Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0003%/8h= +0.3% APRpaid last 24h +0.007%

Price spread now: Ondo Perps against Binance−0.007%7-day average +0.014% · you buy dearer than you sell

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

Long on Binance Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.056%+$6 on $10k

Price spread, last 7 days−0.255%−$25 · spread now −0.007%, 7d avg +0.014%

Together, before fees−0.199%+ Points / potential airdropOndo Perps: Active · farm board−$20 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: Ondo Perps is 0.021% cheaper against Binance than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance BTCUSDT	85,429.4	0.0097	pay 0.0097% / 8h	44m 28s	$9.42B	$25.00B	150x
Short	Ondo Perps BTC-USD.P	85,423	0.0100	get 0.0013% / 1h	44m 28s	$3.9M	$17.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.007%Rate

Funding earned: $0.53
Price spread: −0.007% → +0.014%: −$2.13
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$16.6
Costs to cover: 0.150%
Break-even: 225.6 days

Slippage unknown: Binance: live order book, 15 min ago; Ondo Perps: 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, 15 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$501	6.3 bp −$3,172
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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
Hotstuff BTC-PERP	−0.0080%	1h	85,414	−0.018%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,472	+0.050%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTM	−0.0026%	8h	85,424.1	−0.006%	$931.6M	$774.5M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,423.5	−0.007%	$420.9M	$682.7M	150x	as long as short
Aster BTCUSDT	−0.0006%	8h	85,418.3	−0.013%	$512.4M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,431.9	+0.003%	$348K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,439	+0.011%	$484K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0004%	1h	85,444.2	+0.017%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,431.4	+0.002%	$36.5M	—	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,433.1	+0.004%	$185.4M	$952.8M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0067%	1h	85,367	−0.073%	$338K	$24.6M	52x	as long as short
ApeX Omni BTCUSDT	+0.0067%	1h	85,418	−0.013%	$139.6M	$313.0M	100x	as long as short
BingX BTC-USDC	+0.0068%	8h	85,393.4	−0.042%	—	$17.4M	—	as long as short
Nado BTC-PERP	+0.0078%	1h	85,435.4	+0.007%	$24.1M	$220.0M	50x	as long as short
Bybit BTCUSDT	+0.0084%	8h	85,419.9	−0.011%	$5.14B	$9.98B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0090%	1h	85,461.2	+0.037%	$841.6M	$1.65B	50x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,425.2	−0.005%	$2.98B	$5.17B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,425.5	−0.005%	$169.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,423.7	−0.007%	$23.6M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,419	−0.012%	$8.4M	$57.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,415.5	−0.016%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,428.3	−0.001%	$5.05B	$5.72B	500x	as long as short
Binance BTCUSDTlong	+0.0097%	8h	85,429.4	long leg	$9.42B	$25.00B	150x
Katana Perps BTC-USD	+0.0100%	8h	85,399	−0.036%	$272K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,447.4	+0.021%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,505	+0.088%	$3.76B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,444.5	+0.018%	$40.1M	$605.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,423.4	−0.007%	$2.60B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.Pshort	+0.0100%	1h	85,423	−0.007%	$3.9M	$17.3M	25x
Arcus BTC-USD	+0.0100%	1h	85,424.6	−0.006%	$4.7M	$96.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,349	−0.094%	$691.7M	$275.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,416	−0.016%	$5.54B	$11.02B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,425.6	−0.004%	$37.3M	$185.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,426.4	−0.004%	$156.0M	$554.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,436.8	+0.009%	$283.3M	$959.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,457.4	+0.033%	$214.5M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,410.5	−0.022%	$30.1M	$209.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,488.7	+0.069%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,429	0.000%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,428	−0.002%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,422.6	−0.008%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,459.6	+0.035%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,424.1	−0.006%	$30.0M	$45.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,424.5	−0.006%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,423	−0.007%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,417.5	−0.014%	$2.26B	$965.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,430.6	+0.001%	$158.3M	$513.6M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,388.3	−0.048%	$45.5M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,433.2	+0.004%	—	$105.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,464	+0.041%	$112.4M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0137%	1h	85,414.3	−0.018%	$6.6M	$146.5M	40x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,453	+0.028%	$12.0M	$737.8M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,453	+0.028%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,430.7	+0.001%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,484.1	+0.064%	$684K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0285%	1h	85,438.8	+0.011%	$79K	$252K	20x	as long as short