Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0027%/8h= +2.9% APRpaid last 24h +0.007%

Price spread now: Bybit against Aevo+0.005%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$320.316% of the position

Long on Aevo Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.012%−$1 on $10k

Price spread, last 3 days (all we have)+0.026%+$3 · spread now +0.005%, 7d avg +0.015%

Together, before fees+0.013%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.015%, 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	Aevo BTC-PERP	86,462.6	0.0072	pay 0.0009% / 1h	31m 44s	$2.4M	$1.3M	20x
Short	Bybit BTCUSDT	86,466.7	0.0099	get 0.0099% / 8h	31m 44s	$5.26B	$9.81B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Aevo. 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 AevobpFee BybitbpOrdersPrice spread, now +0.005%Rate

Funding earned: $5.64
Price spread: +0.005% → +0.015%: −$1.06
Slippage, 4 orders: −$4.62
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$27.03
Costs to cover: 0.316%
Break-even: 40.5 days

Slippage from Aevo: live order book, 2 min ago; Bybit: live order book, 2 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 Aevo live order book, 2 min ago	1.31 bp	10.0 bp −$10	12.0 bp −$120	14.8 bp −$1,481	doesn't fit
Sell Bybit live order book, 2 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.6 bp −$558	6.9 bp −$3,436

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	86,543	+0.093%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,484	+0.025%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.122%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,490.9	+0.033%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,502	+0.046%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,471.4	+0.010%	$501.5M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0001%	1h	86,510.4	+0.055%	$915.1M	$1.48B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,512.2	+0.057%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0016%	8h	86,472	+0.011%	$850.4M	$715.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0030%	1h	86,493.5	+0.036%	$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
BingX BTC-USDT	+0.0042%	8h	86,476.5	+0.016%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0049%	8h	86,484.3	+0.025%	$150.7M	$478.6M	150x	as long as short
dYdX BTC-USD	+0.0051%	1h	86,493.3	+0.036%	$17.0M	$21.1M	50x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,469	+0.007%	$2.96B	$5.13B	150x	as long as short
MEXC BTC_USDT	+0.0070%	8h	86,465.1	+0.003%	$5.16B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0071%	8h	86,465	+0.003%	$9.43B	$24.57B	150x	as long as short
Aevo BTC-PERPlong	+0.0072%	1h	86,462.6	long leg	$2.4M	$1.3M	20x
Gate BTC_USDT	+0.0083%	8h	86,477.5	+0.017%	$5.87B	$10.76B	200x	as long as short
SoDEX BTC-USD	+0.0093%	1h	86,469	+0.007%	$60.5M	$337.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,481	+0.021%	$170.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,489.9	+0.032%	$24.0M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,490	+0.032%	$8.5M	$52.4M	100x	as long as short
Bybit BTCUSDTshort	+0.0099%	8h	86,466.7	+0.005%	$5.26B	$9.81B	150x
Katana Perps BTC-USD	+0.0100%	8h	86,458	−0.005%	$198K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,502.4	+0.046%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,484	+0.025%	$21.8M	$234.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,547	+0.098%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,507.6	+0.052%	$40.8M	$527.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,480.1	+0.020%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,490	+0.032%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,518.5	+0.065%	$7.6M	$95.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,470.3	+0.009%	$38.2M	$155.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,514.5	+0.060%	$157.4M	$567.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,535.4	+0.084%	$279.5M	$947.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,546.5	+0.097%	$217.3M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,514.6	+0.060%	$141.4M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,475.4	+0.015%	$30.7M	$205.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,535.1	+0.084%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,492	+0.034%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,494	+0.036%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,496.1	+0.039%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,524.4	+0.072%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,508.8	+0.053%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,482.8	+0.023%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,470.1	+0.009%	$2.29B	$969.8M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,562.5	+0.116%	$572.7M	$17.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,461.2	−0.002%	$45.5M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,507.2	+0.052%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,500.3	+0.044%	$194.0M	$952.2M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,501.1	+0.045%	$416K	$23.1M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,518.8	+0.065%	$132.2M	$5.66B	50x	as long as short
Aftermath Perps BTCUSD	+0.0137%	1h	86,545.1	+0.095%	$79K	$218K	20x	as long as short
BloFin BTC-USDT	+0.0191%	8h	86,490.5	+0.032%	$415.4M	$658.5M	150x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	86,523	+0.070%	$728K	$8.1M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0194% / S −0.0217%	1h	86,508.6	+0.053%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,519	+0.065%	$9.7M	$745.6M	6.4x	as long as short