Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0057%/8h= −6.2% APRpaid last 24h +0.045%

Price spread now: Deribit against Gate+0.018%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$230.229% of the position

Long on Gate Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.062%+$6 on $10k

Price spread, last 4 days (all we have)+0.015%+$2 · spread now +0.018%, 7d avg +0.052%

Together, before fees+0.077%+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Deribit is 0.035% cheaper against Gate than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.052%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.062%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate BTC_USDT	85,341	0.0100	pay 0.0100% / 8h	1h 43m	$5.50B	$10.98B	200x
Short	Deribit BTC-PERPETUAL	85,356	0.0043	get 0.0005% / 1h	43m 21s	$867.8M	$1.64B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Gate. 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 GatebpFee DeribitbpOrdersPrice spread, now +0.018%Rate

Funding earned: −$11.9
Price spread: +0.018% → +0.052%: −$3.47
Slippage, 4 orders: −$0.91
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$38.28
Costs to cover: 0.229%
Break-even: never at this rate

Slippage from Gate: live order book, 6 min ago; Deribit: 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 Gate live order book, 6 min ago	0.01 bp	8.3 bp −$8	8.8 bp −$88	9.4 bp −$940	12.7 bp −$6,358
Sell Deribit live order book, 6 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	6.0 bp −$604	13.9 bp −$6,931

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	−0.0082%	1h	85,262	−0.093%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,332	−0.011%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0048%	8h	85,321.4	−0.023%	$928.7M	$773.6M	125x	as long as short
BloFin BTC-USDT	−0.0027%	8h	85,312.1	−0.034%	$421.5M	$684.3M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,300	−0.048%	$512.6M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,322.4	−0.022%	$16.7M	$21.5M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,349.4	+0.010%	$354K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,305.1	−0.042%	$534K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,351	+0.012%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0040%	1h	85,315	−0.031%	$24.4M	$222.7M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0042%	1h	85,293.8	−0.055%	$139.5M	$314.4M	100x	as long as short
Deribit BTC-PERPETUALshort	+0.0043%	1h	85,356	+0.018%	$867.8M	$1.64B	50x
Injective BTC/USDC PERP	+0.0057%	1h	85,334	−0.008%	$339K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,338.6	−0.003%	—	$1.56B	—	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,322.9	−0.021%	$2.96B	$5.18B	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,327.6	−0.016%	$186.6M	$956.2M	100x	as long as short
MEXC BTC_USDT	+0.0092%	8h	85,329	−0.014%	$5.01B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0093%	8h	85,317.4	−0.028%	$9.43B	$24.99B	150x	as long as short
SoDEX BTC-USD	+0.0095%	1h	85,314	−0.032%	$59.7M	$336.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,332.7	−0.010%	$170.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,321.7	−0.023%	$23.6M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,338	−0.004%	$8.4M	$56.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,324	−0.020%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,305	−0.042%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,363.8	+0.027%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,411.4	+0.082%	$3.74B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,340.5	−0.001%	$39.9M	$602.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,305.8	−0.041%	$5.14B	$10.01B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,312.2	−0.034%	$2.59B	$12.28B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,329	−0.014%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,340.3	−0.001%	$4.6M	$99.2M	40x	as long as short
Gate BTC_USDTlong	+0.0100%	8h	85,341	long leg	$5.50B	$10.98B	200x
Backpack BTC_USDC_PERP	+0.0100%	1h	85,304.5	−0.043%	$36.7M	$178.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,207.4	−0.157%	$154.6M	$558.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,231.5	−0.128%	$279.3M	$953.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,259.3	−0.096%	$214.0M	$167.0M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,323	−0.021%	$30.1M	$204.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,386.6	+0.053%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,329	−0.014%	$11.0M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,343.9	+0.003%	$201K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,333.3	−0.009%	$2.6M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,373.9	+0.039%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,314.6	−0.031%	$29.9M	$47.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,307.9	−0.039%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,324.1	−0.020%	$2.26B	$970.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,326.7	−0.017%	$150.6M	$508.8M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,294.8	−0.054%	$682.6M	$475.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,306.8	−0.040%	$44.7M	$240.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,321.2	−0.023%	—	$107.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,356.9	+0.019%	$117.2M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0125%	1h	85,321.6	−0.023%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,347.2	+0.007%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0191%	8h	85,342	+0.001%	$11.8M	$743.0M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,363.5	+0.026%	$8.7M	$43.1M	25x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,327.4	−0.016%	$689K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0256%	1h	85,348.8	+0.009%	$79K	$229K	20x	as long as short