Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:55 UTC+0.0004%/8h= +0.5% APRpaid last 24h +0.022%

Price spread now: gTrade (Gains Network) against Perpl−0.015%7-day average 0.000% · you buy dearer than you sell

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

Long on Perpl Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.144%−$14 on $10k

Price spread, last 3 days (all we have)+0.033%+$3 · spread now −0.015%, 7d avg 0.000%

Together, before fees−0.111%+ Points / potential airdropPerpl: Active · farm board−$11 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl BTC	85,832.4	0	get 0.0000% / 43m	12m 05s	$512K	$21.3M	6.7x
Short	gTrade (Gains Network) BTC/USD	85,819.3	L +0.0004% / S −0.0004%	get 0.0001% / 1h	50m 05s	$36.7M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Perpl. 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 PerplbpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.015%Rate

Funding earned: $0.9
Price spread: −0.015% → 0.000%: −$1.51
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$21.41
Costs to cover: 0.208%
Break-even: 173.5 days

Slippage unknown: Perpl: no order-book sample; gTrade (Gains Network): virtual book (oracle venue), 4 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 gTrade (Gains Network) virtual book (oracle venue), 4 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,184

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	−0.0144%	1h	85,641	−0.223%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,779	−0.062%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,813.2	−0.022%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0039%	8h	85,793.5	−0.045%	$415.3M	$657.4M	150x	as long as short
ApeX Omni BTCUSDT	−0.0008%	1h	85,747.6	−0.099%	$140.2M	$320.8M	100x	as long as short
dYdX BTC-USD	0.0000%	1h	85,837.1	+0.006%	$16.8M	$20.6M	50x	as long as short
Perpl BTClong	0.0000%	43m	85,832.4	long leg	$512K	$21.3M	6.7x
gTrade (Gains Network) BTC/USDshort	L +0.0004% / S −0.0004%	1h	85,819.3	−0.015%	$36.7M	—	200x
Injective BTC/USDC PERP	+0.0020%	1h	85,810	−0.026%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0031%	8h	85,825.9	−0.008%	$498.0M	$1.13B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0042%	8h	85,824.2	−0.010%	$894.3M	$756.2M	125x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,841.6	+0.011%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDT	+0.0052%	8h	85,874.4	+0.049%	—	$1.59B	—	as long as short
Reya BTCRUSDPERP	+0.0052%	1h	85,799	−0.039%	$6.7M	$146.0M	40x	as long as short
HTX BTC-USDT	+0.0057%	8h	85,815.9	−0.019%	$2.28B	$968.8M	200x	as long as short
Bitget BTCUSDT	+0.0066%	8h	85,871.9	+0.046%	$2.95B	$5.13B	150x	as long as short
Nado BTC-PERP	+0.0079%	1h	85,801	−0.037%	$22.5M	$228.7M	50x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,820.9	−0.013%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0081%	8h	85,850	+0.021%	$5.08B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0083%	8h	85,849.9	+0.020%	$9.34B	$24.58B	150x	as long as short
Gate BTC_USDT	+0.0086%	8h	85,871.6	+0.046%	$5.66B	$10.36B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,862.4	+0.035%	$170.9M	$976.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,852.2	+0.023%	$23.3M	$145.1M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	85,757.5	−0.087%	$215.4M	$162.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,833	+0.001%	$8.4M	$52.5M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0097%	1h	85,871.4	+0.045%	$895.0M	$1.54B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,804	−0.033%	$206K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,860.2	+0.032%	$3.8M	$8.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,937	+0.122%	$3.76B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,856.5	+0.028%	$40.8M	$566.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,865	+0.038%	$5.26B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,882.2	+0.058%	$2.55B	$12.56B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,825	−0.009%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,818.4	−0.016%	$7.3M	$98.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,888.3	+0.065%	$579.3M	$92.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,858.3	+0.030%	$35.2M	$162.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,782.9	−0.058%	$155.6M	$556.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,687.9	−0.168%	$277.7M	$941.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,793.4	−0.045%	$30.4M	$206.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,856.9	+0.029%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,825	−0.009%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,815.9	−0.019%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,833.6	+0.001%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,846.1	+0.016%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,840.6	+0.010%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,807.5	−0.029%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,836	+0.004%	$60.1M	$338.1M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,847.6	+0.018%	$153.8M	$476.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,813.9	−0.022%	$44.9M	$226.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,814.8	−0.021%	—	$101.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,871.1	+0.045%	$131.7M	$5.26B	50x	as long as short
Hibachi BTC/USDT-P	+0.0120%	1h	85,813.4	−0.022%	$707K	$8.0M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,864.3	+0.037%	$189.4M	$969.6M	100x	as long as short
Aftermath Perps BTCUSD	+0.0153%	1h	85,829.7	−0.003%	$77K	$217K	20x	as long as short
Kalshi KXBTCPERP	+0.0203%	8h	85,840	+0.009%	$9.9M	$768.5M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,812.5	−0.023%	$13.8M	—	200x	as long as short