Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0173%/8h= −19.0% APRpaid last 24h +0.066%

Price spread now: Deribit against BloFin+0.061%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

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

costs, in and out, $10k−$190.194% of the position

Long on BloFin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$2 on $10k

Price spread, last 3 days (all we have)+0.001%$0 · spread now +0.061%, 7d avg +0.052%

Together, before fees+0.016%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.052%, so right now this pair is about funding alone: −$5 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	86,599.6	0.0173	pay 0.0173% / 8h	2h 31m	$416.9M	$652.8M	150x
Short	Deribit BTC-PERPETUAL	86,652.7	0	get 0.0000% / 1h	31m 14s	$935.1M	$1.44B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.061%Rate

Funding earned: −$36.42
Price spread: +0.061% → +0.052%: $0.95
Slippage, 4 orders: −$0.44
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$54.91
Costs to cover: 0.194%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Deribit: live order book, 3 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	0.19 bp	6.2 bp −$6	6.3 bp −$63	7.1 bp −$712	8.5 bp −$4,270
Sell Deribit live order book, 3 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	5.4 bp −$539	12.7 bp −$6,338

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
Aftermath Perps BTCUSD	−0.0233%	1h	86,613.5	+0.016%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,634.5	+0.040%	$428K	$24.9M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,590	−0.011%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0083%	1h	86,626.4	+0.031%	$17.6M	$20.5M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,574	−0.030%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,627.5	+0.032%	$362K	$2.4M	50x	as long as short
Deribit BTC-PERPETUALshort	0.0000%	1h	86,652.7	+0.061%	$935.1M	$1.44B	50x
KuCoin XBTUSDTM	+0.0002%	8h	86,618.1	+0.021%	$844.3M	$704.9M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,641.2	+0.048%	$37.0M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,607.5	+0.009%	$505.7M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,618.6	+0.022%	$6.7M	$144.3M	40x	as long as short
BingX BTC-USDC	+0.0023%	8h	86,610.9	+0.013%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0025%	8h	86,618	+0.021%	$149.7M	$471.5M	150x	as long as short
Bitget BTCUSDT	+0.0030%	8h	86,621.5	+0.025%	$2.95B	$5.07B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	+0.045%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0053%	8h	86,619.2	+0.023%	$5.19B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0053%	8h	86,618	+0.021%	$9.44B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,621.3	+0.025%	$2.4M	$1.3M	20x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,589.8	−0.011%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0073%	8h	86,627.3	+0.032%	$2.56B	$12.70B	100x	as long as short
Gate BTC_USDT	+0.0075%	8h	86,623.4	+0.027%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0082%	8h	86,617.9	+0.021%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0092%	8h	86,584.3	−0.018%	$160.0M	$567.1M	—	as long as short
Lighter BTC	+0.0096%	1h	86,632.6	+0.038%	$172.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,637.9	+0.044%	$24.0M	$153.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,620	+0.024%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,607	+0.009%	$194K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,630.3	+0.035%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,577.1	−0.026%	$21.7M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,694	+0.109%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,612.1	+0.014%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,594	−0.006%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,647.6	+0.055%	$7.5M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.025%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,624.7	+0.029%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,620.6	+0.024%	$279.9M	$950.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,619.4	+0.023%	$217.4M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,627.4	+0.032%	$141.4M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,600	0.000%	$30.8M	$205.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,668.9	+0.080%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,625	+0.029%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,621	+0.025%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,632.5	+0.038%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,644.6	+0.052%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,625.8	+0.030%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,612.9	+0.015%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,618	+0.021%	$60.5M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,590.4	−0.011%	$2.30B	$957.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,608	+0.010%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,641.1	+0.048%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,657.4	+0.067%	$189.0M	$930.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,668.1	+0.079%	$132.0M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0124%	8h	86,624	+0.028%	$8.9M	$723.7M	6.4x	as long as short
BloFin BTC-USDTlong	+0.0173%	8h	86,599.6	long leg	$416.9M	$652.8M	150x
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,635.8	+0.042%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,646.1	+0.054%	$614K	$7.1M	30x	as long as short