Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0023%/8h= −2.5% APRpaid last 24h −0.031%

Price spread now: Bybit against Deribit−0.016%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

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

costs, in and out, $10k−$180.181% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.026%−$3 on $10k

Price spread, last 4 days (all we have)+0.009%+$1 · spread now −0.016%, 7d avg −0.051%

Together, before fees−0.016%−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.035% dearer against Deribit than usual: you sell high and buy low (spread −0.016% now, against its 7-day average of −0.051%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	85,619.1	0.0123	pay 0.0015% / 1h	30m 04s	$894.7M	$1.54B	50x
Short	Bybit BTCUSDT	85,605.3	0.0100	get 0.0100% / 8h	4h 30m	$5.22B	$9.77B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$4.87
Price spread: −0.016% → −0.051%: $3.47
Slippage, 4 orders: −$0.09
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$19.49
Costs to cover: 0.181%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; Bybit: 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	4.1 bp −$41	6.8 bp −$681	10.2 bp −$5,107
Sell Bybit live order book, 4 min ago	0.01 bp	5.5 bp −$6	5.7 bp −$57	7.6 bp −$758	9.4 bp −$4,705

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	−0.0179%	1h	85,517	−0.119%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,609	−0.012%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,562.6	−0.066%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,577.7	−0.048%	$418.0M	$668.3M	150x	as long as short
KuCoin XBTUSDTM	−0.0014%	8h	85,592.3	−0.031%	$921.7M	$750.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,574.8	−0.052%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0015%	8h	85,593.2	−0.030%	$515.8M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0016%	1h	85,591.7	−0.032%	$16.7M	$21.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,561.4	−0.067%	$4.6M	$98.3M	40x	as long as short
Nado BTC-PERP	+0.0034%	1h	85,554.3	−0.076%	$25.5M	$221.8M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin BTC-PERP	+0.0050%	1h	85,621.1	+0.002%	$207K	$738K	40x	as long as short
BingX BTC-USDT	+0.0061%	8h	85,618.5	−0.001%	—	$1.55B	—	as long as short
Phemex BTCUSDT	+0.0076%	8h	85,568.8	−0.059%	$148.0M	$486.2M	150x	as long as short
Bitget BTCUSDT	+0.0077%	8h	85,597.7	−0.025%	$2.95B	$5.07B	150x	as long as short
Reya BTCRUSDPERP	+0.0081%	1h	85,543.5	−0.088%	$6.7M	$146.7M	40x	as long as short
MEXC BTC_USDT	+0.0095%	8h	85,595	−0.028%	$5.07B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0096%	8h	85,607.7	−0.013%	$9.37B	$24.13B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,586.1	−0.039%	$173.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,591.5	−0.032%	$23.9M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,560	−0.069%	$8.4M	$52.8M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,568.1	−0.060%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,536	−0.097%	$211K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,638	+0.022%	$4.5M	$8.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,697	+0.091%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,619.2	0.000%	$40.1M	$578.1M	50x	as long as short
Bybit BTCUSDTshort	+0.0100%	8h	85,605.3	−0.016%	$5.22B	$9.77B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,617.8	−0.002%	$2.58B	$12.16B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,564	−0.064%	$3.9M	$18.1M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,615.3	−0.004%	$5.52B	$10.69B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,600.5	−0.022%	$35.7M	$176.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,543.7	−0.088%	$153.8M	$564.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,356.5	−0.307%	$278.9M	$919.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,388.8	−0.269%	$214.3M	$169.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,483.1	−0.159%	$139.8M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,567	−0.061%	$30.2M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,619.5	0.000%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,555	−0.075%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,563.2	−0.065%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,575.6	−0.051%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,569.2	−0.058%	$30.0M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,570.7	−0.057%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,578	−0.048%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,567.8	−0.060%	$2.27B	$942.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,369.3	−0.292%	$653.8M	$618.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,569.4	−0.058%	$44.5M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,575.1	−0.051%	—	$107.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,626.9	+0.009%	$116.9M	$5.19B	50x	as long as short
Deribit BTC-PERPETUALlong	+0.0123%	1h	85,619.1	long leg	$894.7M	$1.54B	50x
Injective BTC/USDC PERP	+0.0150%	1h	85,539	−0.094%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,600.7	−0.022%	$187.8M	$956.3M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,599.1	−0.023%	$8.3M	$42.5M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,570.8	−0.056%	$13.4M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0202%	1h	85,512.7	−0.124%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,606.9	−0.014%	$700K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,615	−0.005%	$10.5M	$758.5M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,600.3	−0.022%	$508K	$18.9M	6.7x	as long as short