Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0090%/8h= +9.9% APRpaid last 24h −0.037%

Price spread now: BloFin against Jupiter Perps−0.037%52s7-day average −0.013% · you buy dearer than you sell

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

Long on Jupiter Perps Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.097%−$10 on $10k

Price spread, last 3 days (all we have)+0.015%+$2 · spread now −0.037%, 7d avg −0.013%

Together, before fees−0.082%−$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.024% cheaper against Jupiter Perps than usual: you would sell low and buy high (spread −0.037% now, against its 7-day average of −0.013%). If the spread goes back, that is −$2 on $10k: about 21 hours of funding at the current rate (+$3 a day). Mind the row above: over the last 3 days funding on this pair cost −0.097%, so the current rate has only just turned in your favour. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Jupiter Perps WBTC-PERP	86,555	L +0.0104% / S +0.0048%	pay 0.0013% / 1h	5m 46s	—	$100.0M	500x
Short	BloFin BTC-USDT	86,523.4	0.0194	get 0.0194% / 8h	5m 46s	$415.5M	$659.2M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Jupiter Perps. 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 Jupiter PerpsbpFee BloFinbpOrdersPrice spread, now −0.037%Rate

Funding earned: $18.93
Price spread: −0.037% → −0.013%: −$2.36
Slippage, 4 orders: no order book: not counted
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$7.43
Costs to cover: 0.240%
Break-even: 9.7 days

Slippage unknown: Jupiter Perps: no order-book sample; BloFin: live order book, 3 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 Jupiter Perps no order-book sample	—	—	—	—	—
Sell BloFin live order book, 3 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	6.3 bp −$627	7.6 bp −$3,813

Jupiter Perps: 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	−0.0118%	1h	86,444	−0.128%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,523	−0.037%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.243%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,527.1	−0.032%	$8.3M	$42.7M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,526.2	−0.033%	$360K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,528.3	−0.031%	$412K	$22.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,511.2	−0.051%	$36.8M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	86,514.6	−0.047%	$501.8M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0023%	8h	86,510.1	−0.052%	$834.4M	$728.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0037%	1h	86,494.8	−0.070%	$6.7M	$145.5M	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-USDT	+0.0044%	8h	86,508.1	−0.054%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0056%	8h	86,503.6	−0.059%	$151.5M	$478.8M	150x	as long as short
Bitget BTCUSDT	+0.0056%	8h	86,504.7	−0.058%	$2.97B	$5.12B	150x	as long as short
dYdX BTC-USD	+0.0063%	1h	86,506.6	−0.056%	$16.9M	$21.2M	50x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,482.4	−0.084%	$2.5M	$1.4M	20x	as long as short
MEXC BTC_USDT	+0.0074%	8h	86,507.6	−0.055%	$5.16B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0075%	8h	86,506.9	−0.056%	$9.44B	$24.54B	150x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,506.8	−0.056%	$5.85B	$10.81B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,510.5	−0.051%	$169.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,517.1	−0.044%	$23.8M	$153.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,513	−0.049%	$8.5M	$52.3M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,507.6	−0.055%	$5.27B	$9.79B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,501	−0.062%	$195K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,558.3	+0.004%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,541.7	−0.015%	$21.7M	$233.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,583	+0.032%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,552.5	−0.003%	$41.1M	$538.1M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,513.4	−0.048%	$2.55B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,540	−0.017%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,552.1	−0.003%	$7.3M	$96.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,499.4	−0.064%	$38.0M	$156.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,474	−0.094%	$157.6M	$567.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,442.3	−0.130%	$279.2M	$947.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,461.1	−0.109%	$217.1M	$172.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,464.5	−0.105%	$141.5M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,481.4	−0.085%	$30.7M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,561.5	+0.008%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,517	−0.044%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,489	−0.076%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,492.6	−0.072%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,527	−0.032%	$141K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,521.9	−0.038%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,482.5	−0.084%	$3.4M	$5.3M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,494	−0.070%	$60.5M	$338.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,492.4	−0.072%	$2.30B	$968.3M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,452.9	−0.118%	$572.2M	$12.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,496	−0.068%	$45.8M	$225.4M	50x	as long as short
Jupiter Perps WBTC-PERPlong	L +0.0104% / S +0.0048%	1h	86,555	long leg	—	$100.0M	500x
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,534	−0.024%	$193.0M	$953.1M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,545.4	−0.011%	$132.1M	$5.64B	50x	as long as short
Aftermath Perps BTCUSD	+0.0162%	1h	86,506.1	−0.057%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,525.2	−0.034%	$717K	$8.1M	30x	as long as short
BloFin BTC-USDTshort	+0.0194%	8h	86,523.4	−0.037%	$415.5M	$659.2M	150x
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0224%	1h	86,505.4	−0.057%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,546	−0.010%	$10.2M	$753.6M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0268%	1h	86,550	−0.006%	$913.1M	$1.49B	50x	as long as short