Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0042%/8h= +4.6% APRpaid last 24h +0.047%

Price spread now: Deribit against edgeX+0.091%7-day average +0.072% · you sell dearer than you buy

Net, funding: paid 7d − costs+$3as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$160.161% of the position

Long on edgeX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.195%+$19 on $10k

Price spread, last 3 days (all we have)−0.020%−$2 · spread now +0.091%, 7d avg +0.072%

Together, before fees+0.174%+ Points / potential airdropedgeX: Active · farm board+$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.072%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX BTCUSDC	85,632.3	0.0100	pay 0.0050% / 4h	2h 28m	$278.5M	$946.5M	100x
Short	Deribit BTC-PERPETUAL	85,710	0.0142	get 0.0018% / 1h	28m 54s	$894.4M	$1.53B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against edgeX. 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 edgeXbpFee DeribitbpOrdersPrice spread, now +0.091%Rate

Funding earned: $8.88
Price spread: +0.091% → +0.072%: $1.92
Slippage, 4 orders: −$0.09
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$5.29
Costs to cover: 0.161%
Break-even: 11.2 days

Slippage from edgeX: live order book, 5 min ago; Deribit: live order book, 5 min ago.

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 edgeX live order book, 5 min ago	0.02 bp	4.5 bp −$5	4.5 bp −$45	4.7 bp −$470	5.7 bp −$2,837
Sell Deribit live order book, 5 min ago	0.03 bp	3.5 bp −$4	4.3 bp −$43	7.5 bp −$746	14.9 bp −$7,451

BTC on 55 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	−0.0144%	1h	85,735	+0.120%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,689	+0.066%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,734.8	+0.120%	$364K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,755.5	+0.144%	$515K	$20.7M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	85,754	+0.142%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,689.6	+0.067%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	+0.069%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0034%	8h	85,676.4	+0.051%	$509.2M	$1.14B	200x	as long as short
KuCoin XBTUSDTM	+0.0034%	8h	85,680.1	+0.056%	$903.2M	$755.0M	125x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,755.2	+0.143%	$8.2M	$42.6M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0054%	8h	85,681.1	+0.057%	—	$15.4M	—	as long as short
ApeX Omni BTCUSDT	+0.0056%	1h	85,655.9	+0.028%	$140.1M	$319.3M	100x	as long as short
Reya BTCRUSDPERP	+0.0057%	1h	85,699.4	+0.078%	$6.7M	$146.2M	40x	as long as short
HTX BTC-USDT	+0.0058%	8h	85,656.9	+0.029%	$2.27B	$952.6M	200x	as long as short
Nado BTC-PERP	+0.0061%	1h	85,748.6	+0.136%	$22.7M	$228.3M	50x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,680.9	+0.057%	$2.94B	$5.11B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,692.5	+0.070%	$5.07B	$5.72B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,668.5	+0.042%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,697.8	+0.076%	$9.33B	$24.40B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,678.1	+0.053%	$170.0M	$988.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,686.4	+0.063%	$23.4M	$146.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,746	+0.133%	$8.4M	$52.0M	100x	as long as short
Gate BTC_USDT	+0.0098%	8h	85,692.5	+0.070%	$5.62B	$10.52B	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,707	+0.087%	$206K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,720.9	+0.103%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,742	+0.128%	$3.76B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,768.2	+0.159%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,713.8	+0.095%	$5.30B	$9.78B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,698.5	+0.077%	$2.54B	$12.41B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,749	+0.136%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,715.8	+0.097%	$7.3M	$98.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,663	+0.036%	$35.3M	$163.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,640.3	+0.009%	$156.2M	$559.1M	—	as long as short
edgeX BTCUSDClong	+0.0100%	4h	85,632.3	long leg	$278.5M	$946.5M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	85,580.1	−0.061%	$214.9M	$167.6M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,678.2	+0.054%	$30.3M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,769.9	+0.161%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,735	+0.120%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,696.2	+0.075%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,676.7	+0.052%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,711.6	+0.093%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,678.2	+0.054%	$30.0M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,658.5	+0.031%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,675	+0.050%	$60.0M	$337.5M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,670.3	+0.044%	$153.0M	$480.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,587.5	−0.052%	$583.6M	$150.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,666.5	+0.040%	$43.9M	$228.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,750.9	+0.139%	—	$101.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,704.9	+0.085%	$131.0M	$5.17B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,716.1	+0.098%	$698K	$7.9M	30x	as long as short
Deribit BTC-PERPETUALshort	+0.0142%	1h	85,710	+0.091%	$894.4M	$1.53B	50x
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,680.6	+0.056%	$188.7M	$965.0M	100x	as long as short
Aftermath Perps BTCUSD	+0.0164%	1h	85,680.1	+0.056%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0192%	1h	85,702.3	+0.082%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	85,741	+0.127%	$10.0M	$770.4M	6.4x	as long as short