Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.119%

Price spread now: Bluefin against Arcus+0.062%7-day average −0.033% · 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−$8as in the Price arb table

costs, in and out, $10k−$170.172% of the position

Long on Arcus Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.429%−$43 on $10k

Price spread, last 4 days (all we have)−0.103%−$10 · spread now +0.062%, 7d avg −0.033%

Together, before fees−0.532%−$53 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bluefin is 0.095% dearer against Arcus than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus BTC-USD	85,409.9	0.0100	pay 0.0013% / 1h	42m 04s	$4.7M	$96.7M	40x
Short	Bluefin BTC-PERP	85,462.6	0.0100	get 0.0013% / 1h	42m 04s	$194K	$795K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Arcus. 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 ArcusbpFee BluefinbpOrdersPrice spread, now +0.062%Rate

Funding earned: $0
Price spread: +0.062% → −0.033%: $9.47
Slippage, 4 orders: −$5.68
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$7.72
Costs to cover: 0.172%
Break-even: never at this rate

Slippage from Arcus: live order book, 2 min ago; Bluefin: live order book, 62 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 Arcus live order book, 2 min ago	0.01 bp	2.4 bp −$2	3.1 bp −$31	3.6 bp −$364	doesn't fit
Sell Bluefin live order book, 62 min ago	1.09 bp	6.5 bp −$7	11.6 bp −$116	doesn't fit	doesn't fit

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
Hotstuff BTC-PERP	−0.0080%	1h	85,414	+0.005%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,472	+0.073%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTM	−0.0025%	8h	85,418.4	+0.010%	$931.8M	$775.2M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,380.7	−0.034%	$420.7M	$682.4M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,413.5	+0.004%	$512.3M	$1.08B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,409.3	−0.001%	$348K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,445.8	+0.042%	$467K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0004%	1h	85,390.6	−0.023%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,432.2	+0.026%	$36.5M	—	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,432.3	+0.026%	$185.8M	$952.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0066%	1h	85,421.4	+0.013%	$139.6M	$312.8M	100x	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,367	−0.050%	$338K	$24.6M	52x	as long as short
BingX BTC-USDT	+0.0067%	8h	85,417.1	+0.008%	—	$1.57B	—	as long as short
Nado BTC-PERP	+0.0081%	1h	85,371.1	−0.045%	$24.1M	$220.1M	50x	as long as short
Bybit BTCUSDT	+0.0084%	8h	85,412.4	+0.003%	$5.14B	$9.98B	150x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,417.8	+0.009%	$2.97B	$5.18B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,433.5	+0.028%	$169.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,430	+0.024%	$23.6M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,402	−0.009%	$8.4M	$57.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,420.1	+0.012%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,422.2	+0.014%	$5.05B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,421.2	+0.013%	$9.42B	$25.02B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,375	−0.041%	$272K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,434.5	+0.029%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,503.8	+0.110%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,424.6	+0.017%	$40.1M	$605.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,418.9	+0.011%	$2.60B	$12.22B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,399	−0.013%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USDlong	+0.0100%	1h	85,409.9	long leg	$4.7M	$96.7M	40x
Bulk BTC-USD	+0.0100%	1h	85,349	−0.071%	$691.7M	$275.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,422.8	+0.015%	$5.53B	$11.03B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,416.5	+0.008%	$37.3M	$185.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,426.4	+0.019%	$156.0M	$554.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,436.8	+0.031%	$283.3M	$959.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,426.5	+0.019%	$214.4M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,395.3	−0.017%	$30.1M	$209.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,478.6	+0.080%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,431	+0.025%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,426	+0.019%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,421.7	+0.014%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	85,462.6	+0.062%	$194K	$795K	40x
Derive BTC-PERP	+0.0100%	1h	85,375.9	−0.040%	$30.0M	$45.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,386.9	−0.027%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,420	+0.012%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,425	+0.018%	$2.26B	$966.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,430.3	+0.024%	$159.2M	$514.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,396.3	−0.016%	$45.5M	$241.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,410.4	+0.001%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,455	+0.053%	$112.2M	$5.48B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0134%	1h	85,463.6	+0.063%	$840.7M	$1.66B	50x	as long as short
Reya BTCRUSDPERP	+0.0138%	1h	85,415.8	+0.007%	$6.6M	$146.3M	40x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,410	0.000%	$12.0M	$736.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,450	+0.047%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,432.1	+0.026%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,445.2	+0.041%	$684K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0293%	1h	85,458.6	+0.057%	$79K	$252K	20x	as long as short