Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0022%/8h= +2.4% APRpaid last 24h +0.008%

Price spread now: Derive against Bybit+0.037%7-day average −0.002% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 3 days (all we have)−0.106%−$11 · spread now +0.037%, 7d avg −0.002%

Together, before fees−0.127%−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Derive is 0.039% dearer against Bybit than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	86,520	0.0078	pay 0.0078% / 8h	2h 38m	$5.27B	$9.65B	150x
Short	Derive BTC-PERP	86,552.3	0.0100	get 0.0013% / 1h	38m 52s	$30.0M	$61.7M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now +0.037%Rate

Funding earned: $4.61
Price spread: +0.037% → −0.002%: $3.9
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Derive: 3 bp × 2 orders: −$6
Net: −$8.49
Costs to cover: 0.170%
Break-even: 19.9 days

Slippage unknown: Bybit: live order book, 5 min ago; Derive: no order-book sample. Net counts fees only.

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, 5 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	6.0 bp −$597	7.2 bp −$3,586
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Perpl BTC	−0.0223%	43m	86,583.4	+0.073%	$429K	$24.9M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0219%	1h	86,610.4	+0.104%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,607	+0.101%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0100%	1h	86,611.8	+0.106%	$17.7M	$20.3M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,612	+0.106%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,523.3	+0.004%	$844.5M	$707.5M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,574.3	+0.063%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,566.2	+0.053%	$936.5M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,571.8	+0.060%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	86,527.2	+0.008%	$505.3M	$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	86,537.1	+0.020%	$6.7M	$144.2M	40x	as long as short
BingX BTC-USDT	+0.0022%	8h	86,517.7	−0.003%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0026%	8h	86,530.7	+0.012%	$149.6M	$470.7M	150x	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,513.1	−0.008%	$2.94B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,539.9	+0.023%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.245%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0050%	8h	86,517.8	−0.003%	$5.19B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0051%	8h	86,519.9	0.000%	$9.43B	$24.31B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,559.6	+0.046%	$9.2M	$41.9M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0067%	8h	86,523.5	+0.004%	$2.56B	$12.68B	100x	as long as short
Gate BTC_USDT	+0.0067%	8h	86,520	0.000%	$5.84B	$10.61B	200x	as long as short
Bybit BTCUSDTlong	+0.0078%	8h	86,520	long leg	$5.27B	$9.65B	150x
Variational Omni BTC	+0.0091%	8h	86,619.6	+0.115%	$160.0M	$567.4M	—	as long as short
Lighter BTC	+0.0096%	1h	86,544.2	+0.028%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,549.7	+0.034%	$24.0M	$153.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,548	+0.032%	$8.5M	$52.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,595.7	+0.088%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,541	+0.024%	$197K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,571.1	+0.059%	$21.8M	$235.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,602	+0.095%	$3.82B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,598.4	+0.091%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,569	+0.057%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,614.3	+0.109%	$7.4M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	+0.100%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,527.3	+0.008%	$38.0M	$148.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,603.7	+0.097%	$279.8M	$949.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,620.3	+0.116%	$217.5M	$188.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,631.1	+0.128%	$141.6M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,602	+0.095%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,630.5	+0.128%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,552	+0.037%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,550	+0.035%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,555.5	+0.041%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,561.7	+0.048%	$140K	$619K	40x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	86,552.3	+0.037%	$30.0M	$61.7M	15x
SunX BTC-USDT	+0.0100%	8h	86,572.6	+0.061%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,535	+0.017%	$60.4M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,530.7	+0.012%	$2.30B	$956.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,506.2	−0.016%	$46.4M	$228.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,568.3	+0.056%	—	$98.2M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,567.1	+0.054%	$190.4M	$930.3M	100x	as long as short
Kalshi KXBTCPERP	+0.0120%	8h	86,578	+0.067%	$8.8M	$723.8M	6.4x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,578.9	+0.068%	$131.9M	$5.86B	50x	as long as short
BloFin BTC-USDT	+0.0171%	8h	86,555	+0.040%	$416.9M	$646.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,566.8	+0.054%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,648.2	+0.148%	$602K	$7.2M	30x	as long as short