Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0063%/8h= +6.9% APRpaid last 24h +0.153%

Price spread now: Gate against Bluefin−0.046%7-day average +0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$290.288% of the position

Long on Bluefin Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.226%+$23 on $10k

Price spread, last 4 days (all we have)+0.088%+$9 · spread now −0.046%, 7d avg +0.014%

Together, before fees+0.314%+$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.061% cheaper against Bluefin than usual: you would sell low and buy high (spread −0.046% now, against its 7-day average of +0.014%). If the spread goes back, that is −$6 on $10k: about 3.2 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	85,599.6	0.0037	pay 0.0005% / 1h	3m 00s	$207K	$739K	40x
Short	Gate BTC_USDT	85,560	0.0100	get 0.0100% / 8h	4h 03m	$5.52B	$10.77B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.046%Rate

Funding earned: $13.22
Price spread: −0.046% → +0.014%: −$6.07
Slippage, 4 orders: −$6.79
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$21.63
Costs to cover: 0.288%
Break-even: 18.5 days

Slippage from Bluefin: live order book, 56 min ago; Gate: live order book, 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 Bluefin live order book, 56 min ago	2.16 bp	7.7 bp −$8	12.2 bp −$122	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	7.7 bp −$767	10.0 bp −$5,004

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	−0.0179%	1h	85,492	−0.126%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,533	−0.078%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,557.9	−0.049%	$367K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0033%	8h	85,528.2	−0.083%	$920.2M	$751.8M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,554.8	−0.052%	$417.5M	$669.6M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,562.2	−0.044%	$36.6M	—	200x	as long as short
dYdX BTC-USD	+0.0011%	1h	85,564.7	−0.041%	$16.8M	$21.3M	50x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,540.3	−0.069%	$25.0M	$221.9M	50x	as long as short
Aster BTCUSDT	+0.0012%	8h	85,544.7	−0.064%	$515.6M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,546.4	−0.062%	$4.2M	$98.3M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin BTC-PERPlong	+0.0037%	1h	85,599.6	long leg	$207K	$739K	40x
BingX BTC-USDT	+0.0063%	8h	85,557.4	−0.049%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0071%	8h	85,545.2	−0.064%	$148.4M	$489.2M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,549.9	−0.058%	$2.95B	$5.08B	150x	as long as short
Reya BTCRUSDPERP	+0.0087%	1h	85,551.9	−0.056%	$6.7M	$146.8M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0095%	1h	85,592.6	−0.008%	$887.3M	$1.58B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,562.8	−0.043%	$172.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,565.6	−0.040%	$23.9M	$149.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,555	−0.052%	$8.4M	$53.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,548.3	−0.060%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,516	−0.098%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,615.5	+0.019%	$5.2M	$9.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,635	+0.041%	$3.75B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,576.4	−0.027%	$40.2M	$581.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,556.3	−0.051%	$9.37B	$24.17B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,554.8	−0.052%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,565.1	−0.040%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,502	−0.114%	$3.8M	$17.8M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	−0.131%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDTshort	+0.0100%	8h	85,560	−0.046%	$5.52B	$10.77B	200x
MEXC BTC_USDT	+0.0100%	8h	85,555.5	−0.052%	$5.07B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,539	−0.071%	$35.1M	$177.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,444.6	−0.181%	$153.4M	$564.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,454.2	−0.170%	$279.2M	$922.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,487.4	−0.131%	$214.6M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,480.6	−0.139%	$139.8M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,484.2	−0.135%	$30.2M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,593.4	−0.007%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,550	−0.058%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,556	−0.051%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,552.5	−0.055%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,545.9	−0.063%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,536.5	−0.074%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,555	−0.052%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,548.1	−0.060%	$2.26B	$942.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,532.4	−0.079%	$44.6M	$230.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,517.8	−0.096%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,589.1	−0.012%	$117.5M	$5.20B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,565	−0.040%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,574	−0.030%	$187.6M	$953.7M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,561.3	−0.045%	$13.3M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,576.8	−0.027%	$8.4M	$42.7M	25x	as long as short
Aftermath Perps BTCUSD	+0.0214%	1h	85,514.1	−0.100%	$78K	$220K	20x	as long as short
Kalshi KXBTCPERP	+0.0219%	8h	85,568	−0.037%	$10.3M	$755.0M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,503.6	−0.112%	$701K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,556.5	−0.050%	$496K	$18.7M	6.7x	as long as short