Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0132%/8h= +14.5% APRpaid last 24h +0.042%

Price spread now: Coinbase International against BloFin+0.065%7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$230.225% of the position

Long on BloFin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.007%−$1 on $10k

Price spread, last 4 days (all we have)−0.007%−$1 · spread now +0.065%, 7d avg +0.048%

Together, before fees−0.014%−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.048%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin BTC-USDT	85,236.1	−0.0028	get 0.0028% / 8h	1h 37m	$421.0M	$682.0M	150x
Short	Coinbase International BTC-PERP-INTX	85,291.6	0.0104	get 0.0013% / 1h	37m 00s	$117.1M	$5.46B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.065%Rate

Funding earned: $27.73
Price spread: +0.065% → +0.048%: $1.68
Slippage, 4 orders: −$0.53
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $6.88
Costs to cover: 0.225%
Break-even: 5.3 days

Slippage from BloFin: live order book, 7 min ago; Coinbase International: live order book, 2 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, 7 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	6.1 bp −$613	6.7 bp −$3,338
Sell Coinbase International live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.2 bp −$518	10.3 bp −$5,148

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	−0.0082%	1h	85,242	+0.007%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,268	+0.037%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0047%	8h	85,222.5	−0.016%	$927.0M	$773.8M	125x	as long as short
BloFin BTC-USDTlong	−0.0028%	8h	85,236.1	long leg	$421.0M	$682.0M	150x
Aster BTCUSDT	−0.0012%	8h	85,232.8	−0.004%	$512.2M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,277	+0.048%	$16.7M	$21.4M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,280.2	+0.052%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,256.6	+0.024%	$495K	$18.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,255.4	+0.023%	$36.4M	—	200x	as long as short
Nado BTC-PERP	+0.0044%	1h	85,249.9	+0.016%	$24.4M	$222.6M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0049%	1h	85,297.3	+0.072%	$139.5M	$314.5M	100x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,247	+0.013%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,235.5	−0.001%	—	$1.55B	—	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,233.7	−0.003%	$2.96B	$5.18B	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,262.9	+0.031%	$186.1M	$957.4M	100x	as long as short
Binance BTCUSDT	+0.0092%	8h	85,232.7	−0.004%	$9.42B	$24.97B	150x	as long as short
MEXC BTC_USDT	+0.0092%	8h	85,232.8	−0.004%	$5.00B	$5.75B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,247.5	+0.013%	$169.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,258.6	+0.026%	$23.5M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,261	+0.029%	$8.4M	$56.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,249.7	+0.016%	$2.4M	$6.7M	20x	as long as short
SoDEX BTC-USD	+0.0097%	1h	85,250	+0.016%	$59.7M	$336.9M	40x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,233.5	−0.003%	$5.13B	$9.99B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,241	+0.006%	$237K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,316.7	+0.095%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,304	+0.080%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,285.2	+0.058%	$40.2M	$604.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,240.8	+0.006%	$2.59B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,259	+0.027%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,268.9	+0.038%	$5.2M	$99.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,278.8	+0.050%	$682.9M	$449.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,231.6	−0.005%	$5.50B	$10.99B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,229.1	−0.008%	$37.0M	$178.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,253.8	+0.021%	$154.6M	$558.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,212.7	−0.028%	$279.2M	$949.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,291	+0.064%	$214.2M	$166.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,220.6	−0.018%	$30.0M	$204.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,320.1	+0.099%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,268	+0.037%	$11.0M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,266.7	+0.036%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,256.9	+0.024%	$2.6M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,295.3	+0.069%	$193K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,216.4	−0.023%	$29.9M	$47.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,252.5	+0.019%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,248.9	+0.015%	$2.25B	$970.2M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,262.4	+0.031%	$150.8M	$509.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,212.7	−0.027%	$44.8M	$240.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,263.1	+0.032%	—	$107.1M	500x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0104%	1h	85,291.6	+0.065%	$117.1M	$5.46B	50x
Deribit BTC-PERPETUAL	+0.0105%	1h	85,294.6	+0.069%	$862.3M	$1.64B	50x	as long as short
Reya BTCRUSDPERP	+0.0127%	1h	85,256.2	+0.024%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,270.3	+0.040%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0187%	8h	85,280	+0.052%	$11.7M	$742.2M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,288.5	+0.062%	$8.7M	$43.0M	25x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,271.1	+0.041%	$684K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0265%	1h	85,286.4	+0.059%	$79K	$229K	20x	as long as short