Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.018%

Price spread now: Derive against Arcus−0.080%7-day average −0.020% · you buy dearer than you sell

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

Long on Arcus Short on Derive

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.035%−$3 on $10k

Price spread, last 3 days (all we have)−0.125%−$13 · spread now −0.080%, 7d avg −0.020%

Together, before fees−0.160%−$16 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: Derive is 0.060% cheaper against Arcus than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus BTC-USD	86,877.3	0.0100	pay 0.0013% / 1h	56m 46s	$7.6M	$95.6M	40x
Short	Derive BTC-PERP	86,808.1	0.0100	get 0.0013% / 1h	56m 46s	$30.1M	$61.5M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Arcus. 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 ArcusbpFee DerivebpOrdersPrice spread, now −0.080%Rate

Funding earned: $0
Price spread: −0.080% → −0.020%: −$6
Slippage, 4 orders: no order book: not counted
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Derive: 3 bp × 2 orders: −$6
Net: −$16.5
Costs to cover: 0.105%
Break-even: never at this rate

Slippage unknown: Arcus: live order book, 2 min ago; Derive: 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 Arcus live order book, 2 min ago	0.01 bp	2.5 bp −$2	3.0 bp −$30	4.9 bp −$492	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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 BTC	−0.0335%	43m	86,809.2	−0.078%	$418K	$25.5M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0180%	1h	86,904.4	+0.031%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0123%	1h	86,795	−0.095%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0096%	1h	86,803.3	−0.085%	$18.1M	$20.0M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,856	−0.025%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,813	−0.074%	$839.1M	$709.1M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,828.7	−0.056%	$364K	$2.5M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,847.7	−0.034%	$923.7M	$1.38B	50x	as long as short
Bluefin BTC-PERP	+0.0002%	1h	86,783.7	−0.108%	$160K	$575K	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,826.9	−0.058%	$36.7M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BTCUSDT	+0.0012%	8h	86,809.6	−0.078%	$149.3M	$468.1M	150x	as long as short
BingX BTC-USDC	+0.0018%	8h	86,787.2	−0.104%	—	$15.3M	—	as long as short
Aster BTCUSDT	+0.0020%	8h	86,790.7	−0.100%	$506.7M	$1.17B	200x	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,802.2	−0.086%	$6.8M	$143.7M	40x	as long as short
Bitget BTCUSDT	+0.0025%	8h	86,787.7	−0.103%	$2.96B	$5.09B	150x	as long as short
MEXC BTC_USDT	+0.0046%	8h	86,817.8	−0.068%	$5.22B	$5.60B	500x	as long as short
ApeX Omni BTCUSDT	+0.0047%	1h	86,939.6	+0.072%	$142.3M	$322.7M	100x	as long as short
Binance BTCUSDT	+0.0047%	8h	86,795.4	−0.094%	$9.46B	$24.42B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,807.6	−0.080%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,984	+0.123%	$316K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0054%	8h	86,790.4	−0.100%	$2.59B	$12.75B	100x	as long as short
SoDEX BTC-USD	+0.0062%	1h	86,800	−0.089%	$60.6M	$336.5M	40x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,826	−0.059%	$9.3M	$42.1M	25x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,811.4	−0.076%	$5.86B	$10.52B	200x	as long as short
Bybit BTCUSDT	+0.0078%	8h	86,786.9	−0.104%	$5.31B	$9.70B	150x	as long as short
Popdex BTCUSDT	+0.0080%	1h	86,805	−0.083%	$8.5M	$52.2M	100x	as long as short
Variational Omni BTC	+0.0087%	8h	87,051.5	+0.200%	$161.3M	$562.4M	—	as long as short
Lighter BTC	+0.0096%	1h	86,839.1	−0.044%	$172.6M	$999.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,825.8	−0.059%	$24.2M	$152.3M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	86,931.5	+0.062%	$218.3M	$190.1M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0097%	8h	86,815.6	−0.071%	$2.5M	$8.4M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,845.9	−0.036%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,800	−0.089%	$190K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,812.1	−0.075%	$23.2M	$238.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,864	−0.015%	$3.86B	$5.14B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,839.2	−0.044%	$41.6M	$484.5M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,805	−0.083%	$4.0M	$18.9M	25x	as long as short
Arcus BTC-USDlong	+0.0100%	1h	86,877.3	long leg	$7.6M	$95.6M	40x
Bulk BTC-USD	+0.0100%	1h	86,919.5	+0.049%	$573.8M	$23.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,833.9	−0.050%	$38.4M	$148.3M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,943.1	+0.076%	$280.8M	$943.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,864.8	−0.014%	$30.9M	$205.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,883.9	+0.008%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,824	−0.061%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,802	−0.087%	$202K	$3.4M	20x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	86,808.1	−0.080%	$30.1M	$61.5M	15x
SunX BTC-USDT	+0.0100%	8h	86,803.2	−0.085%	$3.4M	$5.6M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,806.4	−0.082%	$2.31B	$955.3M	200x	as long as short
Kalshi KXBTCPERP	+0.0102%	8h	86,833	−0.051%	$8.9M	$726.0M	6.4x	as long as short
Extended BTC-USD	+0.0104%	1h	86,807.3	−0.081%	$46.3M	$230.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,837.5	−0.046%	—	$98.1M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,846.9	−0.035%	$194.8M	$927.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,853	−0.028%	$132.3M	$5.97B	50x	as long as short
BloFin BTC-USDT	+0.0167%	8h	86,809.9	−0.078%	$420.2M	$643.1M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0200%	1h	86,823.7	−0.062%	$15.5M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	86,877.5	0.000%	$753K	$7.0M	30x	as long as short