Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0116%/8h= −12.7% APRpaid last 24h −0.035%

Price spread now: 01 Exchange against Bybit+0.024%7-day average −0.005% · 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−$18as in the Price arb table

costs, in and out, $10k−$200.205% of the position

Long on Bybit Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.092%−$9 on $10k

Price spread, last 7 days−0.011%−$1 · spread now +0.024%, 7d avg −0.005%

Together, before fees−0.103%−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. 01 Exchange is 0.029% dearer against Bybit than usual: you sell high and buy low (spread +0.024% now, against its 7-day average of −0.005%): +$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 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	85,200	0.0100	pay 0.0100% / 8h	2h 22m	$5.14B	$9.94B	150x
Short	01 Exchange BTCUSD	85,220.7	−0.0016	pay 0.0002% / 1h	22m 36s	$354K	$2.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now +0.024%Rate

Funding earned: −$24.36
Price spread: +0.024% → −0.005%: $2.89
Slippage, 4 orders: −$2.48
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$41.95
Costs to cover: 0.205%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; 01 Exchange: live order book, 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	5.9 bp −$590	7.6 bp −$3,778
Sell 01 Exchange live order book, 2 min ago	0.01 bp	3.9 bp −$4	9.2 bp −$92	doesn't fit	doesn't fit

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	−0.0112%	43m	85,115	−0.100%	$525K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,134	−0.077%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,179	−0.025%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,156.3	−0.051%	$921.8M	$763.8M	125x	as long as short
BloFin BTC-USDT	−0.0035%	8h	85,137.3	−0.074%	$419.2M	$679.4M	150x	as long as short
Aster BTCUSDT	−0.0017%	8h	85,193.4	−0.008%	$511.9M	$1.09B	200x	as long as short
01 Exchange BTCUSDshort	−0.0016%	1h	85,220.7	+0.024%	$354K	$2.4M	50x
dYdX BTC-USD	+0.0001%	1h	85,162.9	−0.044%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,121.8	−0.092%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	+0.029%	$338K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0035%	1h	85,138	−0.073%	$24.7M	$222.6M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,138.9	−0.072%	$186.8M	$953.9M	100x	as long as short
BingX BTC-USDT	+0.0067%	8h	85,187.8	−0.014%	—	$1.56B	—	as long as short
Deribit BTC-PERPETUAL	+0.0070%	1h	85,157.3	−0.050%	$866.9M	$1.61B	50x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,113.3	−0.102%	$2.4M	$6.7M	20x	as long as short
Phemex BTCUSDT	+0.0081%	8h	85,140.4	−0.070%	$147.2M	$505.0M	150x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,205.6	+0.007%	$9.41B	$24.81B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,189.2	−0.013%	$5.05B	$5.73B	500x	as long as short
Bitget BTCUSDT	+0.0085%	8h	85,186	−0.016%	$2.95B	$5.15B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,175.4	−0.029%	$170.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,188.2	−0.014%	$23.6M	$148.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,204	+0.005%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,167	−0.039%	$116.8M	$5.39B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,174	−0.031%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,228.5	+0.033%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,242	+0.049%	$3.74B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,199.7	0.000%	$40.1M	$599.0M	50x	as long as short
Bybit BTCUSDTlong	+0.0100%	8h	85,200	long leg	$5.14B	$9.94B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,207.6	+0.009%	$2.58B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,176	−0.028%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,192.7	−0.009%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,163.7	−0.043%	$678.5M	$565.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,180.9	−0.022%	$5.51B	$10.98B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,129.5	−0.083%	$36.2M	$176.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,082	−0.138%	$154.2M	$566.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,094.5	−0.124%	$278.9M	$945.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,181.8	−0.021%	$213.9M	$166.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,090.5	−0.129%	$139.1M	$315.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,105.9	−0.110%	$30.0M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,188.1	−0.014%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,100	−0.117%	$11.0M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,104	−0.113%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,121.2	−0.092%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,165.6	−0.040%	$227K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,095.8	−0.122%	$29.9M	$48.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,101.4	−0.116%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,122	−0.092%	$59.6M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,115	−0.100%	$2.25B	$941.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,162.9	−0.043%	$45.2M	$239.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,111.7	−0.104%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0116%	1h	85,096.4	−0.122%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,108.2	−0.108%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0181%	8h	85,145	−0.065%	$11.5M	$743.7M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0224%	1h	85,166	−0.040%	$78K	$227K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,206.5	+0.008%	$687K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,213.9	+0.016%	$8.7M	$43.2M	25x	as long as short