Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0047%/8h= +5.1% APRpaid last 24h −0.178%

Price spread now: Bluefin against Binance+0.044%58s7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.245% of the position

Long on Binance Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.266%−$27 on $10k

Price spread, last 3 days (all we have)−0.093%−$9 · spread now +0.044%, 7d avg −0.022%

Together, before fees−0.359%−$36 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Bluefin is 0.066% dearer against Binance than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.022%. Mind the row above: over the last 7 days funding on this pair cost −0.266%, so the current rate has only just turned in your favour. The two prices were read 58 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	Binance BTCUSDT	86,606.4	0.0053	pay 0.0053% / 8h	2h 30m	$9.44B	$24.31B	150x
Short	Bluefin BTC-PERP	86,644.6	0.0100	get 0.0013% / 1h	30m 26s	$141K	$619K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Binance. 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 BinancebpFee BluefinbpOrdersPrice spread, now +0.044%Rate

Funding earned: $9.78
Price spread: +0.044% → −0.022%: $6.64
Slippage, 4 orders: −$7.49
Fee Binance: 5 bp × 2 orders: −$10
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$8.07
Costs to cover: 0.245%
Break-even: 12.8 days

Slippage from Binance: live order book, 14 min ago; Bluefin: live order book, 58 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 Binance live order book, 14 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.8 bp −$581	7.4 bp −$3,715
Sell Bluefin live order book, 58 min ago	1.02 bp	7.3 bp −$7	13.0 bp −$130	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
Aftermath Perps BTCUSD	−0.0234%	1h	86,607.4	+0.001%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,633.4	+0.031%	$428K	$24.9M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,590	−0.019%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0080%	1h	86,626.4	+0.023%	$17.6M	$20.5M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,574	−0.037%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,646.2	+0.046%	$362K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,652.7	+0.054%	$935.1M	$1.44B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,608.3	+0.002%	$843.7M	$704.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,628.7	+0.026%	$37.0M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,600.7	−0.006%	$505.8M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,611.5	+0.006%	$6.7M	$144.3M	40x	as long as short
BingX BTC-USDT	+0.0023%	8h	86,603.8	−0.003%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0025%	8h	86,618	+0.013%	$149.7M	$471.5M	150x	as long as short
Bitget BTCUSDT	+0.0031%	8h	86,616.5	+0.012%	$2.95B	$5.07B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	+0.038%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0053%	8h	86,617.4	+0.013%	$5.19B	$5.67B	500x	as long as short
Binance BTCUSDTlong	+0.0053%	8h	86,606.4	long leg	$9.44B	$24.31B	150x
Aevo BTC-PERP	+0.0056%	1h	86,621.3	+0.017%	$2.4M	$1.3M	20x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,630.6	+0.028%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0073%	8h	86,630.3	+0.028%	$2.56B	$12.70B	100x	as long as short
Gate BTC_USDT	+0.0075%	8h	86,621.4	+0.017%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0082%	8h	86,615.9	+0.011%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0092%	8h	86,584.3	−0.025%	$160.0M	$567.1M	—	as long as short
Lighter BTC	+0.0096%	1h	86,633.7	+0.032%	$172.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,638.8	+0.037%	$24.0M	$153.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,620	+0.016%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,610	+0.004%	$193K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,667.4	+0.070%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,616.5	+0.012%	$21.7M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,693.5	+0.101%	$3.82B	$5.13B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,650.2	+0.051%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,627	+0.024%	$3.9M	$18.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,690.1	+0.097%	$7.5M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.033%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,624.7	+0.021%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,620.6	+0.016%	$279.9M	$950.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,619.4	+0.015%	$217.4M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,627.4	+0.024%	$141.4M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,601.6	−0.006%	$30.8M	$205.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,675.1	+0.079%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,620	+0.016%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,605	−0.002%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,632.5	+0.030%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	86,644.6	+0.044%	$141K	$619K	40x
Derive BTC-PERP	+0.0100%	1h	86,625.8	+0.022%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,612.9	+0.008%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,618	+0.013%	$60.5M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,590.4	−0.018%	$2.30B	$957.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,606.5	0.000%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,638.6	+0.037%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,657.4	+0.059%	$189.0M	$930.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,668.1	+0.071%	$132.0M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0124%	8h	86,624	+0.020%	$8.9M	$723.7M	6.4x	as long as short
BloFin BTC-USDT	+0.0173%	8h	86,599.6	−0.008%	$416.9M	$652.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,635.8	+0.034%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,641.4	+0.040%	$614K	$7.1M	30x	as long as short