Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0268%/8h= −29.4% APRpaid last 24h −0.048%

Price spread now: Gate against Deribit−0.062%7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$220.221% of the position

Long on Deribit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.052%−$5 on $10k

Price spread, last 3 days (all we have)+0.035%+$4 · spread now −0.062%, 7d avg −0.054%

Together, before fees−0.017%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.054%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.052% in total (about -2.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	86,507	0.0350	pay 0.0044% / 1h	9m 47s	$913.2M	$1.49B	50x
Short	Gate BTC_USDT	86,453.7	0.0082	get 0.0082% / 8h	9m 47s	$5.85B	$10.81B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.062%Rate

Funding earned: −$56.3
Price spread: −0.062% → −0.054%: −$0.8
Slippage, 4 orders: −$0.07
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$79.17
Costs to cover: 0.221%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; Gate: 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	4.3 bp −$43	7.5 bp −$752	12.5 bp −$6,247
Sell Gate live order book, 4 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	9.0 bp −$896	11.0 bp −$5,504

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	−0.0118%	1h	86,462	−0.052%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,422	−0.098%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.187%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,478.5	−0.033%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,481	−0.030%	$358K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,439.1	−0.079%	$413K	$22.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,466.8	−0.047%	$36.8M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,473.3	−0.039%	$501.6M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0022%	8h	86,459.9	−0.054%	$834.0M	$728.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0036%	1h	86,446.9	−0.069%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0043%	8h	86,454.2	−0.061%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0055%	8h	86,466.6	−0.047%	$2.97B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0055%	8h	86,447.4	−0.069%	$150.8M	$478.6M	150x	as long as short
dYdX BTC-USD	+0.0062%	1h	86,456.7	−0.058%	$16.9M	$21.2M	50x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,436.7	−0.081%	$2.5M	$1.4M	20x	as long as short
MEXC BTC_USDT	+0.0073%	8h	86,462.3	−0.052%	$5.16B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0074%	8h	86,467.2	−0.046%	$9.44B	$24.55B	150x	as long as short
Gate BTC_USDTshort	+0.0082%	8h	86,453.7	−0.062%	$5.85B	$10.81B	200x
Lighter BTC	+0.0096%	1h	86,478.6	−0.033%	$170.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,487	−0.023%	$23.9M	$152.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,473	−0.039%	$8.5M	$52.3M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,454.9	−0.060%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,445	−0.072%	$196K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,497.1	−0.011%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,444.8	−0.072%	$21.8M	$234.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,545	+0.044%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,494.7	−0.014%	$41.1M	$538.1M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,465.3	−0.048%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,459	−0.056%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,502.6	−0.005%	$7.3M	$95.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,449	−0.067%	$572.1M	$12.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,452.4	−0.063%	$38.0M	$156.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,407.7	−0.115%	$157.0M	$567.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,408.7	−0.114%	$279.1M	$946.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,427	−0.093%	$217.0M	$172.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,423.1	−0.097%	$141.3M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,460.1	−0.054%	$30.7M	$206.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,501.8	−0.006%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,462	−0.052%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,454.4	−0.061%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,448.5	−0.068%	$2.5M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,483.1	−0.028%	$141K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,480.4	−0.031%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,462.8	−0.051%	$3.4M	$5.3M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,446	−0.071%	$60.5M	$338.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,458.8	−0.056%	$2.29B	$968.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,437.4	−0.081%	$45.7M	$227.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,458.3	−0.056%	—	$100.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,474.3	−0.038%	$192.9M	$953.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,480.4	−0.031%	$132.2M	$5.64B	50x	as long as short
Aftermath Perps BTCUSD	+0.0158%	1h	86,472.6	−0.040%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,470.6	−0.042%	$717K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0194%	8h	86,439.9	−0.078%	$415.1M	$658.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0199% / S −0.0223%	1h	86,459	−0.056%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0207%	8h	86,476	−0.036%	$10.0M	$751.4M	6.4x	as long as short
Deribit BTC-PERPETUALlong	+0.0350%	1h	86,507	long leg	$913.2M	$1.49B	50x