Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.013%

Price spread now: Hyperliquid against Derive+0.116%7-day average +0.078% · you sell dearer than you buy

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

Long on Derive Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.103%+$10 on $10k

Price spread, last 3 days (all we have)+0.009%+$1 · spread now +0.116%, 7d avg +0.078%

Together, before fees+0.112%+ Points / potential airdropHyperliquid: Season 2 · farm board+$11 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: Hyperliquid is 0.037% dearer against Derive than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.078%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	86,655.8	0.0100	pay 0.0013% / 1h	41m 14s	$30.0M	$61.6M	15x
Short	Hyperliquid BTC	86,756	0.0100	get 0.0013% / 1h	41m 14s	$3.82B	$5.10B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.116%Rate

Funding earned: $0
Price spread: +0.116% → +0.078%: $3.74
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$11.26
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Hyperliquid: live order book, 13 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 Hyperliquid live order book, 13 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	5.0 bp −$495	doesn't fit

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	−0.1024%	1h	86,680.9	+0.029%	$141K	$618K	40x	as long as short
Aftermath Perps BTCUSD	−0.0170%	1h	86,630.8	−0.029%	$79K	$199K	20x	as long as short
Phoenix BTC	−0.0159%	1h	86,603	−0.061%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,702	+0.053%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0013%	1h	86,734	+0.090%	$17.5M	$20.3M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,702.7	+0.054%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0006%	8h	86,679.1	+0.027%	$506.0M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,703.6	+0.055%	$419K	$24.0M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,699.6	+0.051%	$925.8M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	86,652.1	−0.004%	$852.1M	$707.7M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,697.6	+0.048%	$36.9M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,703.7	+0.055%	$8.6M	$43.2M	25x	as long as short
Phemex BTCUSDT	+0.0021%	8h	86,666.5	+0.012%	$150.0M	$473.4M	150x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,668.8	+0.015%	$6.7M	$144.8M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	−0.112%	$315K	$26.8M	52x	as long as short
Hibachi BTC/USDT-P	+0.0024%	1h	86,651.1	−0.006%	$732K	$8.1M	30x	as long as short
BingX BTC-USDT	+0.0032%	8h	86,677.7	+0.025%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0041%	8h	86,662.6	+0.008%	$2.96B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,663.6	+0.009%	$5.19B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,665.8	+0.012%	$9.43B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,650.6	−0.006%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,678.1	+0.026%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,665.3	+0.011%	$5.28B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,677.8	+0.025%	$172.1M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,689.1	+0.038%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,681	+0.029%	$8.5M	$52.1M	100x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,717.2	+0.071%	$21.9M	$233.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,687	+0.036%	$206K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,745	+0.103%	$4.8M	$8.3M	50x	as long as short
Hyperliquid BTCshort	+0.0100%	1h	86,756	+0.116%	$3.82B	$5.10B	40x
Pacifica BTC	+0.0100%	1h	86,739.1	+0.096%	$40.9M	$504.7M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,670.9	+0.017%	$2.55B	$12.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,714	+0.067%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,776	+0.139%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.054%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,693.6	+0.044%	$38.4M	$153.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,560.2	−0.110%	$156.7M	$569.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,606.7	−0.057%	$279.8M	$943.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,610.1	−0.053%	$217.3M	$177.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,623.7	−0.037%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,664	+0.009%	$30.7M	$203.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,729	+0.084%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,682	+0.030%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,682.6	+0.031%	$195K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,663.6	+0.009%	$2.5M	$8.6M	100x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	86,655.8	long leg	$30.0M	$61.6M	15x
SunX BTC-USDT	+0.0100%	8h	86,689	+0.038%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,666	+0.012%	$60.6M	$336.9M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,663.2	+0.008%	$2.30B	$963.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,646.5	−0.011%	$46.3M	$225.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,725.4	+0.080%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,707.3	+0.059%	$131.8M	$5.73B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,698.4	+0.049%	$191.8M	$936.9M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,692	+0.042%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0181%	8h	86,665.7	+0.011%	$415.5M	$652.4M	150x	as long as short
Kalshi KXBTCPERP	+0.0193%	8h	86,719	+0.073%	$9.5M	$727.1M	6.4x	as long as short