Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0016%/8h= −1.7% APRpaid last 24h −0.003%

Price spread now: Bybit against Jupiter Perps−0.021%7-day average −0.012% · you buy dearer than you sell

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

Long on Jupiter Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.022%−$2 on $10k

Price spread, last 3 days (all we have)+0.027%+$3 · spread now −0.021%, 7d avg −0.012%

Together, before fees+0.005%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.012%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Jupiter Perps WBTC-PERP	86,558.1	L +0.0104% / S +0.0048%	pay 0.0013% / 1h	51m 30s	—	$99.1M	500x
Short	Bybit BTCUSDT	86,539.9	0.0088	get 0.0088% / 8h	1h 51m	$5.27B	$9.73B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Jupiter Perps. 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 Jupiter PerpsbpFee BybitbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$3.33
Price spread: −0.021% → −0.012%: −$0.86
Slippage, 4 orders: no order book: not counted
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$27.19
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: Jupiter Perps: no order-book sample; Bybit: 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 Bybit live order book, 3 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.9 bp −$588	7.5 bp −$3,761

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
Aftermath Perps BTCUSD	−0.0203%	1h	86,603.6	+0.053%	$79K	$199K	20x	as long as short
Phoenix BTC	−0.0159%	1h	86,601	+0.050%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,531	−0.031%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0028%	1h	86,590.3	+0.037%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,552.8	−0.006%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0006%	8h	86,526.6	−0.036%	$505.2M	$1.16B	200x	as long as short
Perpl BTC	0.0000%	43m	86,551.9	−0.007%	$421K	$24.2M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,565.7	+0.009%	$925.9M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,516.7	−0.048%	$850.4M	$709.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,560.9	+0.003%	$36.8M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0006%	1h	86,539.3	−0.022%	$8.5M	$43.2M	25x	as long as short
Hibachi BTC/USDT-P	+0.0016%	1h	86,585.3	+0.031%	$731K	$8.1M	30x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,523.2	−0.040%	$6.7M	$144.7M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,587	+0.033%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0028%	8h	86,552.4	−0.007%	$149.7M	$473.4M	150x	as long as short
BingX BTC-USDC	+0.0030%	8h	86,526.2	−0.037%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0038%	8h	86,530.8	−0.032%	$2.95B	$5.09B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,532.4	−0.030%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,526.4	−0.037%	$5.19B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,533.8	−0.028%	$9.42B	$24.38B	150x	as long as short
SoDEX BTC-USD	+0.0063%	1h	86,528	−0.035%	$60.5M	$336.7M	40x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,523.1	−0.040%	$5.85B	$10.62B	200x	as long as short
Bybit BTCUSDTshort	+0.0088%	8h	86,539.9	−0.021%	$5.27B	$9.73B	150x
Lighter BTC	+0.0096%	1h	86,536.6	−0.025%	$172.0M	$997.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,552.4	−0.007%	$24.0M	$151.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,529	−0.034%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,516	−0.049%	$205K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,564.4	+0.007%	$4.7M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,533.1	−0.029%	$21.7M	$234.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,604	+0.053%	$3.81B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,570	+0.014%	$41.0M	$499.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,535.1	−0.027%	$2.55B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,519	−0.045%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,613.4	+0.064%	$7.4M	$94.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,527.4	−0.035%	$571.7M	$19.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,532.5	−0.030%	$38.2M	$153.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,582.6	+0.028%	$156.4M	$568.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,579.9	+0.025%	$279.6M	$942.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,665.5	+0.124%	$217.4M	$182.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,588.3	+0.035%	$141.5M	$322.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,561.3	+0.004%	$30.7M	$202.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,587.4	+0.034%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,534	−0.028%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,535	−0.027%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,548.9	−0.011%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,556.1	−0.002%	$140K	$618K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,533.8	−0.028%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,547.8	−0.012%	$3.4M	$5.5M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,531.1	−0.031%	$2.30B	$959.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,515.7	−0.049%	$46.4M	$225.5M	50x	as long as short
Jupiter Perps WBTC-PERPlong	L +0.0104% / S +0.0048%	1h	86,558.1	long leg	—	$99.1M	500x
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,576	+0.021%	$131.6M	$5.78B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,562.3	+0.005%	$191.3M	$937.3M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,545.9	−0.014%	$416.7M	$655.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0210%	1h	86,554.7	−0.004%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0187%	8h	86,585	+0.031%	$9.5M	$726.7M	6.4x	as long as short