Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:36 UTC−0.0335%/8h= −36.7% APRpaid last 24h −0.068%

Price spread now: Perpl against Deribit−0.058%51s7-day average −0.037% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.328%+$33 on $10k

Price spread, last 3 days (all we have)+0.099%+$10 · spread now −0.058%, 7d avg −0.037%

Together, before fees+0.427%+ Points / potential airdropPerpl: Active · farm board+$43 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Perpl is 0.022% cheaper against Deribit than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.037%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.328%, so the current rate has only just turned against you. The two prices were read 51 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	86,675.2	0	get 0.0000% / 1h	47m 27s	$938.9M	$1.43B	50x
Short	Perpl BTC	86,624.5	−0.0335	pay 0.0030% / 43m	34m 27s	$426K	$25.1M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$70.33
Price spread: −0.058% → −0.037%: −$2.16
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$93.28
Costs to cover: 0.208%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 2 min ago; Perpl: no order-book sample. Net counts fees only.

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, 2 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	7.5 bp −$753	11.6 bp −$5,795
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Perpl BTCshort	−0.0335%	43m	86,624.5	−0.058%	$426K	$25.1M	6.7x
Aftermath Perps BTCUSD	−0.0205%	1h	86,674	−0.001%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,579	−0.111%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0092%	1h	86,651.2	−0.028%	$18.0M	$20.0M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,596	−0.091%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,595	−0.093%	$844.7M	$709.3M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,628.4	−0.054%	$361K	$2.5M	50x	as long as short
Deribit BTC-PERPETUALlong	0.0000%	1h	86,675.2	long leg	$938.9M	$1.43B	50x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,661.7	−0.016%	$36.7M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	86,587.8	−0.101%	$505.6M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,601	−0.086%	$6.7M	$144.0M	40x	as long as short
BingX BTC-USDT	+0.0021%	8h	86,603.3	−0.083%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,637	−0.044%	$149.1M	$470.1M	150x	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,597.8	−0.089%	$2.94B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0048%	8h	86,599.5	−0.087%	$5.19B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,635.8	−0.045%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0048%	8h	86,599.9	−0.087%	$9.43B	$24.30B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.066%	$315K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0061%	8h	86,608.9	−0.076%	$2.57B	$12.69B	100x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,620.7	−0.063%	$9.2M	$42.1M	25x	as long as short
Gate BTC_USDT	+0.0066%	8h	86,606.9	−0.079%	$5.86B	$10.58B	200x	as long as short
Bybit BTCUSDT	+0.0079%	8h	86,604.8	−0.081%	$5.28B	$9.65B	150x	as long as short
Variational Omni BTC	+0.0088%	8h	86,626.8	−0.056%	$159.8M	$564.2M	—	as long as short
Lighter BTC	+0.0096%	1h	86,617.3	−0.067%	$171.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,623.7	−0.059%	$24.0M	$152.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,603	−0.083%	$8.5M	$52.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0097%	8h	86,590	−0.098%	$217.4M	$189.0M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0099%	8h	86,655.1	−0.023%	$2.5M	$8.5M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,648.1	−0.031%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,595	−0.092%	$200K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,599.5	−0.087%	$21.8M	$236.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,678.8	+0.004%	$3.83B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,638.6	−0.042%	$40.9M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,609	−0.076%	$3.9M	$18.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,678.6	+0.004%	$7.4M	$94.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,665	−0.012%	$572.2M	$23.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,637.4	−0.044%	$38.2M	$148.1M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,590.7	−0.097%	$279.7M	$948.0M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,636.4	−0.045%	$141.8M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,613.9	−0.071%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,670.5	−0.005%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,609	−0.076%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,607.3	−0.078%	$198K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,663.2	−0.014%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,642.6	−0.038%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,630.5	−0.052%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,634	−0.047%	$60.5M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,631.4	−0.050%	$2.30B	$955.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,592.1	−0.096%	$46.5M	$229.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,652.1	−0.027%	—	$98.4M	500x	as long as short
Kalshi KXBTCPERP	+0.0109%	8h	86,664	−0.013%	$8.8M	$723.2M	6.4x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,675.8	+0.001%	$192.0M	$927.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,683	+0.009%	$132.0M	$5.89B	50x	as long as short
BloFin BTC-USDT	+0.0168%	8h	86,592.1	−0.096%	$418.0M	$642.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0198%	1h	86,654.6	−0.024%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	86,618.9	−0.065%	$601K	$7.2M	30x	as long as short