Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h −0.107%

Price spread now: Bluefin against BloFin+0.071%7-day average −0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$260.259% of the position

Long on BloFin Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.393%−$39 on $10k

Price spread, last 4 days (all we have)−0.070%−$7 · spread now +0.071%, 7d avg −0.010%

Together, before fees−0.463%−$46 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Bluefin is 0.081% dearer against BloFin than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.010%. Mind the row above: over the last 7 days funding on this pair cost −0.393%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin BTC-USDT	85,469.9	−0.0020	get 0.0020% / 8h	7h 51m	$423.6M	$682.3M	150x
Short	Bluefin BTC-PERP	85,530.5	0.0100	get 0.0013% / 1h	51m 18s	$194K	$796K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against BloFin. 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 BloFinbpFee BluefinbpOrdersPrice spread, now +0.071%Rate

Funding earned: $25.2
Price spread: +0.071% → −0.010%: $8.11
Slippage, 4 orders: −$6.87
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: $7.44
Costs to cover: 0.259%
Break-even: 4.9 days

Slippage from BloFin: live order book, 3 min ago; Bluefin: live order book, 48 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 BloFin live order book, 3 min ago	0.39 bp	6.4 bp −$6	6.4 bp −$64	6.4 bp −$639	7.8 bp −$3,914
Sell Bluefin live order book, 48 min ago	1.14 bp	6.5 bp −$7	11.4 bp −$114	doesn't fit	doesn't fit

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	85,451	−0.022%	$8K	$2K	50x	as long as short
BloFin BTC-USDTlong	−0.0020%	8h	85,469.9	long leg	$423.6M	$682.3M	150x
Injective BTC/USDC PERP	−0.0006%	1h	85,448	−0.026%	$307K	$23.2M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,497	+0.032%	$344K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,493.9	+0.028%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	85,482.7	+0.015%	$930.9M	$776.5M	125x	as long as short
Aster BTCUSDT	+0.0027%	8h	85,478.6	+0.010%	$502.5M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0030%	1h	85,415.5	−0.064%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,494.8	+0.029%	$186.3M	$949.7M	100x	as long as short
Phoenix BTC	+0.0075%	1h	85,461	−0.010%	$2.3M	$10.4M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0080%	8h	85,469.3	−0.001%	—	$17.4M	—	as long as short
Deribit BTC-PERPETUAL	+0.0092%	1h	85,518.3	+0.057%	$830.6M	$1.66B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,497.1	+0.032%	$170.5M	$940.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,439.2	−0.036%	$23.6M	$133.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,477	+0.008%	$8.7M	$58.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,476.2	+0.007%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,450	−0.023%	$265K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,484.2	+0.017%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,474.6	+0.005%	$24.1M	$220.2M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,454.8	−0.018%	$40.2M	$604.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,488.8	+0.022%	$9.41B	$25.17B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,481.2	+0.013%	$5.09B	$10.02B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,481	+0.013%	$2.61B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,494	+0.028%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,480.9	+0.013%	$4.6M	$97.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,382	−0.103%	$697.9M	$180.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,488.2	+0.021%	$5.50B	$9.84B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,484.2	+0.017%	$5.04B	$5.72B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,479.9	+0.012%	$2.98B	$5.17B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,389.8	−0.094%	$37.7M	$194.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,356	−0.133%	$155.8M	$547.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,416.6	−0.062%	$283.2M	$960.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,448.6	−0.025%	$214.4M	$157.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,449.8	−0.024%	$136.7M	$313.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,440.3	−0.035%	$30.1M	$217.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,540.3	+0.082%	—	$9.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,308	−0.189%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,489	+0.022%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,480.9	+0.013%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	85,530.5	+0.071%	$194K	$796K	40x
SunX BTC-USDT	+0.0100%	8h	85,381	−0.104%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,479	+0.011%	$59.8M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,479.6	+0.011%	$2.26B	$974.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,472.6	+0.003%	$160.5M	$517.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,457.3	−0.015%	$45.7M	$241.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,404.8	−0.076%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,530	+0.070%	$111.5M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0146%	1h	85,473.1	+0.004%	$6.6M	$140.0M	40x	as long as short
Derive BTC-PERP	+0.0170%	1h	85,488.3	+0.022%	$28.8M	$49.6M	15x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,488.6	+0.022%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0184%	8h	85,454	−0.019%	$10.7M	$740.2M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,499	+0.034%	$8.9M	$42.8M	25x	as long as short
Hyperliquid BTC	+0.0261%	1h	85,573	+0.121%	$3.81B	$5.13B	40x	as long as short
Aftermath Perps BTCUSD	+0.0294%	1h	85,421.9	−0.056%	$81K	$246K	20x	as long as short
Hibachi BTC/USDT-P	+0.0328%	1h	85,493	+0.027%	$685K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,492.7	+0.027%	$468K	$18.4M	6.7x	as long as short