Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h −0.043%

Price spread now: Bitget against Deribit−0.004%7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$200.196% of the position

Long on Deribit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 4 days (all we have)−0.034%−$3 · spread now −0.004%, 7d avg −0.054%

Together, before fees−0.076%−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.050% dearer against Deribit than usual: you sell high and buy low (spread −0.004% now, against its 7-day average of −0.054%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.2 days. At the pace of the last 7 days (−0.043% in total) that is about 8.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	85,232.8	0.0150	pay 0.0019% / 1h	14m 36s	$839.7M	$1.67B	50x
Short	Bitget BTCUSDT	85,229.4	0.0098	get 0.0098% / 8h	14m 36s	$2.97B	$5.21B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.004%Rate

Funding earned: −$10.92
Price spread: −0.004% → −0.054%: $5
Slippage, 4 orders: −$0.55
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$25.47
Costs to cover: 0.196%
Break-even: never at this rate

Slippage from Deribit: 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 Deribit live order book, 5 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	5.6 bp −$560	11.9 bp −$5,948
Sell Bitget live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.2 bp −$622	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
Hotstuff BTC-PERP	−0.0080%	1h	85,215	−0.021%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,263	+0.035%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,190.7	−0.049%	$421.1M	$686.1M	150x	as long as short
KuCoin XBTUSDTM	−0.0013%	8h	85,192	−0.048%	$926.8M	$777.9M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,213.5	−0.023%	$343K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,200.1	−0.038%	$36.4M	—	200x	as long as short
Aster BTCUSDT	+0.0006%	8h	85,236.4	+0.004%	$509.2M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0015%	1h	85,231.4	−0.002%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,203.1	−0.035%	$185.6M	$954.6M	100x	as long as short
BingX BTC-USDT	+0.0064%	8h	85,232.6	0.000%	—	$1.58B	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0067%	1h	85,331	+0.115%	$311K	$25.5M	52x	as long as short
Bybit BTCUSDT	+0.0081%	8h	85,233.4	+0.001%	$5.10B	$10.03B	150x	as long as short
ApeX Omni BTCUSDT	+0.0084%	1h	85,241.3	+0.010%	$139.6M	$312.5M	100x	as long as short
Nado BTC-PERP	+0.0090%	1h	85,190.9	−0.049%	$24.0M	$220.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,230.9	−0.002%	$168.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,242.6	+0.012%	$23.6M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,203	−0.035%	$8.4M	$57.7M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,184.6	−0.057%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDTshort	+0.0098%	8h	85,229.4	−0.004%	$2.97B	$5.21B	150x
Katana Perps BTC-USD	+0.0100%	8h	85,208	−0.029%	$268K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,289.8	+0.067%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,302	+0.081%	$3.75B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,260	+0.032%	$40.3M	$604.7M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,241.6	+0.010%	$9.38B	$25.16B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,229.9	−0.003%	$2.60B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,233	0.000%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,247.2	+0.017%	$4.7M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,231.7	−0.001%	$5.49B	$11.15B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,234.9	+0.003%	$5.02B	$5.77B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,187.1	−0.054%	$36.9M	$189.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,180.5	−0.061%	$155.7M	$548.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,195.5	−0.044%	$282.5M	$959.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,244.3	+0.014%	$214.2M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,214	−0.022%	$30.0M	$212.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,262.7	+0.035%	—	$10.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,190	−0.050%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,194	−0.045%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,196.1	−0.043%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,231.2	−0.002%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,209.5	−0.027%	$29.2M	$45.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,206	−0.031%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,191	−0.049%	$59.7M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,189.5	−0.051%	$2.25B	$973.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,186.3	−0.055%	$158.6M	$516.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,240	+0.008%	$693.3M	$214.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,205.2	−0.032%	$45.4M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,199.9	−0.039%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,229.1	−0.004%	$111.8M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0142%	1h	85,177.4	−0.065%	$6.6M	$142.4M	40x	as long as short
Deribit BTC-PERPETUALlong	+0.0150%	1h	85,232.8	long leg	$839.7M	$1.67B	50x
Kalshi KXBTCPERP	+0.0171%	8h	85,217	−0.018%	$12.0M	$737.6M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,254.6	+0.026%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0146%	1h	85,196.3	−0.043%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,249.2	+0.019%	$694K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0293%	1h	85,247.3	+0.017%	$81K	$254K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,208.3	−0.029%	$465K	$18.4M	6.7x	as long as short