Bullet

Bullet is a decentralized perpetual exchange (perp DEX) tracked live on ORBIT, listing 28 perpetual markets, $1.7M total open interest, $5.3M in 24h volume. Average funding across its markets is +6.40% annualized. ORBIT compares Bullet's funding rates against 35 other venues so you can spot where it diverges from the rest of the market.

Bullet charges 0.04% taker and 0.01% maker fees on perpetuals. Via the ORBIT referral you also get: VIP2: -10% taker / -50% maker fees. Execution cost matters for funding arbitrage — ORBIT's backtester subtracts both legs' taker fees plus live order-book slippage, so the PnL it shows is net of what you actually pay.

Bullet currently runs an active points program with no token live yet — every trade accrues points toward a future airdrop. That makes it a prime venue for the long leg of a delta-neutral funding trade: you farm points on the position you are holding anyway. Estimate what those points could be worth with the Points Calculator.

To run funding arbitrage with Bullet, find an asset whose funding here diverges from another venue on the Funding Screener, then verify the pair in the backtester. Its most active markets right now include BTC (+5.14%), SOL (+10.96%), SKHYNIX (-2.95%).