Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.027%

Price spread now: gTrade (Gains Network) against Bybit+0.006%7-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−$20as in the Price arb table

costs, in and out, $10k−$190.190% of the position

Long on Bybit Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.080%−$8 on $10k

Price spread, last 3 days (all we have)+0.018%+$2 · spread now +0.006%, 7d avg +0.014%

Together, before fees−0.062%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.014%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	86,224.5	0.0100	pay 0.0100% / 8h	7h 11m	$5.25B	$9.63B	150x
Short	gTrade (Gains Network) BTC/USD	86,229.9	L +0.0004% / S −0.0004%	get 0.0001% / 1h	11m 53s	$36.9M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.006%Rate

Funding earned: −$20.1
Price spread: +0.006% → +0.014%: −$0.74
Slippage, 4 orders: −$1.05
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$39.89
Costs to cover: 0.190%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; gTrade (Gains Network): virtual book (oracle venue), 2 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, 2 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	6.4 bp −$639	8.0 bp −$4,008
Sell gTrade (Gains Network) virtual book (oracle venue), 2 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,182

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	86,372	+0.171%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,228	+0.004%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,205.4	−0.022%	$363K	$2.3M	50x	as long as short
Bluefin BTC-PERP	−0.0004%	1h	86,236.3	+0.014%	$144K	$667K	40x	as long as short
Perpl BTC	0.0000%	43m	86,214.1	−0.012%	$568K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USDshort	L +0.0004% / S −0.0004%	1h	86,229.9	+0.006%	$36.9M	—	200x
Injective BTC/USDC PERP	+0.0023%	1h	86,365	+0.163%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0026%	1h	86,269.4	+0.052%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0033%	8h	86,209.9	−0.017%	$499.7M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0044%	8h	86,206.1	−0.021%	$829.4M	$716.6M	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	86,189	−0.041%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0051%	8h	86,199.6	−0.029%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,209.9	−0.017%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0065%	8h	86,208.4	−0.019%	$2.97B	$5.04B	150x	as long as short
SoDEX BTC-USD	+0.0078%	1h	86,211	−0.016%	$60.4M	$338.2M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,200.5	−0.028%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	86,206.6	−0.021%	$5.11B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	86,212.3	−0.014%	$9.39B	$24.22B	150x	as long as short
Gate BTC_USDT	+0.0087%	8h	86,221.3	−0.004%	$5.76B	$10.62B	200x	as long as short
HTX BTC-USDT	+0.0096%	8h	86,188.4	−0.042%	$2.29B	$959.4M	200x	as long as short
Lighter BTC	+0.0096%	1h	86,230.6	+0.007%	$170.3M	$992.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,230	+0.006%	$23.6M	$152.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,215	−0.011%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,180	−0.052%	$199K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,259.2	+0.040%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,251.9	+0.032%	$22.0M	$226.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,281	+0.066%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,261.8	+0.043%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDTlong	+0.0100%	8h	86,224.5	long leg	$5.25B	$9.63B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	86,228.8	+0.005%	$2.56B	$12.44B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,207	−0.020%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,223.8	−0.001%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.091%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,194.9	−0.034%	$35.5M	$161.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,226.1	+0.002%	$156.7M	$559.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,254.8	+0.035%	$278.6M	$953.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,292.2	+0.079%	$216.6M	$165.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,290.3	+0.076%	$141.4M	$320.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,270	+0.053%	$30.6M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,265.7	+0.048%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,206	−0.021%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,213.4	−0.013%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,208.6	−0.018%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,228.7	+0.005%	$30.3M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,181.2	−0.050%	$3.3M	$5.4M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,228	+0.004%	$155.5M	$473.0M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,189.4	−0.041%	$45.9M	$222.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,272.7	+0.056%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,250	+0.030%	$132.2M	$5.29B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,238.8	+0.017%	$191.8M	$948.1M	100x	as long as short
Hibachi BTC/USDT-P	+0.0152%	1h	86,299.4	+0.087%	$714K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0168%	1h	86,298.3	+0.086%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0180%	1h	86,259.7	+0.041%	$902.3M	$1.51B	50x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,271.5	+0.055%	$415.8M	$641.8M	150x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,258	+0.039%	$10.5M	$766.0M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,227.5	+0.003%	$14.5M	—	200x	as long as short