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: BloFin against Bluefin−0.057%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs+$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$250.251% of the position

Long on Bluefin Short on BloFin

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)+0.056%+$6 · spread now −0.057%, 7d avg +0.010%

Together, before fees+0.450%+$45 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and BloFin is 0.067% cheaper against Bluefin than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.010%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.393%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	85,500.4	0.0100	pay 0.0013% / 1h	53m 00s	$194K	$796K	40x
Short	BloFin BTC-USDT	85,451.6	−0.0020	pay 0.0020% / 8h	7h 53m	$423.5M	$684.7M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Bluefin. 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 BluefinbpFee BloFinbpOrdersPrice spread, now −0.057%Rate

Funding earned: −$25.2
Price spread: −0.057% → +0.010%: −$6.73
Slippage, 4 orders: −$6.07
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$57
Costs to cover: 0.251%
Break-even: never at this rate

Slippage from Bluefin: live order book, 46 min ago; BloFin: live order book, 6 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 Bluefin live order book, 46 min ago	1.14 bp	6.5 bp −$6	11.1 bp −$111	doesn't fit	doesn't fit
Sell BloFin live order book, 6 min ago	0.01 bp	6.0 bp −$6	6.1 bp −$61	6.5 bp −$648	7.7 bp −$3,849

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	85,442	−0.068%	$8K	$2K	50x	as long as short
BloFin BTC-USDTshort	−0.0020%	8h	85,451.6	−0.057%	$423.5M	$684.7M	150x
Injective BTC/USDC PERP	−0.0006%	1h	85,482	−0.022%	$307K	$23.1M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,446.2	−0.063%	$344K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	85,447.4	−0.062%	$930.5M	$776.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,439.4	−0.071%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0025%	8h	85,440.2	−0.070%	$502.3M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0026%	1h	85,464.7	−0.042%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,468.1	−0.038%	$186.4M	$953.8M	100x	as long as short
Phoenix BTC	+0.0075%	1h	85,441	−0.069%	$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-USDT	+0.0080%	8h	85,447.6	−0.062%	—	$1.58B	—	as long as short
Deribit BTC-PERPETUAL	+0.0087%	1h	85,487.1	−0.016%	$830.1M	$1.67B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,470.9	−0.035%	$170.5M	$939.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,465.9	−0.040%	$23.6M	$133.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,442	−0.068%	$8.7M	$58.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,451.8	−0.057%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,410	−0.106%	$263K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,472.9	−0.032%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,444.6	−0.065%	$24.2M	$220.2M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,443.2	−0.067%	$40.2M	$604.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,443.2	−0.067%	$9.41B	$25.18B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,433.6	−0.078%	$5.08B	$10.02B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,430.5	−0.082%	$2.61B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,439	−0.072%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,449.4	−0.060%	$4.6M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,382	−0.138%	$697.9M	$180.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,455.8	−0.052%	$5.46B	$9.83B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,453.1	−0.055%	$5.03B	$5.71B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,443.4	−0.067%	$2.98B	$5.18B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,443.3	−0.067%	$37.7M	$194.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,356	−0.169%	$155.8M	$547.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,324.2	−0.206%	$283.0M	$959.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,382.2	−0.138%	$214.4M	$157.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,354.3	−0.171%	$138.1M	$312.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,441.7	−0.069%	$30.1M	$217.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,514.9	+0.017%	—	$9.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,278	−0.260%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,456	−0.052%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,452.6	−0.056%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERPlong	+0.0100%	1h	85,500.4	long leg	$194K	$796K	40x
SunX BTC-USDT	+0.0100%	8h	85,419.4	−0.095%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,452	−0.057%	$59.8M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,445.8	−0.064%	$2.26B	$974.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,454.2	−0.054%	$160.2M	$517.3M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,404.2	−0.113%	$45.7M	$242.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,441.4	−0.069%	—	$107.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,501.7	+0.002%	$111.4M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0146%	1h	85,440	−0.071%	$6.6M	$140.1M	40x	as long as short
Derive BTC-PERP	+0.0170%	1h	85,488.3	−0.014%	$28.8M	$49.6M	15x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,451.1	−0.058%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0181%	8h	85,479	−0.025%	$10.8M	$740.2M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,457.5	−0.050%	$8.9M	$42.9M	25x	as long as short
Hyperliquid BTC	+0.0285%	1h	85,532	+0.037%	$3.84B	$5.11B	40x	as long as short
Aftermath Perps BTCUSD	+0.0295%	1h	85,406.9	−0.109%	$81K	$247K	20x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	85,404.5	−0.112%	$686K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,448.3	−0.061%	$469K	$18.4M	6.7x	as long as short