Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0059%/8h= −6.4% APRpaid last 24h +0.036%

Price spread now: Deribit against Binance−0.025%7-day average +0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$170.171% of the position

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.017%+$2 on $10k

Price spread, last 4 days (all we have)+0.037%+$4 · spread now −0.025%, 7d avg +0.051%

Together, before fees+0.053%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Deribit is 0.076% cheaper against Binance than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.051%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance BTCUSDT	85,578.3	0.0100	pay 0.0100% / 8h	3h 31m	$9.42B	$24.35B	150x
Short	Deribit BTC-PERPETUAL	85,556.8	0.0041	get 0.0005% / 1h	31m 31s	$884.5M	$1.59B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$12.36
Price spread: −0.025% → +0.051%: −$7.61
Slippage, 4 orders: −$0.07
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$37.04
Costs to cover: 0.171%
Break-even: never at this rate

Slippage from Binance: live order book, 13 min ago; Deribit: live order book, 3 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, 13 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.5 bp −$553	7.1 bp −$3,574
Sell Deribit live order book, 3 min ago	0.03 bp	3.5 bp −$4	3.7 bp −$37	6.9 bp −$688	14.1 bp −$7,039

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	−0.0140%	1h	85,533	−0.053%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,531	−0.055%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0041%	8h	85,513.6	−0.076%	$918.6M	$756.7M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,545.5	−0.038%	$419.4M	$674.9M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,587.7	+0.011%	$366K	$2.3M	50x	as long as short
Aster BTCUSDT	+0.0003%	8h	85,562.7	−0.018%	$515.3M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0003%	1h	85,521.7	−0.066%	$24.7M	$223.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,532	−0.054%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0025%	1h	85,526.9	−0.060%	$16.8M	$21.2M	50x	as long as short
Deribit BTC-PERPETUALshort	+0.0041%	1h	85,556.8	−0.025%	$884.5M	$1.59B	50x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,525	−0.062%	$339K	$26.9M	52x	as long as short
BingX BTC-USDT	+0.0065%	8h	85,571.1	−0.008%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0066%	8h	85,516.5	−0.072%	$148.1M	$494.0M	150x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,588.3	+0.012%	$2.96B	$5.12B	150x	as long as short
SoDEX BTC-USD	+0.0088%	1h	85,515	−0.074%	$59.9M	$336.0M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,536.1	−0.049%	$171.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,538.3	−0.047%	$24.0M	$148.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,578	0.000%	$8.4M	$55.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,520.7	−0.067%	$2.5M	$1.7M	20x	as long as short
Reya BTCRUSDPERP	+0.0098%	1h	85,586.1	+0.009%	$6.6M	$147.0M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,560	−0.021%	$200K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,567.3	−0.013%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,678	+0.117%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,570	−0.010%	$40.3M	$584.0M	50x	as long as short
Binance BTCUSDTlong	+0.0100%	8h	85,578.3	long leg	$9.42B	$24.35B	150x
Bybit BTCUSDT	+0.0100%	8h	85,589.7	+0.013%	$5.19B	$9.85B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,604.6	+0.031%	$2.59B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,575	−0.004%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,578.7	0.000%	$4.7M	$100.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,517.4	−0.071%	$680.3M	$725.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,565.9	−0.014%	$5.54B	$10.80B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,582.2	+0.005%	$5.08B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,504.4	−0.086%	$36.2M	$179.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,486	−0.108%	$153.7M	$565.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,489.2	−0.104%	$279.3M	$927.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,522	−0.066%	$214.9M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,519.9	−0.068%	$139.8M	$315.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,549	−0.034%	$30.2M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,632	+0.063%	—	$11.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,591	+0.015%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,580	+0.002%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,522.2	−0.066%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,565.3	−0.015%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,511.1	−0.079%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,518.7	−0.070%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,507	−0.083%	$2.26B	$947.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,542.8	−0.041%	$44.9M	$233.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,565.2	−0.015%	—	$107.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,550	−0.033%	$117.0M	$5.24B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,531.5	−0.055%	$187.7M	$954.7M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,612.1	+0.039%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0153%	1h	85,532.4	−0.054%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	85,575	−0.004%	$11.7M	$755.0M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0247%	1h	85,554.3	−0.028%	$78K	$221K	20x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,568.4	−0.012%	$697K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,580.7	+0.003%	$504K	$18.8M	6.7x	as long as short