Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC+0.0347%/8h= +37.9% APRpaid last 24h −0.050%

Price spread now: Perpl against Ondo Perps−0.003%7-day average +0.008% · you buy dearer than you sell

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

Long on Ondo Perps Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.263%+$26 on $10k

Price spread, last 7 days+0.311%+$31 · spread now −0.003%, 7d avg +0.008%

Together, before fees+0.574%+ Points / potential airdropOndo Perps: Active · Perpl: Active · farm board+$57 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.008%, so right now this pair is about funding alone: +$10 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps BTC-USD.P	85,635	0.0100	pay 0.0013% / 1h	41m 45s	$3.9M	$17.9M	25x
Short	Perpl BTC	85,632.2	0.0447	get 0.0040% / 43m	29m 45s	$524K	$19.5M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Ondo 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 Ondo PerpsbpFee PerplbpOrdersPrice spread, now −0.003%Rate

Funding earned: $72.77
Price spread: −0.003% → +0.008%: −$1.1
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $52.87
Costs to cover: 0.188%
Break-even: 1.9 days

Slippage unknown: Ondo Perps: no order-book sample; Perpl: 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Perpl no order-book sample	—	—	—	—	—

Ondo Perps and Perpl: 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	−0.0160%	1h	85,485	−0.175%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,574	−0.071%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,639.1	+0.005%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,602.1	−0.038%	$416.5M	$662.4M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,593.3	−0.049%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,656.4	+0.025%	$36.7M	—	200x	as long as short
Nado BTC-PERP	+0.0005%	1h	85,636.3	+0.001%	$22.8M	$221.6M	50x	as long as short
KuCoin XBTUSDTM	+0.0014%	8h	85,551.1	−0.098%	$906.7M	$749.7M	125x	as long as short
Aster BTCUSDT	+0.0021%	8h	85,590.5	−0.052%	$515.8M	$1.11B	200x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,561.7	−0.086%	—	$1.54B	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0066%	1h	85,637.8	+0.003%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,537	−0.114%	$2.95B	$5.02B	150x	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,653.9	+0.022%	$148.4M	$478.4M	150x	as long as short
HTX BTC-USDT	+0.0073%	8h	85,650.9	+0.019%	$2.27B	$932.8M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	−0.021%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,646.9	+0.014%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,570.5	−0.075%	$5.04B	$5.60B	500x	as long as short
SunX BTC-USDT	+0.0087%	8h	85,614.3	−0.024%	$2.9M	$6.1M	100x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,548.2	−0.101%	$9.32B	$23.91B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,548	−0.102%	$169.4M	$986.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,554.6	−0.094%	$23.9M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,638	+0.004%	$8.4M	$51.9M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,682.8	+0.056%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,609	−0.030%	$204K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,622.7	−0.014%	$3.77B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,579.6	−0.065%	$40.1M	$571.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,550	−0.099%	$5.33B	$9.59B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,549.9	−0.099%	$2.56B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.Plong	+0.0100%	1h	85,635	long leg	$3.9M	$17.9M	25x
Arcus BTC-USD	+0.0100%	1h	85,599.1	−0.042%	$7.3M	$97.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	−0.084%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,566.9	−0.080%	$5.55B	$10.46B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,634.3	−0.001%	$35.1M	$171.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,485	−0.175%	$154.0M	$550.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,511.8	−0.144%	$278.9M	$932.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,432.8	−0.236%	$214.5M	$161.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,578.6	−0.066%	$140.0M	$316.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,588.9	−0.054%	$30.3M	$211.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,683.9	+0.057%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,634	−0.001%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,646.1	+0.013%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,641.7	+0.008%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,685.3	+0.059%	$197K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,645.3	+0.012%	$30.0M	$52.5M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,660	+0.029%	$60.0M	$336.2M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0102%	1h	85,692.2	+0.067%	$893.3M	$1.52B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,549.5	−0.100%	$44.1M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,617.6	−0.020%	—	$106.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,693.9	+0.069%	$130.9M	$5.09B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,663	+0.033%	$8.3M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,683.5	+0.057%	$187.6M	$947.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0194%	1h	85,583.1	−0.061%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,583.5	−0.060%	$697K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,651.6	+0.019%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,664	+0.034%	$10.5M	$760.4M	6.4x	as long as short
Perpl BTCshort	+0.0447%	43m	85,632.2	−0.003%	$524K	$19.5M	6.7x