Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:12 UTC−0.0080%/8h= −8.8% APRpaid last 24h −0.039%

Price spread now: Perpl against Aevo−0.030%7-day average +0.029% · you buy dearer than you sell

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

Long on Aevo Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.329%+$33 on $10k

Price spread, last 3 days (all we have)+0.062%+$6 · spread now −0.030%, 7d avg +0.029%

Together, before fees+0.392%+ Points / potential airdropPerpl: Active · farm board+$39 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Perpl is 0.059% cheaper against Aevo than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.029%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.329%, 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	Aevo BTC-PERP	86,214.2	0.0080	pay 0.0010% / 1h	17m 59s	$2.5M	$1.8M	20x
Short	Perpl BTC	86,188.4	0	get 0.0000% / 43m	39m 59s	$544K	$21.3M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$16.8
Price spread: −0.030% → +0.029%: −$5.89
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$52.49
Costs to cover: 0.298%
Break-even: never at this rate

Slippage unknown: Aevo: live order book, 1 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 Aevo live order book, 1 min ago	0.96 bp	10.2 bp −$10	11.8 bp −$118	doesn't fit	doesn't fit
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	−0.0129%	1h	86,359	+0.168%	$2.2M	$11.2M	40x	as long as short
Bluefin BTC-PERP	−0.0101%	1h	86,256.7	+0.049%	$144K	$667K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,160	−0.063%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,157.7	−0.066%	$363K	$2.4M	50x	as long as short
Perpl BTCshort	0.0000%	43m	86,188.4	−0.030%	$544K	$21.3M	6.7x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,223.7	+0.011%	$36.8M	—	200x	as long as short
dYdX BTC-USD	+0.0023%	1h	86,139	−0.087%	$16.9M	$20.5M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	+0.167%	$343K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0029%	8h	86,235.4	+0.025%	$500.0M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0042%	8h	86,234.5	+0.024%	$830.9M	$718.0M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0047%	1h	86,171.7	−0.049%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0050%	8h	86,226.9	+0.015%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,157.3	−0.066%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0064%	8h	86,237.1	+0.027%	$2.97B	$5.05B	150x	as long as short
SoDEX BTC-USD	+0.0077%	1h	86,212	−0.003%	$60.4M	$338.2M	40x	as long as short
Aevo BTC-PERPlong	+0.0080%	1h	86,214.2	long leg	$2.5M	$1.8M	20x
Binance BTCUSDT	+0.0083%	8h	86,229.6	+0.018%	$9.40B	$24.33B	150x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,229.8	+0.018%	$5.09B	$5.74B	500x	as long as short
Gate BTC_USDT	+0.0087%	8h	86,243	+0.033%	$5.76B	$10.58B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,234.4	+0.023%	$169.9M	$989.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,239	+0.029%	$23.6M	$151.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,153	−0.071%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,129	−0.099%	$196K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,174.1	−0.046%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,149.6	−0.075%	$22.0M	$227.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,309	+0.110%	$3.78B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,160.4	−0.062%	$40.5M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,240.4	+0.030%	$5.25B	$9.67B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,245.9	+0.037%	$2.56B	$12.46B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,132	−0.095%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,169.9	−0.051%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.080%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,232.7	+0.021%	$35.6M	$160.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,271.9	+0.067%	$157.9M	$558.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,274.4	+0.070%	$278.7M	$950.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,277	+0.073%	$216.6M	$165.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,283.5	+0.080%	$141.3M	$321.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,247	+0.038%	$30.6M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,217.7	+0.004%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,176	−0.044%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,194.8	−0.023%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,212.5	−0.002%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,238.1	+0.028%	$30.3M	$56.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,215.4	+0.001%	$3.3M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,206.8	−0.009%	$2.29B	$958.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,247.6	+0.039%	$155.3M	$473.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,216	+0.002%	$46.1M	$222.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,212.7	−0.002%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,271.2	+0.066%	$132.3M	$5.33B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,266	+0.060%	$192.0M	$945.4M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0151%	1h	86,267.6	+0.062%	$902.1M	$1.51B	50x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,323	+0.126%	$714K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0170%	1h	86,331.8	+0.136%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,139.1	−0.087%	$415.1M	$640.9M	150x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	86,186	−0.033%	$10.6M	$765.7M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0221%	1h	86,206.3	−0.009%	$14.5M	—	200x	as long as short