Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0056%/8h= +6.2% APRpaid last 24h +0.028%

Price spread now: Deribit against Bybit+0.002%55s7-day average +0.051% · 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—prices read too far apart to compare

costs, in and out, $10k−$200.200% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 3 days (all we have)+0.027%+$3 · spread now +0.002%, 7d avg +0.051%

Together, before fees+0.046%+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.049% cheaper against Bybit than usual: you would sell low and buy high (spread +0.002% now, against its 7-day average of +0.051%). If the spread goes back, that is −$5 on $10k: about 2.9 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.019% in total) that is about 18 days. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	86,238.3	0.0100	pay 0.0100% / 8h	7h 16m	$5.25B	$9.65B	150x
Short	Deribit BTC-PERPETUAL	86,239.7	0.0156	get 0.0020% / 1h	16m 27s	$902.1M	$1.51B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now +0.002%Rate

Funding earned: $11.86
Price spread: +0.002% → +0.051%: −$4.92
Slippage, 4 orders: −$1.95
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$13.01
Costs to cover: 0.200%
Break-even: 14.7 days

Slippage from Bybit: 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 Bybit live order book, 3 min ago	0.01 bp	5.5 bp −$6	5.6 bp −$56	6.5 bp −$655	7.6 bp −$3,810
Sell Deribit live order book, 3 min ago	0.93 bp	4.4 bp −$4	5.4 bp −$54	11.4 bp −$1,139	24.2 bp −$12.1K

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	−0.0129%	1h	86,239	+0.001%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,206	−0.037%	$9K	$3K	50x	as long as short
Bluefin BTC-PERP	−0.0065%	1h	86,267.2	+0.033%	$144K	$667K	40x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,245.6	+0.008%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,263.3	+0.029%	$540K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,249.2	+0.013%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0022%	1h	86,243.1	+0.006%	$16.9M	$20.5M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	+0.139%	$343K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0030%	8h	86,235.2	−0.004%	$500.0M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	86,240.8	+0.003%	$831.0M	$718.5M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0048%	1h	86,231.2	−0.008%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDT	+0.0051%	8h	86,234.5	−0.004%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,250.5	+0.014%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0065%	8h	86,241.1	+0.003%	$2.97B	$5.05B	150x	as long as short
SoDEX BTC-USD	+0.0074%	1h	86,188	−0.058%	$60.4M	$338.2M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,233.6	−0.005%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,233.7	−0.005%	$5.09B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0083%	8h	86,233	−0.006%	$9.40B	$24.32B	150x	as long as short
Gate BTC_USDT	+0.0093%	8h	86,235.8	−0.003%	$5.76B	$10.60B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,270	+0.037%	$170.4M	$990.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,267.4	+0.034%	$23.6M	$151.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,239	+0.001%	$8.4M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,220	−0.021%	$196K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,278	+0.046%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,250	+0.013%	$22.0M	$227.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,313	+0.087%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,280.9	+0.049%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDTlong	+0.0100%	8h	86,238.3	long leg	$5.25B	$9.65B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	86,238.3	0.000%	$2.56B	$12.46B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,234	−0.005%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,268.1	+0.035%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.107%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,200.7	−0.044%	$35.6M	$160.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,271.9	+0.039%	$157.9M	$558.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,274.4	+0.042%	$278.7M	$950.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,277	+0.045%	$216.6M	$165.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,283.5	+0.052%	$141.3M	$321.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,204.5	−0.039%	$30.6M	$208.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,278.4	+0.046%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,240	+0.002%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,234.6	−0.004%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,221.5	−0.020%	$2.4M	$9.0M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,210.7	−0.032%	$30.3M	$56.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,203.5	−0.040%	$3.3M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,201.5	−0.043%	$2.29B	$959.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,212.7	−0.030%	$155.1M	$473.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,222.1	−0.019%	$46.0M	$222.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,210	−0.033%	—	$99.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,233.9	−0.005%	$132.2M	$5.33B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,226.4	−0.014%	$191.7M	$946.3M	100x	as long as short
Deribit BTC-PERPETUALshort	+0.0156%	1h	86,239.7	+0.002%	$902.1M	$1.51B	50x
Hibachi BTC/USDT-P	+0.0168%	1h	86,215.3	−0.027%	$712K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,303	+0.075%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,184.8	−0.062%	$415.3M	$641.0M	150x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	86,236	−0.003%	$10.5M	$765.9M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,247	+0.010%	$14.5M	—	200x	as long as short