Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h −0.026%

Price spread now: Gate against Coinbase International−0.052%7-day average −0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$250.250% of the position

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

Price spread, last 3 days (all we have)+0.017%+$2 · spread now −0.052%, 7d avg −0.047%

Together, before fees−0.032%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.047%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	86,341.1	0.0120	pay 0.0015% / 1h	20m 01s	$132.5M	$5.34B	50x
Short	Gate BTC_USDT	86,296.5	0.0099	get 0.0099% / 8h	7h 20m	$5.78B	$10.57B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.052%Rate

Funding earned: −$4.41
Price spread: −0.052% → −0.047%: −$0.49
Slippage, 4 orders: −$0.02
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$29.92
Costs to cover: 0.250%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; Gate: live order book, 4 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, 4 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.6 bp −$563	13.0 bp −$6,481
Sell Gate live order book, 4 min ago	0.01 bp	7.5 bp −$8	8.3 bp −$83	9.6 bp −$965	12.3 bp −$6,168

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
Bluefin BTC-PERP	−0.0139%	1h	86,337.5	−0.004%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,359	+0.021%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,289	−0.060%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,288.4	−0.061%	$363K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,303.8	−0.043%	$481K	$21.4M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,316.4	−0.029%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	+0.020%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0024%	1h	86,292.5	−0.056%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0030%	8h	86,304.5	−0.042%	$500.5M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0042%	8h	86,296	−0.052%	$831.1M	$717.9M	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	+0.0047%	1h	86,284.7	−0.065%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0050%	8h	86,231.7	−0.127%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,299.6	−0.048%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0064%	8h	86,263.3	−0.090%	$2.97B	$5.04B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,310.7	−0.035%	$2.5M	$1.8M	20x	as long as short
SoDEX BTC-USD	+0.0081%	1h	86,305	−0.042%	$60.4M	$338.2M	40x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,260.4	−0.093%	$5.13B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0083%	8h	86,250.6	−0.105%	$9.40B	$24.27B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,315.8	−0.029%	$170.5M	$988.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,322.8	−0.021%	$23.7M	$150.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,291	−0.058%	$8.4M	$52.0M	100x	as long as short
Gate BTC_USDTshort	+0.0099%	8h	86,296.5	−0.052%	$5.78B	$10.57B	200x
Katana Perps BTC-USD	+0.0100%	8h	86,256	−0.099%	$197K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,308.2	−0.038%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,294.8	−0.054%	$22.1M	$227.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,357	+0.018%	$3.79B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,306	−0.041%	$41.1M	$552.2M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,308.2	−0.038%	$5.25B	$9.66B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,295.9	−0.052%	$2.56B	$12.45B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,287	−0.063%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,313.2	−0.032%	$7.2M	$94.9M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,289.7	−0.060%	$37.4M	$159.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,271.9	−0.080%	$157.9M	$558.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,378.6	+0.043%	$279.0M	$949.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,434.6	+0.108%	$217.1M	$165.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,403.6	+0.072%	$141.5M	$321.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,307.5	−0.039%	$30.6M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,326.8	−0.017%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,288	−0.062%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,304	−0.043%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,316.1	−0.029%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,332	−0.011%	$30.3M	$56.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,295.9	−0.052%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,275.9	−0.076%	$2.29B	$958.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,312.1	−0.034%	$155.1M	$473.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,411.1	+0.081%	$576.0M	$32.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,242.9	−0.114%	$46.1M	$222.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,300.3	−0.047%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0120%	1h	86,341.1	long leg	$132.5M	$5.34B	50x
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,333.3	−0.009%	$192.4M	$944.4M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0153%	1h	86,350.1	+0.010%	$902.2M	$1.51B	50x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,341.8	+0.001%	$709K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0170%	1h	86,381.2	+0.046%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,280.1	−0.071%	$415.0M	$641.3M	150x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,311	−0.035%	$10.6M	$765.1M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0206% / S −0.0221%	1h	86,310.7	−0.035%	$14.5M	—	200x	as long as short