Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:36 UTC−0.0190%/8h= −20.8% APRpaid last 24h −0.052%

Price spread now: Perpl against Aftermath Perps+0.046%7-day average −0.010% · you sell dearer than you buy

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

Long on Aftermath Perps Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.026%+$3 on $10k

Price spread, last 3 days (all we have)−0.067%−$7 · spread now +0.046%, 7d avg −0.010%

Together, before fees−0.041%+ Points / potential airdropPerpl: Active · farm board−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.056% dearer against Aftermath Perps than usual: you sell high and buy low (spread +0.046% now, against its 7-day average of −0.010%): +$6 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 23 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.026% in total (about 3.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps BTCUSD	86,945	−0.0145	get 0.0018% / 1h	7m 16s	$85K	$193K	20x
Short	Perpl BTC	86,984.7	−0.0335	pay 0.0030% / 43m	11m 16s	$432K	$25.7M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.046%Rate

Funding earned: −$39.84
Price spread: +0.046% → −0.010%: $5.56
Slippage, 4 orders: no order book: not counted
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$57.08
Costs to cover: 0.228%
Break-even: never at this rate

Slippage unknown: Aftermath Perps: live order book, 22 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 Aftermath Perps live order book, 22 min ago	0.00 bp	15.8 bp −$16	28.2 bp −$282	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
Perpl BTCshort	−0.0335%	43m	86,984.7	+0.046%	$432K	$25.7M	6.7x
Aftermath Perps BTCUSDlong	−0.0145%	1h	86,945	long leg	$85K	$193K	20x
Phoenix BTC	−0.0123%	1h	86,973	+0.032%	$2.2M	$12.0M	40x	as long as short
dYdX BTC-USD	−0.0118%	1h	86,997.2	+0.060%	$18.2M	$19.9M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,954	+0.010%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	87,007.9	+0.072%	$368K	$2.5M	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,983.7	+0.044%	$840.6M	$707.3M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	87,011	+0.076%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0010%	1h	87,000.9	+0.064%	$9.2M	$42.3M	25x	as long as short
BingX BTC-USDC	+0.0014%	8h	86,978.2	+0.038%	—	$15.3M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BTCUSDT	+0.0018%	8h	86,964.8	+0.023%	$149.5M	$465.5M	150x	as long as short
Reya BTCRUSDPERP	+0.0020%	1h	87,005.9	+0.070%	$6.9M	$143.0M	40x	as long as short
Bitget BTCUSDT	+0.0021%	8h	86,981.5	+0.042%	$2.96B	$5.10B	150x	as long as short
Aster BTCUSDT	+0.0025%	8h	86,969.7	+0.028%	$507.3M	$1.17B	200x	as long as short
Injective BTC/USDC PERP	+0.0035%	1h	86,958	+0.015%	$316K	$26.9M	52x	as long as short
ApeX Omni BTCUSDT	+0.0041%	1h	86,874.3	−0.081%	$142.1M	$322.5M	100x	as long as short
Kraken Futures PF_XBTUSD	+0.0041%	1h	87,018.4	+0.084%	$196.1M	$925.2M	100x	as long as short
MEXC BTC_USDT	+0.0046%	8h	86,988.3	+0.050%	$5.20B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0046%	8h	86,970.3	+0.029%	$9.49B	$24.36B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,978.8	+0.039%	$2.4M	$1.3M	20x	as long as short
OKX BTC-USDT-SWAP	+0.0049%	8h	86,977.5	+0.037%	$2.61B	$12.76B	100x	as long as short
SoDEX BTC-USD	+0.0057%	1h	86,971	+0.030%	$60.9M	$336.4M	40x	as long as short
Gate BTC_USDT	+0.0060%	8h	86,985.4	+0.046%	$5.89B	$10.68B	200x	as long as short
Bybit BTCUSDT	+0.0078%	8h	86,971.1	+0.030%	$5.32B	$9.71B	150x	as long as short
Bluefin BTC-PERP	+0.0078%	1h	86,964.9	+0.023%	$161K	$575K	40x	as long as short
Variational Omni BTC	+0.0091%	8h	86,872.7	−0.083%	$161.3M	$558.2M	—	as long as short
Orderly PERP_BTC_USDC	+0.0095%	8h	86,993.6	+0.056%	$2.4M	$8.3M	100x	as long as short
Lighter BTC	+0.0096%	1h	86,984.6	+0.046%	$173.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,996.3	+0.059%	$24.2M	$152.2M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	86,868	−0.089%	$218.1M	$188.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,976	+0.036%	$8.5M	$52.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	87,009.6	+0.074%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,982	+0.043%	$192K	$6.7M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,980.2	+0.040%	$23.0M	$237.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,997.4	+0.060%	$41.8M	$480.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,979	+0.039%	$4.0M	$18.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	87,053.7	+0.125%	$7.6M	$95.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,876.5	−0.079%	$573.3M	$24.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,999.5	+0.063%	$38.1M	$146.0M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,877.7	−0.077%	$286.8M	$935.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,855	−0.104%	$30.9M	$206.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	87,025.5	+0.093%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,980	+0.040%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,982	+0.043%	$204K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,987.3	+0.049%	$30.1M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,941.2	−0.004%	$3.4M	$5.6M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,973.5	+0.033%	$2.31B	$955.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,963.6	+0.021%	$46.7M	$230.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	87,016.7	+0.082%	—	$98.0M	500x	as long as short
Kalshi KXBTCPERP	+0.0108%	8h	87,012	+0.077%	$8.7M	$725.3M	6.4x	as long as short
Coinbase International BTC-PERP-INTX	+0.0136%	1h	87,024	+0.091%	$132.3M	$5.99B	50x	as long as short
Hyperliquid BTC	+0.0155%	1h	87,058	+0.130%	$3.88B	$5.11B	40x	as long as short
BloFin BTC-USDT	+0.0166%	8h	86,970.7	+0.030%	$421.4M	$644.7M	150x	as long as short
Deribit BTC-PERPETUAL	+0.0172%	1h	87,038.6	+0.108%	$930.6M	$1.36B	50x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,908.1	−0.043%	$753K	$7.0M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0200%	1h	87,003.9	+0.068%	$15.4M	—	200x	as long as short