Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0073%/8h= +8.0% APRpaid last 24h −0.040%

Price spread now: edgeX against Deribit+0.069%7-day average −0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$2as in the Price arb table

costs, in and out, $10k−$160.161% of the position

Long on Deribit Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.202%−$20 on $10k

Price spread, last 4 days (all we have)−0.121%−$12 · spread now +0.069%, 7d avg −0.073%

Together, before fees−0.324%+ Points / potential airdropedgeX: Active · farm board−$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and edgeX is 0.142% dearer against Deribit than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.073%. Mind the row above: over the last 7 days funding on this pair cost −0.202%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	85,409.7	0.0027	pay 0.0003% / 1h	59m 08s	$868.6M	$1.62B	50x
Short	edgeX BTCUSDC	85,469	0.0100	get 0.0050% / 4h	1h 59m	$280.0M	$954.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.069%Rate

Funding earned: $15.31
Price spread: +0.069% → −0.073%: $14.21
Slippage, 4 orders: −$0.11
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $13.41
Costs to cover: 0.161%
Break-even: 0.9 days

Slippage from Deribit: live order book, 5 min ago; edgeX: 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	4.2 bp −$42	6.7 bp −$670	11.6 bp −$5,817
Sell edgeX live order book, 5 min ago	0.02 bp	4.5 bp −$5	4.5 bp −$45	4.7 bp −$474	5.8 bp −$2,899

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	−0.0111%	1h	85,504	+0.110%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,395	−0.017%	$8K	$3K	50x	as long as short
Nado BTC-PERP	−0.0074%	1h	85,373.4	−0.043%	$24.5M	$222.8M	50x	as long as short
KuCoin XBTUSDTM	−0.0049%	8h	85,374.4	−0.041%	$927.4M	$772.3M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,375.6	−0.040%	$419.9M	$683.5M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,403.4	−0.007%	$353K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0008%	8h	85,369.3	−0.047%	$513.3M	$1.09B	200x	as long as short
Perpl BTC	0.0000%	43m	85,385	−0.029%	$528K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,391.8	−0.021%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,388	−0.025%	$36.5M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUALlong	+0.0027%	1h	85,409.7	long leg	$868.6M	$1.62B	50x
Injective BTC/USDC PERP	+0.0057%	1h	85,405	−0.006%	$339K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0070%	8h	85,369.5	−0.047%	—	$17.5M	—	as long as short
Bitget BTCUSDT	+0.0087%	8h	85,392.9	−0.020%	$2.95B	$5.18B	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,391.9	−0.021%	$188.1M	$955.8M	100x	as long as short
Phemex BTCUSDT	+0.0091%	8h	85,390.1	−0.023%	$149.0M	$507.4M	150x	as long as short
Lighter BTC	+0.0096%	1h	85,390.8	−0.022%	$170.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,389.5	−0.024%	$23.6M	$147.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,396	−0.016%	$8.3M	$55.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,371.1	−0.045%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,381.3	−0.033%	$9.44B	$24.98B	150x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,380.3	−0.034%	$5.02B	$5.72B	500x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,369	−0.048%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,429.3	+0.023%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,457	+0.055%	$3.75B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,414.5	+0.006%	$40.1M	$602.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,380	−0.035%	$5.14B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,385.4	−0.028%	$2.59B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,405	−0.006%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,404.2	−0.006%	$4.6M	$98.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,381.5	−0.033%	$5.51B	$10.93B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,375	−0.041%	$36.7M	$179.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,449.7	+0.047%	$155.0M	$560.8M	—	as long as short
edgeX BTCUSDCshort	+0.0100%	4h	85,469	+0.069%	$280.0M	$954.2M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	85,473.2	+0.074%	$214.6M	$167.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,469.9	+0.070%	$139.7M	$314.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,475	+0.076%	$30.1M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,460	+0.059%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,382	−0.032%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,383.8	−0.030%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,383.5	−0.031%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,412.6	+0.003%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,360.5	−0.058%	$30.0M	$47.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,359.3	−0.059%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,376	−0.039%	$59.7M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,376.3	−0.039%	$2.26B	$942.6M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,476.9	+0.079%	$684.3M	$499.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,350.9	−0.069%	$44.5M	$240.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,385.7	−0.028%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,418.9	+0.011%	$117.6M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0121%	1h	85,372.9	−0.043%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,389.5	−0.024%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,420.6	+0.013%	$8.8M	$43.2M	25x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	85,406	−0.004%	$11.5M	$743.6M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0233%	1h	85,473.7	+0.075%	$79K	$229K	20x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,509	+0.116%	$692K	$8.0M	30x	as long as short