Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h +0.046%

Price spread now: Deribit against Bitget−0.012%7-day average +0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$200.195% of the position

Long on Bitget Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.034%+$3 on $10k

Price spread, last 3 days (all we have)+0.036%+$4 · spread now −0.012%, 7d avg +0.054%

Together, before fees+0.070%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Deribit is 0.066% cheaper against Bitget than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.054%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget BTCUSDT	86,445.4	0.0050	pay 0.0050% / 8h	58m 44s	$2.96B	$5.11B	150x
Short	Deribit BTC-PERPETUAL	86,435.2	0.0030	get 0.0004% / 1h	58m 44s	$916.6M	$1.49B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bitget. 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 BitgetbpFee DeribitbpOrdersPrice spread, now −0.012%Rate

Funding earned: −$4.21
Price spread: −0.012% → +0.054%: −$6.61
Slippage, 4 orders: −$0.53
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$30.36
Costs to cover: 0.195%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; Deribit: live order book, just now.

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 Bitget live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.2 bp −$615	doesn't fit
Sell Deribit live order book, just now	0.03 bp	4.0 bp −$4	4.8 bp −$48	7.6 bp −$758	14.1 bp −$7,057

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	−0.0159%	1h	86,352	−0.108%	$2.2M	$11.7M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,405	−0.047%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,424	−0.025%	$332K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,447.7	+0.003%	$8.4M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,408.7	−0.042%	$357K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0007%	8h	86,426.9	−0.021%	$503.2M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,415.1	−0.035%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0008%	8h	86,414.6	−0.036%	$849.6M	$713.6M	125x	as long as short
Reya BTCRUSDPERP	+0.0024%	1h	86,382.2	−0.073%	$6.7M	$145.1M	40x	as long as short
Deribit BTC-PERPETUALshort	+0.0030%	1h	86,435.2	−0.012%	$916.6M	$1.49B	50x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0038%	8h	86,444.7	−0.001%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,400.4	−0.052%	$149.7M	$477.6M	150x	as long as short
Bitget BTCUSDTlong	+0.0050%	8h	86,445.4	long leg	$2.96B	$5.11B	150x
Aevo BTC-PERP	+0.0064%	1h	86,389.7	−0.064%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0067%	8h	86,445.3	0.000%	$5.12B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0068%	8h	86,443.3	−0.002%	$9.42B	$24.50B	150x	as long as short
Aftermath Perps BTCUSD	+0.0076%	1h	86,402.9	−0.049%	$79K	$220K	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,417.6	−0.032%	$5.84B	$10.68B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,435.7	−0.011%	$170.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,442.8	−0.003%	$24.0M	$151.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,398	−0.055%	$8.4M	$52.4M	100x	as long as short
dYdX BTC-USD	+0.0098%	1h	86,400.8	−0.052%	$17.0M	$21.1M	50x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,442.8	−0.003%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,379	−0.077%	$203K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,483.4	+0.044%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,415.6	−0.035%	$21.8M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,492	+0.054%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,461.9	+0.019%	$41.1M	$521.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,449.5	+0.005%	$2.54B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,446	+0.001%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,476	+0.035%	$7.6M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,382.9	−0.072%	$571.1M	$18.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,413	−0.037%	$37.8M	$154.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,337.9	−0.124%	$155.6M	$568.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,361.4	−0.097%	$279.1M	$946.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,348.3	−0.112%	$216.7M	$173.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,372.8	−0.084%	$141.2M	$323.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,396.8	−0.056%	$30.7M	$204.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,439.8	−0.006%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,398	−0.055%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,400.2	−0.052%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,402.6	−0.050%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,433.8	−0.013%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,432.6	−0.015%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,392.5	−0.061%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,400	−0.053%	$60.4M	$337.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,388.2	−0.066%	$2.29B	$969.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,426.9	−0.021%	$45.4M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,407	−0.044%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,428.8	−0.019%	$192.1M	$947.6M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,422.7	−0.026%	$418K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,445.5	0.000%	$132.1M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0152%	1h	86,381.8	−0.074%	$718K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0188%	8h	86,418.8	−0.031%	$414.8M	$654.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0189% / S −0.0212%	1h	86,411.8	−0.039%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0200%	8h	86,439	−0.007%	$9.7M	$737.4M	6.4x	as long as short