Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:57 UTC−0.0023%/8h= −2.5% APRpaid last 24h +0.011%

Price spread now: BloFin against Perpl+0.121%108s7-day average −0.018% · you sell dearer than you buy

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

Long on Perpl Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.305%−$31 on $10k

Price spread, last 4 days (all we have)−0.164%−$16 · spread now +0.121%, 7d avg −0.018%

Together, before fees−0.470%+ Points / potential airdropPerpl: Active · farm board−$47 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.139% dearer against Perpl than usual: you sell high and buy low (spread +0.121% now, against its 7-day average of −0.018%): +$14 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 20 days. At the pace of the last 7 days (−0.305% in total) that is about 3.2 days. The two prices were read 108 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	Perpl BTC	85,385	0	get 0.0000% / 43m	22m 22s	$528K	$18.3M	6.7x
Short	BloFin BTC-USDT	85,488.5	−0.0023	pay 0.0023% / 8h	1h 59m	$420.5M	$684.0M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Perpl. 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 PerplbpFee BloFinbpOrdersPrice spread, now +0.121%Rate

Funding earned: −$4.76
Price spread: +0.121% → −0.018%: $13.9
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$16.67
Costs to cover: 0.258%
Break-even: never at this rate

Slippage unknown: Perpl: no order-book sample; BloFin: live order book, 5 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 Perpl no order-book sample	—	—	—	—	—
Sell BloFin live order book, 5 min ago	0.01 bp	6.4 bp −$6	6.4 bp −$64	7.6 bp −$755	8.4 bp −$4,207

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	−0.0111%	1h	85,504	+0.139%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,395	+0.012%	$8K	$3K	50x	as long as short
Nado BTC-PERP	−0.0074%	1h	85,373.4	−0.014%	$24.5M	$222.8M	50x	as long as short
KuCoin XBTUSDTM	−0.0049%	8h	85,383	−0.002%	$927.5M	$772.1M	125x	as long as short
BloFin BTC-USDTshort	−0.0023%	8h	85,488.5	+0.121%	$420.5M	$684.0M	150x
01 Exchange BTCUSD	−0.0008%	1h	85,403.4	+0.022%	$353K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0008%	8h	85,370.1	−0.017%	$513.3M	$1.09B	200x	as long as short
Perpl BTClong	0.0000%	43m	85,385	long leg	$528K	$18.3M	6.7x
dYdX BTC-USD	+0.0002%	1h	85,391.8	+0.008%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,388	+0.004%	$36.5M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0027%	1h	85,420.4	+0.041%	$868.8M	$1.62B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,390.5	+0.006%	$188.1M	$955.5M	100x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,405	+0.023%	$339K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0070%	8h	85,356.4	−0.033%	—	$17.5M	—	as long as short
Bitget BTCUSDT	+0.0087%	8h	85,377.8	−0.008%	$2.95B	$5.18B	150x	as long as short
Phemex BTCUSDT	+0.0090%	8h	85,382.3	−0.003%	$148.9M	$507.3M	150x	as long as short
Lighter BTC	+0.0096%	1h	85,398.5	+0.016%	$170.7M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,398.6	+0.016%	$23.6M	$147.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,396	+0.013%	$8.3M	$55.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,371.1	−0.016%	$2.4M	$6.7M	20x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,419.9	+0.041%	$117.6M	$5.46B	50x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,382.3	−0.003%	$9.44B	$24.98B	150x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,385.6	+0.001%	$5.01B	$5.72B	500x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,369	−0.019%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,429.3	+0.052%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,457	+0.084%	$3.75B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,414.5	+0.035%	$40.1M	$602.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,380.1	−0.006%	$5.14B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,380.9	−0.005%	$2.59B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,405	+0.023%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,404.2	+0.022%	$4.6M	$98.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,381.5	−0.004%	$5.51B	$10.93B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,357	−0.033%	$36.6M	$179.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,449.7	+0.076%	$155.0M	$560.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,469	+0.098%	$280.0M	$954.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,473.2	+0.103%	$214.6M	$167.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,469.9	+0.099%	$139.7M	$314.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,475	+0.105%	$30.1M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,460	+0.088%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,382	−0.004%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,383.8	−0.001%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,383.5	−0.002%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,412.6	+0.032%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,360.5	−0.029%	$30.0M	$47.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,367.2	−0.021%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,383	−0.002%	$59.7M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,383.3	−0.002%	$2.26B	$942.8M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,476.9	+0.108%	$684.3M	$499.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,374.7	−0.012%	$44.5M	$240.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,385.7	+0.001%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0121%	1h	85,372.9	−0.014%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,389.5	+0.005%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,420.6	+0.042%	$8.8M	$43.2M	25x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	85,441	+0.066%	$11.6M	$743.9M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0233%	1h	85,473.7	+0.104%	$79K	$229K	20x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,509	+0.145%	$692K	$8.0M	30x	as long as short