Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0094%/8h= +10.3% APRpaid last 24h +0.027%

Price spread now: Bybit against gTrade (Gains Network)−0.041%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$190.190% of the position

Long on gTrade (Gains Network)Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.069%+$7 on $10k

Price spread, last 3 days (all we have)+0.016%+$2 · spread now −0.041%, 7d avg −0.014%

Together, before fees+0.086%+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.028% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.041% now, against its 7-day average of −0.014%). If the spread goes back, that is −$3 on $10k: about 23 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) BTC/USD	86,591.8	L +0.0005% / S −0.0005%	pay 0.0001% / 1h	2m 56s	$36.9M	—	200x
Short	Bybit BTCUSDT	86,556	0.0099	get 0.0099% / 8h	2m 56s	$5.27B	$9.79B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BybitbpOrdersPrice spread, now −0.041%Rate

Funding earned: $19.84
Price spread: −0.041% → −0.014%: −$2.77
Slippage, 4 orders: −$1.05
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$1.98
Costs to cover: 0.190%
Break-even: 7.7 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 1 min ago; Bybit: live order book, 6 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 gTrade (Gains Network) virtual book (oracle venue), 1 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$447	6.4 bp −$3,184
Sell Bybit live order book, 6 min ago	0.01 bp	5.5 bp −$6	5.6 bp −$56	6.5 bp −$655	7.5 bp −$3,735

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	−0.0118%	1h	86,570	−0.025%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,570	−0.025%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,605	+0.015%	$333K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,586.3	−0.006%	$8.3M	$42.7M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,585.4	−0.007%	$360K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,591.8	0.000%	$412K	$22.4M	6.7x	as long as short
gTrade (Gains Network) BTC/USDlong	L +0.0005% / S −0.0005%	1h	86,591.8	long leg	$36.9M	—	200x
Aster BTCUSDT	+0.0012%	8h	86,560.4	−0.036%	$502.1M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0025%	8h	86,565.2	−0.031%	$834.9M	$728.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0038%	1h	86,581.9	−0.011%	$6.7M	$145.6M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0044%	8h	86,540.9	−0.059%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0054%	8h	86,564.6	−0.031%	$151.9M	$478.8M	150x	as long as short
Bitget BTCUSDT	+0.0057%	8h	86,551.5	−0.047%	$2.97B	$5.12B	150x	as long as short
dYdX BTC-USD	+0.0063%	1h	86,559.6	−0.037%	$17.0M	$21.2M	50x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,564.8	−0.031%	$2.5M	$1.4M	20x	as long as short
MEXC BTC_USDT	+0.0075%	8h	86,551.1	−0.047%	$5.15B	$5.70B	500x	as long as short
Binance BTCUSDT	+0.0075%	8h	86,550.2	−0.048%	$9.45B	$24.54B	150x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,557.7	−0.039%	$5.85B	$10.82B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,568.6	−0.027%	$169.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,573.8	−0.021%	$23.8M	$153.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,574	−0.021%	$8.5M	$52.3M	100x	as long as short
Bybit BTCUSDTshort	+0.0099%	8h	86,556	−0.041%	$5.27B	$9.79B	150x
Katana Perps BTC-USD	+0.0100%	8h	86,556	−0.041%	$196K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,618.6	+0.031%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,577.3	−0.017%	$21.8M	$233.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,630	+0.044%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,605.3	+0.016%	$41.1M	$538.1M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,568.6	−0.027%	$2.55B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,584	−0.009%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,609.1	+0.020%	$7.2M	$96.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,557.9	−0.039%	$38.0M	$155.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,474	−0.136%	$157.6M	$567.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,494.6	−0.112%	$279.4M	$947.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,495.7	−0.111%	$217.1M	$171.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,506.3	−0.099%	$141.8M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,554.7	−0.043%	$30.7M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,619.2	+0.032%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,580	−0.014%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,580.1	−0.014%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,569.1	−0.026%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,609.1	+0.020%	$141K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,604.4	+0.015%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,567.1	−0.029%	$3.4M	$5.3M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,567	−0.029%	$60.5M	$338.0M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,559	−0.038%	$2.30B	$968.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,452.9	−0.160%	$572.2M	$12.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,533.7	−0.067%	$45.8M	$225.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,591.8	0.000%	—	$100.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,585.8	−0.007%	$193.6M	$953.0M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,601.8	+0.012%	$132.2M	$5.64B	50x	as long as short
Aftermath Perps BTCUSD	+0.0161%	1h	86,537.6	−0.063%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,594	+0.003%	$717K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0195%	8h	86,572.2	−0.023%	$415.4M	$659.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0225%	1h	86,580.4	−0.013%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	86,604	+0.014%	$10.3M	$754.9M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0249%	1h	86,613.2	+0.025%	$912.9M	$1.49B	50x	as long as short