Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:36 UTC+0.0335%/8h= +36.7% APRpaid last 24h +0.068%

Price spread now: Deribit against Perpl+0.019%51s7-day average +0.037% · you sell dearer than you buy

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

Long on Perpl Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.328%−$33 on $10k

Price spread, last 3 days (all we have)−0.060%−$6 · spread now +0.019%, 7d avg +0.037%

Together, before fees−0.388%+ Points / potential airdropPerpl: Active · farm board−$39 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.037%, so right now this pair is about funding alone: +$10 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.328%, so the current rate has only just turned in your favour. The two prices were read 51 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	86,626.3	−0.0335	get 0.0030% / 43m	33m 23s	$432K	$25.1M	6.7x
Short	Deribit BTC-PERPETUAL	86,643.1	0	get 0.0000% / 1h	46m 23s	$938.7M	$1.42B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.019%Rate

Funding earned: $70.33
Price spread: +0.019% → +0.037%: −$1.75
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $47.78
Costs to cover: 0.208%
Break-even: 2.2 days

Slippage unknown: Perpl: no order-book sample; Deribit: 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 Perpl no order-book sample	—	—	—	—	—
Sell Deribit live order book, 3 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	4.0 bp −$400	13.0 bp −$6,492

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
Perpl BTClong	−0.0335%	43m	86,626.3	long leg	$432K	$25.1M	6.7x
Aftermath Perps BTCUSD	−0.0208%	1h	86,662	+0.041%	$85K	$188K	20x	as long as short
dYdX BTC-USD	−0.0105%	1h	86,651.2	+0.029%	$18.0M	$20.0M	50x	as long as short
Phoenix BTC	−0.0103%	1h	86,579	−0.055%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,620	−0.007%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,600	−0.030%	$846.4M	$707.8M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,643.5	+0.020%	$361K	$2.5M	50x	as long as short
Deribit BTC-PERPETUALshort	0.0000%	1h	86,643.1	+0.019%	$938.7M	$1.42B	50x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,631	+0.005%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	86,601.1	−0.029%	$505.6M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0020%	8h	86,600.2	−0.030%	—	$15.3M	—	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,602.6	−0.027%	$6.7M	$144.0M	40x	as long as short
Phemex BTCUSDT	+0.0026%	8h	86,606.6	−0.023%	$149.6M	$470.6M	150x	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,597.2	−0.034%	$2.95B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0048%	8h	86,605.3	−0.024%	$5.19B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,616.5	−0.011%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0049%	8h	86,603.8	−0.026%	$9.43B	$24.29B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.122%	$315K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0062%	8h	86,600	−0.030%	$2.57B	$12.69B	100x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,639.7	+0.015%	$9.2M	$42.1M	25x	as long as short
Gate BTC_USDT	+0.0066%	8h	86,605.1	−0.024%	$5.86B	$10.58B	200x	as long as short
Bybit BTCUSDT	+0.0079%	8h	86,595	−0.036%	$5.28B	$9.65B	150x	as long as short
Variational Omni BTC	+0.0088%	8h	86,626.8	+0.001%	$159.8M	$564.2M	—	as long as short
Lighter BTC	+0.0096%	1h	86,634.6	+0.010%	$171.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,641	+0.017%	$24.0M	$152.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,619	−0.008%	$8.5M	$52.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0097%	8h	86,590	−0.042%	$217.4M	$189.0M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0099%	8h	86,615.1	−0.013%	$2.5M	$8.5M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,672.7	+0.054%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,608	−0.021%	$200K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,623.5	−0.003%	$21.7M	$235.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,680	+0.062%	$3.83B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,653.4	+0.031%	$41.0M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,621	−0.006%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,691.5	+0.075%	$7.4M	$94.3M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,665	+0.045%	$572.2M	$23.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,610.2	−0.019%	$38.2M	$148.1M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,590.7	−0.041%	$279.7M	$948.0M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,636.4	+0.012%	$141.8M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,613.9	−0.014%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,671.6	+0.052%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,612	−0.017%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,607.9	−0.021%	$198K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,623.5	−0.003%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,614.1	−0.014%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,600.3	−0.030%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,602	−0.028%	$60.4M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,604.4	−0.025%	$2.30B	$955.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,608.8	−0.020%	$46.6M	$229.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,646.7	+0.024%	—	$98.0M	500x	as long as short
Kalshi KXBTCPERP	+0.0109%	8h	86,642	+0.018%	$8.8M	$722.8M	6.4x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,641.1	+0.017%	$191.5M	$927.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,654	+0.032%	$131.9M	$5.88B	50x	as long as short
BloFin BTC-USDT	+0.0168%	8h	86,618.6	−0.009%	$418.8M	$642.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0198%	1h	86,626.3	0.000%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	86,644.2	+0.021%	$600K	$7.2M	30x	as long as short