Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0045%/8h= −4.9% APRpaid last 24h −0.028%

Price spread now: Bitget against Coinbase International−0.071%7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$220.220% of the position

Long on Coinbase International Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.032%−$3 on $10k

Price spread, last 4 days (all we have)+0.088%+$9 · spread now −0.071%, 7d avg −0.048%

Together, before fees+0.056%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bitget is 0.023% cheaper against Coinbase International than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.048%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	85,623.1	0.0112	pay 0.0014% / 1h	44m 37s	$130.9M	$5.07B	50x
Short	Bitget BTCUSDT	85,562.3	0.0067	get 0.0067% / 8h	5h 44m	$2.95B	$5.02B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Coinbase International. 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 Coinbase InternationalbpFee BitgetbpOrdersPrice spread, now −0.071%Rate

Funding earned: −$9.45
Price spread: −0.071% → −0.048%: −$2.26
Slippage, 4 orders: −$0.02
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$33.73
Costs to cover: 0.220%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; Bitget: live order book, 5 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 Coinbase International live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.6 bp −$563	11.7 bp −$5,846
Sell Bitget live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.4 bp −$64	7.2 bp −$724	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
Phoenix BTC	−0.0160%	1h	85,485	−0.161%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,585	−0.044%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,562.4	−0.071%	$367K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,579.2	−0.051%	$416.4M	$660.4M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,596.8	−0.031%	$16.7M	$20.9M	50x	as long as short
Nado BTC-PERP	+0.0002%	1h	85,570.3	−0.062%	$22.6M	$221.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,575.4	−0.056%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0015%	8h	85,560.9	−0.073%	$906.7M	$748.8M	125x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,579.4	−0.051%	$515.7M	$1.11B	200x	as long as short
BingX BTC-USDT	+0.0053%	8h	85,575.6	−0.055%	—	$1.54B	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0066%	1h	85,563	−0.070%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDTshort	+0.0067%	8h	85,562.3	−0.071%	$2.95B	$5.02B	150x
HTX BTC-USDT	+0.0074%	8h	85,575	−0.056%	$2.27B	$931.3M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	−0.007%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,582	−0.048%	$2.5M	$1.7M	20x	as long as short
Phemex BTCUSDT	+0.0083%	8h	85,581.7	−0.048%	$148.3M	$478.3M	150x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,579.3	−0.051%	$5.04B	$5.60B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,570.7	−0.061%	$9.33B	$23.88B	150x	as long as short
SunX BTC-USDT	+0.0088%	8h	85,537.4	−0.100%	$2.9M	$6.1M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,585.7	−0.044%	$169.5M	$986.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,591.7	−0.037%	$23.9M	$147.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,558	−0.076%	$8.4M	$51.8M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,617.8	−0.006%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,537	−0.101%	$205K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,645	+0.026%	$3.77B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,613.6	−0.011%	$40.1M	$571.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,580.4	−0.050%	$5.33B	$9.59B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,575.3	−0.056%	$2.56B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,570	−0.062%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,531.4	−0.107%	$7.2M	$97.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	−0.071%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,574.6	−0.057%	$5.55B	$10.44B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,605	−0.021%	$35.0M	$171.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,485	−0.161%	$154.0M	$550.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,439.2	−0.215%	$278.7M	$931.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,432.8	−0.222%	$214.5M	$161.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,513.3	−0.128%	$139.9M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,470.3	−0.179%	$30.3M	$211.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,597.6	−0.030%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,560	−0.074%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,570	−0.062%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,582	−0.048%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,624.3	+0.001%	$197K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,581	−0.049%	$30.0M	$52.6M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,586	−0.043%	$59.9M	$336.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,547.7	−0.088%	$44.1M	$227.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,505	−0.138%	—	$105.2M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0112%	1h	85,623.1	long leg	$130.9M	$5.07B	50x
RISEx BTC/USDC	+0.0120%	1h	85,594.7	−0.033%	$8.3M	$42.2M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0133%	1h	85,625.1	+0.002%	$894.3M	$1.52B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,615.9	−0.008%	$187.4M	$948.7M	100x	as long as short
Aftermath Perps BTCUSD	+0.0199%	1h	85,546.7	−0.089%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,464.2	−0.186%	$698K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,575	−0.056%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,567	−0.066%	$10.6M	$760.0M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,582	−0.048%	$528K	$19.6M	6.7x	as long as short