Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0227%/8h= −24.9% APRpaid last 24h −0.041%

Price spread now: BloFin against Aftermath Perps+0.022%49s7-day average −0.026% · 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—prices read too far apart to compare

costs, in and out, $10k−$310.313% of the position

Long on Aftermath Perps Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.111%−$11 on $10k

Price spread, last 4 days (all we have)−0.297%−$30 · spread now +0.022%, 7d avg −0.026%

Together, before fees−0.407%−$41 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.048% dearer against Aftermath Perps than usual: you sell high and buy low (spread +0.022% now, against its 7-day average of −0.026%): +$5 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 17 hours. At the pace of the last 3 days (−0.111% in total) that is about 34 hours. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps BTCUSD	85,583.1	0.0194	pay 0.0024% / 1h	42m 16s	$78K	$219K	20x
Short	BloFin BTC-USDT	85,602.1	−0.0033	pay 0.0033% / 8h	5h 42m	$416.5M	$662.4M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Aftermath Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Aftermath PerpsbpFee BloFinbpOrdersPrice spread, now +0.022%Rate

Funding earned: −$47.71
Price spread: +0.022% → −0.026%: $4.82
Slippage, 4 orders: −$10.32
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$74.21
Costs to cover: 0.313%
Break-even: never at this rate

Slippage from Aftermath Perps: live order book, 22 min ago; BloFin: live order book, 67 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 Aftermath Perps live order book, 22 min ago	1.00 bp	9.4 bp −$9	23.1 bp −$231	doesn't fit	doesn't fit
Sell BloFin live order book, 67 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.7 bp −$668	8.1 bp −$4,043

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	−0.0160%	1h	85,485	−0.115%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,574	−0.011%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,639.1	+0.065%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDTshort	−0.0033%	8h	85,602.1	+0.022%	$416.5M	$662.4M	150x
dYdX BTC-USD	0.0000%	1h	85,643.2	+0.070%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,656.4	+0.086%	$36.7M	—	200x	as long as short
Nado BTC-PERP	+0.0005%	1h	85,636.3	+0.062%	$22.8M	$221.6M	50x	as long as short
KuCoin XBTUSDTM	+0.0014%	8h	85,621.1	+0.044%	$907.4M	$749.7M	125x	as long as short
Aster BTCUSDT	+0.0020%	8h	85,635.4	+0.061%	$516.0M	$1.11B	200x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,642	+0.069%	—	$17.0M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0066%	1h	85,637.8	+0.064%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,649.3	+0.077%	$2.95B	$5.02B	150x	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,653.9	+0.083%	$148.4M	$478.4M	150x	as long as short
HTX BTC-USDT	+0.0073%	8h	85,650.9	+0.079%	$2.27B	$932.8M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.040%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,646.9	+0.075%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,641.5	+0.068%	$5.04B	$5.60B	500x	as long as short
SunX BTC-USDT	+0.0087%	8h	85,614.3	+0.036%	$2.9M	$6.1M	100x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,650	+0.078%	$9.33B	$23.89B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,662.5	+0.093%	$169.7M	$986.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,663.4	+0.094%	$23.9M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,638	+0.064%	$8.4M	$51.9M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,682.8	+0.117%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,609	+0.030%	$204K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,704	+0.141%	$3.78B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,656.6	+0.086%	$40.2M	$571.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,654.6	+0.084%	$5.34B	$9.59B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,646.8	+0.074%	$2.57B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,635	+0.061%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,599.1	+0.019%	$7.3M	$97.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	−0.024%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,654.5	+0.083%	$5.55B	$10.46B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,603.4	+0.024%	$35.1M	$171.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,485	−0.115%	$154.0M	$550.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,511.8	−0.083%	$278.9M	$932.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,432.8	−0.176%	$214.5M	$161.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,578.6	−0.005%	$140.0M	$316.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,588.9	+0.007%	$30.3M	$211.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,683.9	+0.118%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,634	+0.060%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,646.1	+0.074%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,641.7	+0.069%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,685.3	+0.119%	$197K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,645.3	+0.073%	$30.0M	$52.5M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,660	+0.090%	$60.0M	$336.2M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0102%	1h	85,692.2	+0.127%	$893.3M	$1.52B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,630.8	+0.056%	$44.0M	$227.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,617.6	+0.040%	—	$106.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,693.9	+0.129%	$130.9M	$5.09B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,663	+0.093%	$8.3M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,683.5	+0.117%	$187.6M	$947.5M	100x	as long as short
Aftermath Perps BTCUSDlong	+0.0194%	1h	85,583.1	long leg	$78K	$219K	20x
Hibachi BTC/USDT-P	+0.0200%	1h	85,583.5	0.000%	$697K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,651.6	+0.080%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,664	+0.095%	$10.5M	$760.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,632.2	+0.057%	$524K	$19.5M	6.7x	as long as short