Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.033%

Price spread now: edgeX against Derive−0.068%7-day average −0.018% · you buy dearer than you sell

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

Long on Derive Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.157%−$16 on $10k

Price spread, last 4 days (all we have)+0.300%+$30 · spread now −0.068%, 7d avg −0.018%

Together, before fees+0.143%+ Points / potential airdropedgeX: Active · farm board+$14 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: edgeX is 0.050% cheaper against Derive than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	85,801.2	0.0100	pay 0.0013% / 1h	15m 14s	$30.1M	$50.9M	15x
Short	edgeX BTCUSDC	85,742.6	0.0100	get 0.0050% / 4h	1h 15m	$280.1M	$921.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.068%Rate

Funding earned: $0
Price spread: −0.068% → −0.018%: −$5.04
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$20.04
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; edgeX: live order book, 4 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 edgeX live order book, 4 min ago	0.02 bp	4.5 bp −$5	4.5 bp −$45	4.7 bp −$472	5.8 bp −$2,881

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
Bluefin BTC-PERP	−0.0748%	1h	85,843	+0.049%	$196K	$721K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,753	−0.056%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,815	+0.016%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,789.3	−0.014%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,799	−0.003%	$418.5M	$665.8M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,797.8	−0.004%	$16.8M	$21.2M	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	85,789.9	−0.013%	$918.9M	$751.3M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,809.1	+0.009%	$36.7M	—	200x	as long as short
Nado BTC-PERP	+0.0010%	1h	85,787.6	−0.016%	$22.7M	$219.6M	50x	as long as short
Aster BTCUSDT	+0.0020%	8h	85,795.6	−0.006%	$517.0M	$1.10B	200x	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	+0.0056%	8h	85,781.6	−0.023%	—	$1.53B	—	as long as short
Bitget BTCUSDT	+0.0071%	8h	85,781	−0.024%	$2.96B	$5.02B	150x	as long as short
Reya BTCRUSDPERP	+0.0072%	1h	85,782.3	−0.022%	$6.7M	$146.5M	40x	as long as short
Phemex BTCUSDT	+0.0076%	8h	85,802.1	+0.001%	$148.9M	$479.8M	150x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	+0.007%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,794.6	−0.008%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,799.8	−0.002%	$5.05B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,800.9	0.000%	$9.36B	$23.87B	150x	as long as short
HTX BTC-USDT	+0.0089%	8h	85,793.8	−0.009%	$2.27B	$936.1M	200x	as long as short
Lighter BTC	+0.0096%	1h	85,809.4	+0.010%	$170.3M	$995.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,814	+0.015%	$24.0M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,788	−0.015%	$8.4M	$52.2M	100x	as long as short
SoDEX BTC-USD	+0.0097%	1h	85,800	−0.001%	$60.1M	$336.1M	40x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,815.4	+0.017%	$3.8M	$8.2M	50x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,787.6	−0.016%	$2.9M	$6.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,758	−0.050%	$198K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,885	+0.098%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,808.4	+0.008%	$40.2M	$577.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,808.2	+0.008%	$5.34B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,798.3	−0.003%	$2.58B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,770	−0.036%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,755.2	−0.054%	$6.8M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,800.4	−0.001%	$5.56B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,787.8	−0.016%	$35.2M	$172.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,806.6	+0.006%	$157.6M	$550.1M	—	as long as short
edgeX BTCUSDCshort	+0.0100%	4h	85,742.6	−0.068%	$280.1M	$921.7M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	85,770.9	−0.035%	$215.4M	$166.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,773.2	−0.033%	$140.4M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,781	−0.023%	$30.3M	$209.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,839.2	+0.044%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,787	−0.017%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,805	+0.004%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,790.6	−0.012%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	85,801.2	long leg	$30.1M	$50.9M	15x
Bulk BTC-USD	+0.0100%	1h	85,681.9	−0.139%	$628.9M	$439.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,777.2	−0.028%	$44.2M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,814.5	+0.016%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,835.8	+0.040%	$128.8M	$5.10B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,811.9	+0.013%	$8.4M	$42.2M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0126%	1h	85,845.6	+0.052%	$891.5M	$1.53B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,833.6	+0.038%	$189.2M	$952.1M	100x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,832.7	+0.037%	$703K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0200%	1h	85,785.9	−0.018%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,806.5	+0.006%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,820	+0.022%	$10.7M	$758.2M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,825	+0.028%	$509K	$19.3M	6.7x	as long as short