Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bullet against StandX+0.095%7-day average +0.011% · 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−$11as in the Price arb table

costs, in and out, $10k−$190.192% of the position

Long on StandX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.001%$0 on $10k

Price spread, last 7 days−0.089%−$9 · spread now +0.095%, 7d avg +0.011%

Together, before fees−0.088%+ Points / potential airdropStandX: Active · farm board−$9 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: Bullet is 0.084% dearer against StandX than usual: you sell high and buy low, +$8 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	85,379.2	0.0100	pay 0.0013% / 1h	25m 05s	$30.1M	$217.6M	40x
Short	Bullet BTC-USD	85,460	0.0100	get 0.0013% / 1h	25m 05s	$211K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now +0.095%Rate

Funding earned: $0
Price spread: +0.095% → +0.011%: $8.4
Slippage, 4 orders: −$3.18
Fee StandX: 4 bp × 2 orders: −$8
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$10.79
Costs to cover: 0.192%
Break-even: never at this rate

Slippage from StandX: live order book, 4 min ago; Bullet: live order book, 4 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	0.53 bp	4.6 bp −$5	5.9 bp −$59	7.1 bp −$709	8.6 bp −$4,286
Sell Bullet live order book, 4 min ago	0.06 bp	5.0 bp −$5	8.1 bp −$81	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
Bluefin BTC-PERP	−0.0931%	1h	85,502.2	+0.144%	$194K	$785K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,457	+0.091%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,456.6	+0.091%	$424.6M	$653.3M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,421	+0.049%	$439K	$25.8M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,483.9	+0.123%	$353K	$2.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,470.4	+0.107%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0020%	8h	85,463.4	+0.099%	$941.5M	$760.7M	125x	as long as short
Aster BTCUSDT	+0.0033%	8h	85,461.3	+0.096%	$502.8M	$1.06B	200x	as long as short
dYdX BTC-USD	+0.0055%	1h	85,491.8	+0.132%	$16.8M	$20.8M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,480.4	+0.119%	$186.0M	$917.0M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,395	+0.019%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDT	+0.0080%	8h	85,461.4	+0.096%	—	$1.55B	—	as long as short
Nado BTC-PERP	+0.0088%	1h	85,450	+0.083%	$24.2M	$213.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,476	+0.113%	$171.4M	$949.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,477.6	+0.115%	$23.5M	$135.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,473	+0.110%	$8.7M	$56.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,458.6	+0.093%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,441	+0.072%	$265K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,498.5	+0.140%	$5.7M	$9.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,486.4	+0.126%	$40.3M	$602.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,464.6	+0.100%	$9.40B	$24.51B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,459.9	+0.095%	$5.09B	$9.70B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,465.9	+0.102%	$2.61B	$11.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,479	+0.117%	$3.9M	$17.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,468.1	+0.104%	$5.1M	$96.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,303.3	−0.089%	$702.0M	$164.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,473	+0.110%	$5.50B	$9.95B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,459.7	+0.094%	$5.06B	$5.76B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,471.4	+0.108%	$2.98B	$4.97B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,457.6	+0.092%	$37.5M	$192.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,352.3	−0.031%	$155.8M	$535.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,373.4	−0.007%	$285.4M	$964.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,416	+0.043%	$214.6M	$156.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,415	+0.042%	$136.6M	$312.0M	100x	as long as short
StandX BTC-USDlong	+0.0100%	1h	85,379.2	long leg	$30.1M	$217.6M	40x
Vest BTC-PERP	+0.0100%	1h	85,533.9	+0.181%	—	$10.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,297	−0.096%	$10.9M	$14.4M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	85,460	+0.095%	$211K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,460.1	+0.095%	$2.7M	$9.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,444.6	+0.077%	$28.8M	$52.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,371	−0.010%	$3.1M	$6.9M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,457	+0.091%	$59.8M	$312.0M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,458.8	+0.093%	$2.26B	$958.4M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,472.7	+0.110%	$164.3M	$510.6M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,446.8	+0.079%	$45.8M	$237.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,467.5	+0.103%	—	$104.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,502.9	+0.145%	$112.0M	$5.38B	50x	as long as short
Hyperliquid BTC	+0.0148%	1h	85,547.9	+0.198%	$3.84B	$5.15B	40x	as long as short
Reya BTCRUSDPERP	+0.0150%	1h	85,456.6	+0.091%	$6.6M	$136.5M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,473.3	+0.110%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0191%	8h	85,484	+0.123%	$10.1M	$736.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,499.9	+0.141%	$8.9M	$42.1M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0206%	1h	85,512.9	+0.157%	$833.0M	$1.64B	50x	as long as short
Aftermath Perps BTCUSD	+0.0346%	1h	85,468.3	+0.104%	$81K	$259K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,471.3	+0.108%	$688K	$7.6M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,449.7	+0.083%	$452K	$17.9M	6.7x	as long as short