Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0187%/8h= −20.5% APRpaid last 24h +0.007%

Price spread now: gTrade (Gains Network) against BloFin+0.103%50s7-day average +0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$200.201% of the position

Long on BloFin Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.004%$0 on $10k

Price spread, last 3 days (all we have)−0.043%−$4 · spread now +0.103%, 7d avg +0.014%

Together, before fees−0.039%−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.088% dearer against BloFin than usual: you sell high and buy low (spread +0.103% now, against its 7-day average of +0.014%): +$9 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 38 hours. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.004% in total (about 0.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin BTC-USDT	86,519.3	0.0192	pay 0.0192% / 8h	48m 16s	$414.3M	$658.1M	150x
Short	gTrade (Gains Network) BTC/USD	86,608.1	L +0.0005% / S −0.0004%	get 0.0001% / 1h	48m 16s	$36.9M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.103%Rate

Funding earned: −$39.28
Price spread: +0.103% → +0.014%: $8.85
Slippage, 4 orders: −$1.07
Fee BloFin: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$50.5
Costs to cover: 0.201%
Break-even: never at this rate

Slippage from BloFin: live order book, 6 min ago; gTrade (Gains Network): virtual book (oracle venue), 1 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, 6 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	6.1 bp −$615	6.4 bp −$3,205
Sell gTrade (Gains Network) virtual book (oracle venue), 1 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,184

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	−0.0118%	1h	86,505	−0.017%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,512	−0.008%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,601	+0.094%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,579.7	+0.070%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,579.7	+0.070%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0002%	8h	86,591.8	+0.084%	$502.7M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0003%	1h	86,628.6	+0.126%	$916.3M	$1.49B	50x	as long as short
gTrade (Gains Network) BTC/USDshort	L +0.0005% / S −0.0004%	1h	86,608.1	+0.103%	$36.9M	—	200x
KuCoin XBTUSDTM	+0.0010%	8h	86,566.9	+0.055%	$850.5M	$714.4M	125x	as long as short
Reya BTCRUSDPERP	+0.0025%	1h	86,589.3	+0.081%	$6.7M	$145.3M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BTC-USD	+0.0036%	1h	86,586.1	+0.077%	$17.0M	$21.1M	50x	as long as short
BingX BTC-USDT	+0.0041%	8h	86,591.8	+0.084%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0044%	8h	86,523.6	+0.005%	$149.8M	$479.6M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,586.4	+0.078%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,589	+0.081%	$5.16B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,588.9	+0.080%	$9.43B	$24.54B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,612.1	+0.107%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,589.4	+0.081%	$5.88B	$10.72B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,598.8	+0.092%	$170.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,604.2	+0.098%	$24.1M	$151.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,568	+0.056%	$8.5M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,555	+0.041%	$196K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,615.3	+0.111%	$4.8M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,592.8	+0.085%	$21.8M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,648	+0.149%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,622.4	+0.119%	$40.8M	$524.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,594.2	+0.087%	$5.27B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,596.5	+0.089%	$2.55B	$12.75B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,594	+0.086%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,608.1	+0.103%	$7.6M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	+0.048%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,514	−0.006%	$38.0M	$155.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,524.8	+0.006%	$155.3M	$568.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,541.9	+0.026%	$279.6M	$945.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,542.5	+0.027%	$217.3M	$172.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,541.7	+0.026%	$141.4M	$323.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,502.8	−0.019%	$30.7M	$204.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,606.8	+0.101%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,590	+0.082%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,592	+0.084%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,595.3	+0.088%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,619.8	+0.116%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,622.3	+0.119%	$30.6M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,551.6	+0.037%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,513	−0.007%	$60.5M	$337.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,498.4	−0.024%	$2.30B	$969.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,573.3	+0.062%	$45.4M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,608.1	+0.103%	—	$99.1M	500x	as long as short
Aftermath Perps BTCUSD	+0.0106%	1h	86,552.5	+0.038%	$79K	$220K	20x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,554.1	+0.040%	$193.5M	$951.0M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,573.7	+0.063%	$419K	$23.3M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,570.9	+0.060%	$132.6M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,558.4	+0.045%	$721K	$8.0M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0191% / S −0.0214%	1h	86,605.3	+0.099%	$15.1M	—	200x	as long as short
BloFin BTC-USDTlong	+0.0192%	8h	86,519.3	long leg	$414.3M	$658.1M	150x
Kalshi KXBTCPERP	+0.0205%	8h	86,546	+0.031%	$9.8M	$740.8M	6.4x	as long as short