Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.007%

Price spread now: Polymarket Perps against Derive−0.031%7-day average +0.003% · you buy dearer than you sell

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

Long on Derive Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.093%+$9 on $10k

Price spread, last 3 days (all we have)+0.081%+$8 · spread now −0.031%, 7d avg +0.003%

Together, before fees+0.174%+$17 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: Polymarket Perps is 0.034% cheaper against Derive than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	86,459.1	0.0100	pay 0.0013% / 1h	41m 43s	$30.5M	$62.5M	15x
Short	Polymarket Perps BTC-USD	86,432	0.0100	get 0.0013% / 1h	41m 43s	$11.1M	$14.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.031%Rate

Funding earned: $0
Price spread: −0.031% → +0.003%: −$3.43
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$17.43
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Polymarket Perps: live order book, 2 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 Polymarket Perps live order book, 2 min ago	0.06 bp	4.1 bp −$4	4.8 bp −$48	7.7 bp −$766	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
Phoenix BTC	−0.0129%	1h	86,400	−0.068%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,430	−0.034%	$9K	$3K	50x	as long as short
Phemex BTCUSDT	−0.0043%	8h	86,427	−0.037%	$153.7M	$476.4M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,444.2	−0.017%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,446.3	−0.015%	$457K	$21.9M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,456.8	−0.003%	$903.6M	$1.51B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,450.6	−0.010%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0020%	1h	86,402.9	−0.065%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0021%	8h	86,390.7	−0.079%	$501.0M	$1.14B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.181%	$333K	$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
KuCoin XBTUSDTM	+0.0034%	8h	86,401.1	−0.067%	$831.1M	$723.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0043%	1h	86,429.4	−0.034%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0048%	8h	86,370.5	−0.103%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,444.7	−0.017%	$8.3M	$42.6M	25x	as long as short
Bitget BTCUSDT	+0.0062%	8h	86,366.7	−0.107%	$2.97B	$5.06B	150x	as long as short
MEXC BTC_USDT	+0.0078%	8h	86,378.2	−0.094%	$5.13B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0079%	8h	86,351.7	−0.124%	$9.40B	$24.39B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,410	−0.057%	$2.5M	$1.6M	20x	as long as short
Lighter BTC	+0.0096%	1h	86,366.2	−0.108%	$170.1M	$983.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,379.4	−0.092%	$23.7M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,429	−0.035%	$8.4M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,409	−0.058%	$202K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,465.3	+0.007%	$4.7M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,434.4	−0.029%	$22.0M	$230.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,440	−0.022%	$3.79B	$5.05B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,464.5	+0.006%	$40.8M	$546.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,351.1	−0.125%	$5.25B	$9.71B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,351.4	−0.125%	$2.56B	$12.55B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,445	−0.016%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,464.9	+0.007%	$7.2M	$95.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,385.6	−0.085%	$5.82B	$10.51B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,431	−0.033%	$37.4M	$156.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,385.8	−0.085%	$158.2M	$567.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,391.4	−0.078%	$279.0M	$951.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,413.6	−0.053%	$217.1M	$167.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,422.4	−0.042%	$141.5M	$322.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,413.4	−0.053%	$30.7M	$208.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,478.6	+0.023%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USDshort	+0.0100%	1h	86,432	−0.031%	$11.1M	$14.1M	50x
Bullet BTC-USD	+0.0100%	1h	86,434.2	−0.029%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,429.5	−0.034%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,465.8	+0.008%	$144K	$667K	40x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	86,459.1	long leg	$30.5M	$62.5M	15x
SunX BTC-USDT	+0.0100%	8h	86,441.1	−0.021%	$3.4M	$5.2M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,428	−0.036%	$60.4M	$338.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,425.1	−0.039%	$2.29B	$964.6M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,336.3	−0.142%	$571.6M	$13.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,361.9	−0.112%	$45.9M	$222.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,448.1	−0.013%	—	$99.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,466.9	+0.009%	$132.5M	$5.49B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,453	−0.007%	$192.3M	$944.8M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,498.6	+0.046%	$712K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0164%	1h	86,438.1	−0.024%	$78K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0199%	8h	86,461.6	+0.003%	$414.9M	$651.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0216%	1h	86,442.9	−0.019%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	86,458	−0.001%	$9.9M	$761.6M	6.4x	as long as short