX BTC-USD	86,574.7	0.0100	pay 0.0013% / 1h	45m 03s	$30.7M	$204.6M	40x
Short	Bluefin BTC-PERP	86,674.9	0.0100	get 0.0013% / 1h	45m 03s	$141K	$663K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against StandX. 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 StandXbpFee BluefinbpOrdersPrice spread, now +0.116%Rate

Funding earned: $0
Price spread: +0.116% → −0.011%: $12.67
Slippage, 4 orders: −$8.77
Fee StandX: 4 bp × 2 orders: −$8
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$11.1
Costs to cover: 0.238%
Break-even: never at this rate

Slippage from StandX: live order book, 4 min ago; Bluefin: live order book, 34 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 StandX live order book, 4 min ago	1.10 bp	5.9 bp −$6	7.0 bp −$70	7.8 bp −$780	9.4 bp −$4,696
Sell Bluefin live order book, 34 min ago	1.10 bp	6.4 bp −$6	11.4 bp −$114	doesn't fit	doesn't fit

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	+0.006%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,653	+0.090%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	−0.008%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,668.6	+0.109%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,663.1	+0.102%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	0.0000%	8h	86,642.4	+0.078%	$502.7M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,676.7	+0.118%	$916.4M	$1.49B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,665.1	+0.104%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	86,644.6	+0.081%	$852.0M	$714.9M	125x	as long as short
Reya BTCRUSDPERP	+0.0026%	1h	86,646.1	+0.082%	$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	+0.0030%	1h	86,677.5	+0.119%	$17.0M	$21.1M	50x	as long as short
Phemex BTCUSDT	+0.0038%	8h	86,646.8	+0.083%	$150.5M	$480.0M	150x	as long as short
BingX BTC-USDT	+0.0042%	8h	86,630.8	+0.065%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,627.8	+0.061%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,639.3	+0.075%	$5.15B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,659.2	+0.098%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0073%	8h	86,641.1	+0.077%	$9.44B	$24.55B	150x	as long as short
Gate BTC_USDT	+0.0084%	8h	86,633	+0.067%	$5.88B	$10.73B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,648	+0.085%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,657.7	+0.096%	$24.1M	$151.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,650	+0.087%	$8.5M	$52.5M	100x	as long as short
Nado BTC-PERP	+0.0098%	1h	86,659	+0.097%	$21.8M	$234.7M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,642	+0.078%	$199K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,700.1	+0.145%	$4.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,704	+0.149%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,692	+0.135%	$40.9M	$524.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,645.3	+0.082%	$5.27B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,630.6	+0.065%	$2.55B	$12.77B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,663	+0.102%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,691.9	+0.135%	$7.6M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	−0.016%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,628.4	+0.062%	$38.4M	$156.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,628.8	+0.063%	$157.3M	$569.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,501.6	−0.084%	$279.5M	$946.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,516.2	−0.068%	$217.3M	$172.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,581.8	+0.008%	$141.4M	$323.3M	100x	as long as short
StandX BTC-USDlong	+0.0100%	1h	86,574.7	long leg	$30.7M	$204.6M	40x
Vest BTC-PERP	+0.0100%	1h	86,695.1	+0.139%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,653	+0.090%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,644	+0.080%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,643.5	+0.079%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	86,674.9	+0.116%	$141K	$663K	40x
Derive BTC-PERP	+0.0100%	1h	86,674.7	+0.116%	$30.6M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,634.9	+0.070%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,637	+0.072%	$60.6M	$337.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,632.4	+0.067%	$2.30B	$970.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,624.1	+0.057%	$45.4M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,662.8	+0.102%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,665.4	+0.105%	$193.8M	$951.5M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,670.5	+0.111%	$419K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,681.1	+0.123%	$132.9M	$5.69B	50x	as long as short
Aftermath Perps BTCUSD	+0.0113%	1h	86,605.9	+0.036%	$79K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,675.6	+0.117%	$729K	$8.1M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0192% / S −0.0215%	1h	86,660.1	+0.099%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0193%	8h	86,638.8	+0.074%	$414.6M	$659.2M	150x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,688	+0.131%	$9.6M	$742.7M	6.4x	as long as short