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% APRpaid last 24h +0.024%

Price spread now: Derive against Gate+0.032%7-day average +0.002% · you sell dearer than you buy

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

Long on Gate Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.007%+$1 on $10k

Price spread, last 3 days (all we have)−0.078%−$8 · spread now +0.032%, 7d avg +0.002%

Together, before fees−0.071%−$7 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: Derive is 0.030% dearer against Gate than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate BTC_USDT	86,283.2	0.0100	pay 0.0100% / 8h	7h 21m	$5.78B	$10.56B	200x
Short	Derive BTC-PERP	86,310.7	0.0100	get 0.0013% / 1h	21m 13s	$30.3M	$57.5M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Gate. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DerivebpOrdersPrice spread, now +0.032%Rate

Funding earned: $0
Price spread: +0.032% → +0.002%: $2.96
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Derive: 3 bp × 2 orders: −$6
Net: −$18.04
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 3 min ago; Derive: no order-book sample. 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 Gate live order book, 3 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	7.6 bp −$764	15.8 bp −$7,917
Sell Derive no order-book sample	—	—	—	—	—

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	−0.0161%	1h	86,307	+0.028%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,359	+0.088%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,322	+0.045%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,278.8	−0.005%	$364K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,315.4	+0.037%	$481K	$21.4M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,297.6	+0.017%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	+0.087%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0024%	1h	86,339.8	+0.066%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0030%	8h	86,274.3	−0.010%	$500.3M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0042%	8h	86,290	+0.008%	$831.1M	$717.9M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0047%	1h	86,270.5	−0.015%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0050%	8h	86,269.9	−0.015%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,288.1	+0.006%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0064%	8h	86,286.8	+0.004%	$2.98B	$5.04B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,286.5	+0.004%	$2.5M	$1.8M	20x	as long as short
SoDEX BTC-USD	+0.0082%	1h	86,285	+0.002%	$60.3M	$338.2M	40x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,281.5	−0.002%	$5.13B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0083%	8h	86,276.1	−0.008%	$9.40B	$24.27B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,306.9	+0.027%	$170.5M	$987.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,296.2	+0.015%	$23.7M	$150.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,267	−0.019%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,250	−0.039%	$196K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,327.4	+0.051%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,310.5	+0.032%	$22.1M	$227.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,351	+0.079%	$3.79B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,328	+0.052%	$41.1M	$552.2M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,286.2	+0.003%	$5.25B	$9.66B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,289.3	+0.007%	$2.56B	$12.45B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,261	−0.026%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,305.8	+0.026%	$7.2M	$94.9M	40x	as long as short
Gate BTC_USDTlong	+0.0100%	8h	86,283.2	long leg	$5.78B	$10.56B	200x
Backpack BTC_USDC_PERP	+0.0100%	1h	86,269.1	−0.016%	$37.2M	$158.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,271.9	−0.013%	$157.9M	$558.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,378.6	+0.111%	$279.0M	$949.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,434.6	+0.175%	$217.1M	$165.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,403.6	+0.140%	$141.5M	$321.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,336.6	+0.062%	$30.7M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,328.2	+0.052%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,274	−0.011%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,278	−0.006%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,280.9	−0.003%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	86,310.7	+0.032%	$30.3M	$57.5M	15x
SunX BTC-USDT	+0.0100%	8h	86,256.6	−0.031%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,270.1	−0.015%	$2.29B	$958.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,290.4	+0.008%	$155.0M	$473.4M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,411.1	+0.148%	$576.0M	$32.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,272.6	−0.012%	$46.1M	$222.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,323.6	+0.047%	—	$98.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,337.7	+0.063%	$132.4M	$5.34B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,326	+0.050%	$192.4M	$944.4M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0155%	1h	86,337.9	+0.063%	$902.2M	$1.51B	50x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,341.8	+0.068%	$709K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0170%	1h	86,399.2	+0.134%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,280.1	−0.004%	$415.0M	$641.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0206% / S −0.0221%	1h	86,292.4	+0.011%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,319	+0.041%	$10.6M	$765.4M	6.4x	as long as short