Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0136%/8h= −14.9% APRpaid last 24h −0.059%

Price spread now: BloFin against Deribit−0.091%57s7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$200.195% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 3 days (all we have)+0.035%+$3 · spread now −0.091%, 7d avg −0.052%

Together, before fees+0.043%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and BloFin is 0.039% cheaper against Deribit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.052%). Swap the legs. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	85,871.4	0.0097	pay 0.0012% / 1h	49m 55s	$895.0M	$1.54B	50x
Short	BloFin BTC-USDT	85,793.5	−0.0039	pay 0.0039% / 8h	6h 49m	$415.3M	$657.4M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.091%Rate

Funding earned: −$28.53
Price spread: −0.091% → −0.052%: −$3.92
Slippage, 4 orders: −$0.5
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$51.95
Costs to cover: 0.195%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; BloFin: 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 Deribit live order book, 4 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	9.4 bp −$942	13.9 bp −$6,934
Sell BloFin live order book, 4 min ago	0.22 bp	6.2 bp −$6	6.2 bp −$62	6.6 bp −$659	7.4 bp −$3,691

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	−0.0144%	1h	85,641	−0.268%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,779	−0.108%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,813.2	−0.068%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDTshort	−0.0039%	8h	85,793.5	−0.091%	$415.3M	$657.4M	150x
ApeX Omni BTCUSDT	−0.0008%	1h	85,747.6	−0.144%	$140.2M	$320.8M	100x	as long as short
dYdX BTC-USD	0.0000%	1h	85,837.1	−0.040%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,832.4	−0.045%	$512K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,819.3	−0.061%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	−0.072%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0031%	8h	85,837.6	−0.039%	$498.0M	$1.13B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0042%	8h	85,859.4	−0.014%	$894.7M	$756.2M	125x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,841.6	−0.035%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDT	+0.0052%	8h	85,874.4	+0.003%	—	$1.59B	—	as long as short
Reya BTCRUSDPERP	+0.0052%	1h	85,799	−0.084%	$6.7M	$146.0M	40x	as long as short
HTX BTC-USDT	+0.0057%	8h	85,815.9	−0.065%	$2.28B	$968.8M	200x	as long as short
Bitget BTCUSDT	+0.0066%	8h	85,878.7	+0.008%	$2.95B	$5.13B	150x	as long as short
Nado BTC-PERP	+0.0079%	1h	85,801	−0.082%	$22.5M	$228.7M	50x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,820.9	−0.059%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0081%	8h	85,878.5	+0.008%	$5.09B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0083%	8h	85,872	+0.001%	$9.35B	$24.59B	150x	as long as short
Gate BTC_USDT	+0.0086%	8h	85,871.6	0.000%	$5.66B	$10.36B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,862.4	−0.011%	$170.9M	$976.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,852.2	−0.022%	$23.3M	$145.1M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	85,757.5	−0.133%	$215.4M	$162.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,833	−0.045%	$8.4M	$52.5M	100x	as long as short
Deribit BTC-PERPETUALlong	+0.0097%	1h	85,871.4	long leg	$895.0M	$1.54B	50x
Katana Perps BTC-USD	+0.0100%	8h	85,804	−0.079%	$206K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,860.2	−0.013%	$3.8M	$8.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,937	+0.076%	$3.76B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,856.5	−0.017%	$40.8M	$566.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,886.2	+0.017%	$5.26B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,887.2	+0.018%	$2.55B	$12.56B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,825	−0.054%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,818.4	−0.062%	$7.3M	$98.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,888.3	+0.020%	$579.3M	$92.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,858.3	−0.015%	$35.2M	$162.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,782.9	−0.103%	$155.6M	$556.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,687.9	−0.214%	$277.7M	$941.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,793.4	−0.091%	$30.4M	$206.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,856.9	−0.017%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,825	−0.054%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,815.9	−0.065%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,833.6	−0.044%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,846.1	−0.030%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,840.6	−0.036%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,807.5	−0.074%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,836	−0.041%	$60.1M	$338.1M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,847.6	−0.028%	$153.8M	$476.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,858.9	−0.015%	$44.9M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,814.8	−0.066%	—	$101.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,871.1	0.000%	$131.7M	$5.26B	50x	as long as short
Hibachi BTC/USDT-P	+0.0120%	1h	85,813.4	−0.068%	$707K	$8.0M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,864.3	−0.008%	$189.4M	$969.6M	100x	as long as short
Aftermath Perps BTCUSD	+0.0153%	1h	85,829.7	−0.049%	$77K	$217K	20x	as long as short
Kalshi KXBTCPERP	+0.0203%	8h	85,840	−0.037%	$9.9M	$768.5M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,812.5	−0.069%	$13.8M	—	200x	as long as short