Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:03 UTC−0.0087%/8h= −9.6% APRpaid last 24h −0.041%

Price spread now: Perpl against Bybit+0.052%7-day average +0.017% · you sell dearer than you buy

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

Long on Bybit Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.345%+$35 on $10k

Price spread, last 7 days+0.039%+$4 · spread now +0.052%, 7d avg +0.017%

Together, before fees+0.384%+ Points / potential airdropPerpl: Active · farm board+$38 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.034% dearer against Bybit than usual: you sell high and buy low (spread +0.052% now, against its 7-day average of +0.017%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 31 hours. Mind the row above: over the last 7 days funding on this pair paid +0.345%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	86,592.3	0.0087	pay 0.0087% / 8h	1h 53m	$5.27B	$9.74B	150x
Short	Perpl BTC	86,636.9	0	get 0.0000% / 43m	23m 44s	$421K	$24.2M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.052%Rate

Funding earned: −$18.37
Price spread: +0.052% → +0.017%: $3.44
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$39.73
Costs to cover: 0.248%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 5 min ago; Perpl: 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	5.6 bp −$56	6.9 bp −$692	8.1 bp −$4,033
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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
Aftermath Perps BTCUSD	−0.0217%	1h	86,636.4	+0.051%	$79K	$197K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,639	+0.054%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,653	+0.070%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0027%	1h	86,634.2	+0.048%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,664.1	+0.083%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0004%	8h	86,585.9	−0.007%	$505.5M	$1.16B	200x	as long as short
Perpl BTCshort	0.0000%	43m	86,636.9	+0.052%	$421K	$24.2M	6.7x
Deribit BTC-PERPETUAL	0.0000%	1h	86,629.9	+0.043%	$926.1M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,576	−0.019%	$851.1M	$709.6M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,626.6	+0.040%	$36.8M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0006%	1h	86,593.2	+0.001%	$8.5M	$43.2M	25x	as long as short
Hibachi BTC/USDT-P	+0.0008%	1h	86,685.8	+0.108%	$727K	$8.1M	30x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,610.2	+0.021%	$6.7M	$144.6M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,587	−0.006%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0028%	8h	86,581.8	−0.012%	$149.6M	$473.2M	150x	as long as short
BingX BTC-USDC	+0.0030%	8h	86,569.5	−0.026%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0038%	8h	86,581.9	−0.012%	$2.95B	$5.09B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,615	+0.026%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,586.9	−0.006%	$5.19B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,585.3	−0.008%	$9.42B	$24.39B	150x	as long as short
SoDEX BTC-USD	+0.0075%	1h	86,599	+0.008%	$60.5M	$336.7M	40x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,583.4	−0.010%	$5.85B	$10.61B	200x	as long as short
Bybit BTCUSDTlong	+0.0087%	8h	86,592.3	long leg	$5.27B	$9.74B	150x
Nado BTC-PERP	+0.0096%	1h	86,662.7	+0.081%	$21.6M	$234.4M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,595.7	+0.004%	$172.0M	$997.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,612	+0.023%	$24.1M	$151.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,644	+0.060%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,573	−0.022%	$205K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,628.8	+0.042%	$4.8M	$8.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,662	+0.081%	$3.81B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,626.7	+0.040%	$41.0M	$499.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,594	+0.002%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,581	−0.013%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,659.6	+0.078%	$7.4M	$94.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,590.2	−0.002%	$572.1M	$20.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,582.5	−0.011%	$38.3M	$153.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,582.6	−0.011%	$156.4M	$568.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,554.6	−0.043%	$279.5M	$940.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,561	−0.036%	$217.2M	$183.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,556.4	−0.041%	$141.5M	$322.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,647.8	+0.064%	$30.7M	$203.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,680.9	+0.102%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,632	+0.046%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,607.9	+0.018%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,614.1	+0.025%	$2.5M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,624.6	+0.037%	$141K	$618K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,599.9	+0.009%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,660.4	+0.079%	$3.4M	$5.5M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,602.8	+0.012%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,564.6	−0.032%	$46.4M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,674.6	+0.095%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,636	+0.051%	$131.8M	$5.80B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,624	+0.037%	$191.4M	$937.3M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,642.7	+0.058%	$417.2M	$655.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0210%	1h	86,619.9	+0.032%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0186%	8h	86,673	+0.093%	$9.6M	$726.6M	6.4x	as long as short