Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:36 UTC−0.0381%/8h= −41.8% APRpaid last 24h −0.021%

Price spread now: Perpl against Binance+0.035%7-day average +0.017% · you sell dearer than you buy

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

Long on Binance Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.345%+$34 on $10k

Price spread, last 7 days+0.043%+$4 · spread now +0.035%, 7d avg +0.017%

Together, before fees+0.388%+ Points / potential airdropPerpl: Active · farm board+$39 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.017%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.345%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance BTCUSDT	86,748.5	0.0046	pay 0.0046% / 8h	2h 55m	$9.46B	$24.39B	150x
Short	Perpl BTC	86,779.2	−0.0335	pay 0.0030% / 43m	42m 41s	$418K	$25.5M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.035%Rate

Funding earned: −$80.08
Price spread: +0.035% → +0.017%: $1.84
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$102.03
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 4 min ago; Perpl: 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, 4 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.3 bp −$533	7.3 bp −$3,630
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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 BTCshort	−0.0335%	43m	86,779.2	+0.035%	$418K	$25.5M	6.7x
Aftermath Perps BTCUSD	−0.0183%	1h	86,880	+0.152%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0123%	1h	86,795	+0.054%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0093%	1h	86,756.9	+0.010%	$18.1M	$19.9M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,790	+0.048%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,738.3	−0.012%	$838.5M	$706.8M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,750	+0.002%	$364K	$2.5M	50x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,792	+0.050%	$8.9M	$725.1M	6.4x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,808.4	+0.069%	$922.9M	$1.38B	50x	as long as short
Bluefin BTC-PERP	+0.0001%	1h	86,732.3	−0.019%	$160K	$575K	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,767	+0.021%	$36.7M	—	200x	as long as short
Phemex BTCUSDT	+0.0013%	8h	86,748.5	0.000%	$149.3M	$468.5M	150x	as long as short
Aster BTCUSDT	+0.0016%	8h	86,730.2	−0.021%	$506.4M	$1.16B	200x	as long as short
BingX BTC-USDC	+0.0018%	8h	86,729.3	−0.022%	—	$15.3M	—	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,738.2	−0.012%	$6.7M	$143.7M	40x	as long as short
Bitget BTCUSDT	+0.0025%	8h	86,736.9	−0.013%	$2.96B	$5.08B	150x	as long as short
MEXC BTC_USDT	+0.0046%	8h	86,754.1	+0.006%	$5.21B	$5.61B	500x	as long as short
Binance BTCUSDTlong	+0.0046%	8h	86,748.5	long leg	$9.46B	$24.39B	150x
ApeX Omni BTCUSDT	+0.0047%	1h	86,939.6	+0.220%	$142.3M	$322.7M	100x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,758.6	+0.012%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,984	+0.271%	$316K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0054%	8h	86,760.2	+0.013%	$2.59B	$12.72B	100x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,742	−0.008%	$9.3M	$41.9M	25x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,738.1	−0.012%	$5.86B	$10.53B	200x	as long as short
SoDEX BTC-USD	+0.0068%	1h	86,755	+0.007%	$60.6M	$336.4M	40x	as long as short
Bybit BTCUSDT	+0.0078%	8h	86,754.7	+0.007%	$5.30B	$9.68B	150x	as long as short
Popdex BTCUSDT	+0.0080%	1h	86,725	−0.027%	$8.5M	$52.1M	100x	as long as short
Variational Omni BTC	+0.0087%	8h	87,051.5	+0.349%	$161.3M	$562.4M	—	as long as short
Lighter BTC	+0.0096%	1h	86,764	+0.018%	$172.7M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,765.2	+0.019%	$24.2M	$152.4M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	86,931.5	+0.211%	$218.3M	$190.1M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0097%	8h	86,769.3	+0.024%	$2.5M	$8.4M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,798.5	+0.058%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,723	−0.029%	$195K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,783.4	+0.040%	$23.2M	$237.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,818.8	+0.081%	$3.86B	$5.14B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,807.9	+0.069%	$41.6M	$484.5M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,732	−0.019%	$3.9M	$18.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,802.5	+0.062%	$7.6M	$95.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,919.5	+0.197%	$573.8M	$23.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,761.8	+0.015%	$38.4M	$147.9M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,943.1	+0.224%	$280.8M	$943.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,839	+0.104%	$30.9M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,817.1	+0.079%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,738	−0.012%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,742.2	−0.007%	$202K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,764.9	+0.019%	$30.1M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,769	+0.024%	$3.4M	$5.6M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,746.1	−0.003%	$2.31B	$954.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,725	−0.027%	$46.2M	$228.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,814.8	+0.076%	—	$98.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,792.2	+0.050%	$193.1M	$926.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,808.8	+0.070%	$132.2M	$5.94B	50x	as long as short
BloFin BTC-USDT	+0.0167%	8h	86,809.9	+0.071%	$420.2M	$643.1M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0200%	1h	86,765.6	+0.020%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	86,877.5	+0.149%	$753K	$7.0M	30x	as long as short