Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0156%/8h= −17.1% APRpaid last 24h −0.043%

Price spread now: Jupiter Perps against Bybit−0.022%7-day average +0.012% · you buy dearer than you sell

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

Long on Bybit Short on Jupiter Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.135%−$13 on $10k

Price spread, last 3 days (all we have)+0.029%+$3 · spread now −0.022%, 7d avg +0.012%

Together, before fees−0.106%−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Jupiter Perps is 0.034% cheaper against Bybit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.012%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	85,673	0.0100	pay 0.0100% / 8h	6h 30m	$5.29B	$9.78B	150x
Short	Jupiter Perps WBTC-PERP	85,654.3	L +0.0104% / S +0.0056%	pay 0.0007% / 1h	30m 52s	—	$101.3M	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Jupiter Perps against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Jupiter PerpsbpOrdersPrice spread, now −0.022%Rate

Funding earned: −$32.76
Price spread: −0.022% → +0.012%: −$3.38
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Net: −$59.14
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 3 min ago; Jupiter Perps: 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, 3 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.6 bp −$556	6.5 bp −$3,241
Sell Jupiter Perps no order-book sample	—	—	—	—	—

Jupiter Perps: 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 55 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	−0.0144%	1h	85,641	−0.037%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,657	−0.019%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,634.3	−0.045%	$364K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,661.8	−0.013%	$515K	$20.9M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,662	−0.013%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,652.2	−0.024%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	+0.021%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0034%	8h	85,644.4	−0.033%	$509.0M	$1.14B	200x	as long as short
KuCoin XBTUSDTM	+0.0035%	8h	85,639.3	−0.039%	$902.6M	$755.3M	125x	as long as short
ApeX Omni BTCUSDT	+0.0037%	1h	85,595.3	−0.091%	$140.0M	$320.4M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,663.5	−0.011%	$7.8M	$42.4M	25x	as long as short
BingX BTC-USDC	+0.0054%	8h	85,647.5	−0.030%	—	$15.4M	—	as long as short
HTX BTC-USDT	+0.0056%	8h	85,633.7	−0.046%	$2.27B	$952.7M	200x	as long as short
Reya BTCRUSDPERP	+0.0056%	1h	85,648.1	−0.029%	$6.7M	$146.2M	40x	as long as short
Nado BTC-PERP	+0.0065%	1h	85,645.2	−0.033%	$22.6M	$228.3M	50x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,651.4	−0.025%	$2.94B	$5.11B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,660.7	−0.014%	$5.06B	$5.71B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,637.5	−0.041%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,656.6	−0.019%	$9.32B	$24.43B	150x	as long as short
Gate BTC_USDT	+0.0095%	8h	85,662.6	−0.012%	$5.61B	$10.51B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,640.8	−0.038%	$169.6M	$986.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,651.1	−0.026%	$23.2M	$146.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,652	−0.025%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,616	−0.067%	$206K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,634.9	−0.044%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,702	+0.034%	$3.76B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,680.7	+0.009%	$40.7M	$569.7M	50x	as long as short
Bybit BTCUSDTlong	+0.0100%	8h	85,673	long leg	$5.29B	$9.78B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,668.7	−0.005%	$2.54B	$12.41B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,632	−0.048%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,627.3	−0.053%	$7.3M	$98.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,635.3	−0.044%	$35.2M	$163.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,640.3	−0.038%	$156.2M	$559.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,580.7	−0.108%	$278.2M	$944.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,580.1	−0.108%	$214.9M	$167.6M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,647.7	−0.029%	$30.3M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,697.7	+0.029%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,644	−0.034%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,651.2	−0.025%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,646.5	−0.031%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,685.6	+0.015%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,644.8	−0.033%	$30.0M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,611.5	−0.072%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,636	−0.043%	$59.9M	$337.5M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,638.4	−0.040%	$153.0M	$480.0M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,587.5	−0.100%	$583.6M	$150.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,632.7	−0.047%	$43.9M	$228.4M	50x	as long as short
Jupiter Perps WBTC-PERPshort	L +0.0104% / S +0.0056%	1h	85,654.3	−0.022%	—	$101.3M	500x
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,668.9	−0.005%	$131.0M	$5.18B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,697.9	+0.029%	$698K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,652.1	−0.024%	$188.7M	$965.3M	100x	as long as short
Aftermath Perps BTCUSD	+0.0162%	1h	85,654.5	−0.022%	$78K	$219K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0180%	1h	85,680	+0.008%	$894.3M	$1.53B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0190%	1h	85,654.1	−0.022%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	85,667	−0.007%	$10.0M	$770.7M	6.4x	as long as short