Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0030%/8h= −3.3% APRpaid last 24h −0.012%

Price spread now: Bybit against Aftermath Perps−0.076%7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$290.292% of the position

Long on Aftermath Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.050%−$5 on $10k

Price spread, last 3 days (all we have)−0.001%$0 · spread now −0.076%, 7d avg −0.028%

Together, before fees−0.051%−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.048% cheaper against Aftermath Perps than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.028%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps BTCUSD	86,577.5	0.0130	pay 0.0016% / 1h	35m 32s	$79K	$218K	20x
Short	Bybit BTCUSDT	86,511.8	0.0100	get 0.0100% / 8h	35m 32s	$5.26B	$9.82B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Aftermath Perps. 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 Aftermath PerpsbpFee BybitbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$6.3
Price spread: −0.076% → −0.028%: −$4.82
Slippage, 4 orders: −$9.22
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$40.34
Costs to cover: 0.292%
Break-even: never at this rate

Slippage from Aftermath Perps: live order book, 44 min ago; Bybit: 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 Aftermath Perps live order book, 44 min ago	1.00 bp	8.8 bp −$9	10.4 bp −$104	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.5 bp −$551	6.7 bp −$3,327

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	86,598	+0.024%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,515	−0.072%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	−0.011%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,531.3	−0.053%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,523.9	−0.062%	$360K	$2.5M	50x	as long as short
Aster BTCUSDT	0.0000%	8h	86,514.5	−0.073%	$501.7M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,547.1	−0.035%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0015%	8h	86,514.8	−0.072%	$850.5M	$715.3M	125x	as long as short
Reya BTCRUSDPERP	+0.0029%	1h	86,523.2	−0.063%	$6.7M	$145.4M	40x	as long as short
dYdX BTC-USD	+0.0032%	1h	86,539	−0.044%	$17.0M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0042%	8h	86,500.9	−0.089%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0047%	8h	86,529.7	−0.055%	$150.6M	$479.0M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,509.8	−0.078%	$2.96B	$5.13B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,512.2	−0.075%	$5.16B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,513.5	−0.074%	$9.43B	$24.57B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,518	−0.069%	$2.4M	$1.3M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0078%	1h	86,567.8	−0.011%	$915.5M	$1.48B	50x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,517	−0.070%	$5.88B	$10.75B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,522.9	−0.063%	$170.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,525.1	−0.061%	$24.0M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,514	−0.073%	$8.5M	$52.5M	100x	as long as short
SoDEX BTC-USD	+0.0097%	1h	86,522	−0.064%	$60.5M	$337.8M	40x	as long as short
Bybit BTCUSDTshort	+0.0100%	8h	86,511.8	−0.076%	$5.26B	$9.82B	150x
Katana Perps BTC-USD	+0.0100%	8h	86,493	−0.098%	$198K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,541.6	−0.041%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,521.6	−0.065%	$21.8M	$234.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,591	+0.016%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,547.5	−0.035%	$40.8M	$527.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,521.2	−0.065%	$2.55B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,515	−0.072%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,552.9	−0.028%	$7.6M	$95.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,528.5	−0.057%	$38.4M	$155.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,514.5	−0.073%	$157.4M	$567.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,535.4	−0.049%	$279.5M	$947.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,600.3	+0.026%	$217.5M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,533.8	−0.051%	$141.4M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,558	−0.023%	$30.7M	$204.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,575.5	−0.002%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,526	−0.060%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,523	−0.063%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,528.3	−0.057%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,558	−0.023%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,557.2	−0.024%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,514.2	−0.073%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,510.3	−0.078%	$2.30B	$971.0M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,562.5	−0.017%	$572.7M	$17.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,499.2	−0.091%	$45.4M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,555.3	−0.026%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,571	−0.008%	$194.2M	$952.4M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,537.8	−0.046%	$416K	$23.2M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,581.8	+0.005%	$132.5M	$5.67B	50x	as long as short
Aftermath Perps BTCUSDlong	+0.0130%	1h	86,577.5	long leg	$79K	$218K	20x
BloFin BTC-USDT	+0.0191%	8h	86,533.2	−0.051%	$415.7M	$658.3M	150x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	86,579.8	+0.003%	$729K	$8.1M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0194% / S −0.0216%	1h	86,539	−0.045%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,556	−0.025%	$9.6M	$744.7M	6.4x	as long as short