Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0092%/8h= −10.0% APRpaid last 24h −0.033%

Price spread now: Binance against Deribit+0.022%7-day average −0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

costs, in and out, $10k−$170.171% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 3 days (all we have)−0.057%−$6 · spread now +0.022%, 7d avg −0.051%

Together, before fees−0.067%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.073% dearer against Deribit than usual: you sell high and buy low (spread +0.022% now, against its 7-day average of −0.051%): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.7 days. At the pace of the last 7 days (−0.010% in total) that is about 51 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	85,680	0.0180	pay 0.0023% / 1h	30m 37s	$894.3M	$1.53B	50x
Short	Binance BTCUSDT	85,699	0.0088	get 0.0088% / 8h	6h 30m	$9.33B	$24.39B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now +0.022%Rate

Funding earned: −$19.26
Price spread: +0.022% → −0.051%: $7.31
Slippage, 4 orders: −$0.07
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$29.03
Costs to cover: 0.171%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; Binance: live order book, 14 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 Deribit live order book, 4 min ago	0.03 bp	3.5 bp −$4	4.1 bp −$41	8.0 bp −$795	13.5 bp −$6,758
Sell Binance live order book, 14 min ago	0.01 bp	5.0 bp −$5	5.2 bp −$52	6.2 bp −$624	7.7 bp −$3,850

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	−0.045%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,689	+0.011%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,680.8	+0.001%	$364K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,661.8	−0.021%	$515K	$20.9M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,662	−0.021%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,652.2	−0.032%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	+0.013%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0034%	8h	85,688.1	+0.010%	$509.3M	$1.14B	200x	as long as short
KuCoin XBTUSDTM	+0.0035%	8h	85,638.8	−0.048%	$902.6M	$755.3M	125x	as long as short
ApeX Omni BTCUSDT	+0.0037%	1h	85,595.3	−0.099%	$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	85,700.3	+0.024%	$7.9M	$42.4M	25x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,689.9	+0.012%	—	$1.58B	—	as long as short
HTX BTC-USDT	+0.0056%	8h	85,633.7	−0.054%	$2.27B	$952.7M	200x	as long as short
Reya BTCRUSDPERP	+0.0056%	1h	85,695.5	+0.018%	$6.7M	$146.2M	40x	as long as short
Nado BTC-PERP	+0.0064%	1h	85,654.8	−0.029%	$22.7M	$228.2M	50x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,693.6	+0.016%	$2.95B	$5.11B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,680.4	+0.001%	$5.06B	$5.71B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,637.5	−0.050%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDTshort	+0.0088%	8h	85,699	+0.022%	$9.33B	$24.39B	150x
Lighter BTC	+0.0096%	1h	85,663.8	−0.019%	$169.6M	$987.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,671.5	−0.010%	$23.3M	$146.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,699	+0.022%	$8.4M	$52.0M	100x	as long as short
Gate BTC_USDT	+0.0097%	8h	85,691.5	+0.013%	$5.61B	$10.52B	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,656	−0.028%	$205K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,643.1	−0.043%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,722	+0.049%	$3.76B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,705.8	+0.030%	$40.7M	$569.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,716.8	+0.043%	$5.30B	$9.78B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,715.3	+0.041%	$2.54B	$12.41B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,684	+0.005%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,661.1	−0.022%	$7.3M	$98.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,635.3	−0.052%	$35.2M	$163.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,640.3	−0.046%	$156.2M	$559.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,580.7	−0.116%	$278.2M	$944.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,580.1	−0.117%	$214.9M	$167.6M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,647.7	−0.038%	$30.3M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,735.3	+0.065%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,696	+0.019%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,651.2	−0.034%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,646.5	−0.039%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,685.6	+0.007%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,644.8	−0.041%	$30.0M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,611.5	−0.080%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,636	−0.051%	$59.9M	$337.5M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,638.4	−0.049%	$153.0M	$480.0M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,587.5	−0.108%	$583.6M	$150.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,663	−0.020%	$43.9M	$228.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,654.3	−0.030%	—	$101.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,668.9	−0.013%	$131.0M	$5.18B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,697.9	+0.021%	$698K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,652.1	−0.033%	$188.7M	$965.3M	100x	as long as short
Aftermath Perps BTCUSD	+0.0162%	1h	85,654.5	−0.030%	$78K	$219K	20x	as long as short
Deribit BTC-PERPETUALlong	+0.0180%	1h	85,680	long leg	$894.3M	$1.53B	50x
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0190%	1h	85,654.1	−0.030%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	85,667	−0.015%	$10.0M	$770.7M	6.4x	as long as short