Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.012%

Price spread now: Bybit against Derive+0.031%7-day average 0.000% · you sell dearer than you buy

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

Long on Derive Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.016%+$2 on $10k

Price spread, last 4 days (all we have)+0.024%+$2 · spread now +0.031%, 7d avg 0.000%

Together, before fees+0.040%+$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.031% dearer against Derive than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of 0.000%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	85,532.8	0.0100	pay 0.0013% / 1h	32m 52s	$30.0M	$50.1M	15x
Short	Bybit BTCUSDT	85,559.4	0.0100	get 0.0100% / 8h	3h 32m	$5.19B	$9.84B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.031%Rate

Funding earned: $0
Price spread: +0.031% → 0.000%: $3.07
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$13.93
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Bybit: live order book, 1 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 Bybit live order book, 1 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.7 bp −$565	7.4 bp −$3,719

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	−0.0140%	1h	85,514	−0.022%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,542	+0.011%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0041%	8h	85,538.7	+0.007%	$918.9M	$756.7M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,545.5	+0.015%	$419.4M	$674.9M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,524.5	−0.010%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	+0.0004%	8h	85,540.6	+0.009%	$515.1M	$1.10B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,550.4	+0.021%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0006%	1h	85,499.7	−0.039%	$24.7M	$222.8M	50x	as long as short
dYdX BTC-USD	+0.0010%	1h	85,527.6	−0.006%	$16.8M	$21.2M	50x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,525	−0.009%	$339K	$26.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0065%	8h	85,559.4	+0.031%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0067%	8h	85,544.5	+0.014%	$148.1M	$493.9M	150x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,551.3	+0.022%	$2.95B	$5.12B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0084%	1h	85,588.1	+0.065%	$884.5M	$1.59B	50x	as long as short
SoDEX BTC-USD	+0.0091%	1h	85,545	+0.014%	$59.9M	$336.0M	40x	as long as short
ApeX Omni BTCUSDT	+0.0095%	1h	85,536.5	+0.004%	$139.9M	$315.7M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,563.2	+0.036%	$171.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,564.8	+0.037%	$24.0M	$148.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,520	−0.015%	$8.4M	$55.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,541.4	+0.010%	$2.5M	$1.7M	20x	as long as short
Reya BTCRUSDPERP	+0.0097%	1h	85,519.1	−0.016%	$6.6M	$147.0M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,490	−0.050%	$200K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,557.4	+0.029%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,636	+0.121%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,535.3	+0.003%	$40.3M	$584.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,565.8	+0.039%	$9.42B	$24.34B	150x	as long as short
Bybit BTCUSDTshort	+0.0100%	8h	85,559.4	+0.031%	$5.19B	$9.84B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,567.9	+0.041%	$2.59B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,500	−0.038%	$3.8M	$17.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,515.9	−0.020%	$4.6M	$99.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,517.4	−0.018%	$680.3M	$725.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,560.3	+0.032%	$5.54B	$10.79B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,550.4	+0.021%	$5.07B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,542.4	+0.011%	$36.2M	$179.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,486	−0.055%	$153.7M	$565.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,494.5	−0.045%	$279.3M	$927.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,530.2	−0.003%	$214.9M	$168.9M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,544.5	+0.014%	$30.2M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,574.9	+0.049%	—	$11.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,519	−0.016%	$11.0M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,529.8	−0.003%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,541.3	+0.010%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,583.8	+0.060%	$207K	$738K	40x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	85,532.8	long leg	$30.0M	$50.1M	15x
SunX BTC-USDT	+0.0100%	8h	85,518.7	−0.016%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,525	−0.009%	$2.26B	$947.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,524.5	−0.010%	$44.9M	$233.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,510.2	−0.026%	—	$107.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,589.2	+0.066%	$117.0M	$5.24B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,570.5	+0.044%	$187.7M	$954.8M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,553.7	+0.024%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0153%	1h	85,537.5	+0.005%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	85,550	+0.020%	$11.8M	$754.9M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,546.9	+0.016%	$697K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0253%	1h	85,555.4	+0.026%	$78K	$221K	20x	as long as short
Perpl BTC	+0.0335%	43m	85,506.5	−0.031%	$505K	$18.7M	6.7x	as long as short