Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h +0.011%

Price spread now: Derive against Binance+0.005%46s7-day average 0.000% · you sell dearer than you buy

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

Long on Binance Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.036%−$4 on $10k

Price spread, last 3 days (all we have)−0.045%−$5 · spread now +0.005%, 7d avg 0.000%

Together, before fees−0.081%−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of 0.000%, so right now this pair is about funding alone: $0 a day on $10k at the current rate. The two prices were read 46 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	85,651.6	0.0088	pay 0.0088% / 8h	6h 31m	$9.32B	$24.43B	150x
Short	Derive BTC-PERP	85,655.6	0.0100	get 0.0013% / 1h	31m 42s	$30.0M	$56.7M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now +0.005%Rate

Funding earned: $2.46
Price spread: +0.005% → 0.000%: $0.51
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$13.02
Costs to cover: 0.160%
Break-even: 44.0 days

Slippage unknown: Binance: live order book, 12 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 Binance live order book, 12 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$507	6.0 bp −$3,025
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 55 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	−0.0144%	1h	85,641	−0.012%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,657	+0.006%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,634.3	−0.020%	$364K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,669.5	+0.021%	$515K	$20.9M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,662	+0.012%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,669.3	+0.021%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	+0.046%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0034%	8h	85,632.5	−0.022%	$509.0M	$1.14B	200x	as long as short
KuCoin XBTUSDTM	+0.0035%	8h	85,628.1	−0.027%	$902.5M	$755.6M	125x	as long as short
ApeX Omni BTCUSDT	+0.0037%	1h	85,595.3	−0.066%	$140.0M	$320.4M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,663.5	+0.014%	$7.8M	$42.4M	25x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,660.5	+0.010%	—	$1.58B	—	as long as short
Reya BTCRUSDPERP	+0.0056%	1h	85,669.1	+0.020%	$6.7M	$146.2M	40x	as long as short
HTX BTC-USDT	+0.0057%	8h	85,625	−0.031%	$2.27B	$953.1M	200x	as long as short
Nado BTC-PERP	+0.0065%	1h	85,625.4	−0.031%	$22.8M	$228.6M	50x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,648.2	−0.004%	$2.94B	$5.11B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,651.7	0.000%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,640	−0.014%	$5.06B	$5.71B	500x	as long as short
Binance BTCUSDTlong	+0.0088%	8h	85,651.6	long leg	$9.32B	$24.43B	150x
Gate BTC_USDT	+0.0095%	8h	85,652.7	+0.001%	$5.61B	$10.51B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,658.3	+0.008%	$169.5M	$986.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,657	+0.006%	$23.2M	$146.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,652	0.000%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,616	−0.042%	$206K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,634.9	−0.019%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,708	+0.066%	$3.76B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,680.7	+0.034%	$40.7M	$569.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,663.3	+0.014%	$5.29B	$9.78B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,661.4	+0.011%	$2.54B	$12.41B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,632	−0.023%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,627.3	−0.028%	$7.3M	$98.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,622.8	−0.034%	$35.1M	$162.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,619.2	−0.038%	$156.3M	$559.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,580.7	−0.083%	$278.2M	$944.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,580.1	−0.083%	$214.9M	$167.6M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,612.6	−0.046%	$30.3M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,709.9	+0.068%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,671	+0.023%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,665.5	+0.016%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,662.5	+0.013%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,698.4	+0.055%	$186K	$709K	40x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	85,655.6	+0.005%	$30.0M	$56.7M	15x
SunX BTC-USDT	+0.0100%	8h	85,521.5	−0.152%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,646	−0.007%	$59.9M	$337.5M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,644.1	−0.009%	$153.1M	$480.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,587.5	−0.075%	$583.6M	$150.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,622.2	−0.034%	$43.9M	$228.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,636.9	−0.017%	—	$101.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,675.6	+0.028%	$131.1M	$5.19B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,599.8	−0.060%	$696K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,658.3	+0.008%	$188.7M	$965.5M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0151%	1h	85,687.7	+0.042%	$894.2M	$1.54B	50x	as long as short
Aftermath Perps BTCUSD	+0.0161%	1h	85,651	−0.001%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0191%	1h	85,669.9	+0.021%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	85,662	+0.012%	$10.0M	$770.8M	6.4x	as long as short