Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.017%

Price spread now: Binance against Derive−0.021%7-day average +0.002% · you buy dearer than you sell

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

Long on Derive Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.034%+$3 on $10k

Price spread, last 3 days (all we have)+0.082%+$8 · spread now −0.021%, 7d avg +0.002%

Together, before fees+0.116%+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Binance is 0.023% cheaper against Derive than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	86,454	0.0100	pay 0.0013% / 1h	58m 19s	$30.6M	$62.2M	15x
Short	Binance BTCUSDT	86,435.6	0.0068	get 0.0068% / 8h	58m 19s	$9.42B	$24.50B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Derive. 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 DerivebpFee BinancebpOrdersPrice spread, now −0.021%Rate

Funding earned: −$6.73
Price spread: −0.021% → +0.002%: −$2.35
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Binance: 5 bp × 2 orders: −$10
Net: −$25.08
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Binance: live order book, 16 min ago. 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 Derive no order-book sample	—	—	—	—	—
Sell Binance live order book, 16 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$501	5.9 bp −$2,951

Derive: 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
Phoenix BTC	−0.0159%	1h	86,352	−0.118%	$2.2M	$11.7M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,416	−0.044%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,424	−0.035%	$332K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,447.7	−0.007%	$8.4M	$42.8M	25x	as long as short
Aster BTCUSDT	−0.0007%	8h	86,439.1	−0.017%	$503.3M	$1.15B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,461.2	+0.008%	$357K	$2.5M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,444.8	−0.011%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0008%	8h	86,439.9	−0.016%	$849.6M	$713.6M	125x	as long as short
Deribit BTC-PERPETUAL	+0.0022%	1h	86,450.9	−0.004%	$916.9M	$1.49B	50x	as long as short
Reya BTCRUSDPERP	+0.0024%	1h	86,439.8	−0.016%	$6.7M	$145.1M	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	+0.0038%	8h	86,420.8	−0.038%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,400.4	−0.062%	$149.7M	$477.6M	150x	as long as short
Bitget BTCUSDT	+0.0050%	8h	86,418.4	−0.041%	$2.95B	$5.11B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,409.7	−0.051%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0067%	8h	86,435.6	−0.021%	$5.12B	$5.61B	500x	as long as short
Binance BTCUSDTshort	+0.0068%	8h	86,435.6	−0.021%	$9.42B	$24.50B	150x
Aftermath Perps BTCUSD	+0.0079%	1h	86,412.1	−0.048%	$79K	$220K	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,442.2	−0.014%	$5.84B	$10.68B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,435.7	−0.021%	$170.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,442.8	−0.013%	$24.0M	$151.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,450	−0.005%	$8.5M	$52.4M	100x	as long as short
dYdX BTC-USD	+0.0098%	1h	86,400.8	−0.062%	$17.0M	$21.1M	50x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,426.2	−0.032%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,425	−0.034%	$203K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,483.4	+0.034%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,420	−0.039%	$21.8M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,519	+0.075%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,461.9	+0.009%	$41.1M	$521.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,430.1	−0.028%	$2.54B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,446	−0.009%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,476	+0.025%	$7.6M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,382.9	−0.082%	$571.1M	$18.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,413	−0.047%	$37.8M	$154.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,337.9	−0.134%	$155.6M	$568.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,361.4	−0.107%	$279.1M	$946.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,348.3	−0.122%	$216.7M	$173.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,372.8	−0.094%	$141.2M	$323.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,396.8	−0.066%	$30.7M	$204.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,484.2	+0.035%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,448	−0.007%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,429	−0.029%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,428.5	−0.030%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,453.1	−0.001%	$140K	$663K	40x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	86,454	long leg	$30.6M	$62.2M	15x
SunX BTC-USDT	+0.0100%	8h	86,419.1	−0.040%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,414	−0.046%	$60.4M	$337.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,388.2	−0.076%	$2.29B	$969.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,396.7	−0.066%	$45.4M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,460.7	+0.008%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,438.8	−0.018%	$192.1M	$947.6M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,453.9	0.000%	$418K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,452.9	−0.001%	$132.1M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,437.8	−0.019%	$718K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0188%	8h	86,418.8	−0.041%	$414.8M	$654.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0189% / S −0.0213%	1h	86,438.9	−0.018%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0200%	8h	86,439	−0.017%	$9.7M	$737.4M	6.4x	as long as short