Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:03 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.042%

Price spread now: Vest against Perpl+0.053%7-day average −0.012% · you sell dearer than you buy

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

Long on Perpl Short on Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.093%−$9 on $10k

Price spread, last 7 days−0.151%−$15 · spread now +0.053%, 7d avg −0.012%

Together, before fees−0.244%+ Points / potential airdropPerpl: Active · Vest: Active · farm board−$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Vest is 0.065% dearer against Perpl than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.012%. Mind the row above: over the last 3 days funding on this pair cost −0.093%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl BTC	86,655	0	get 0.0000% / 43m	8m 13s	$419K	$23.9M	6.7x
Short	Vest BTC-PERP	86,700.9	0.0100	get 0.0013% / 1h	38m 13s	—	$11.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now +0.053%Rate

Funding earned: $21
Price spread: +0.053% → −0.012%: $6.46
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Vest: 1 bp × 2 orders: −$2
Net: $11.66
Costs to cover: 0.158%
Break-even: 3.1 days

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

Perpl and Vest: 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
Bluefin BTC-PERP	−0.0809%	1h	86,685.1	+0.035%	$141K	$618K	40x	as long as short
Aftermath Perps BTCUSD	−0.0161%	1h	86,650.9	−0.005%	$83K	$206K	20x	as long as short
Phoenix BTC	−0.0159%	1h	86,688	+0.038%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,615	−0.046%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0011%	1h	86,628.7	−0.030%	$17.5M	$20.3M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,659.3	+0.005%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0007%	8h	86,649.1	−0.007%	$505.6M	$1.15B	200x	as long as short
Perpl BTClong	0.0000%	43m	86,655	long leg	$419K	$23.9M	6.7x
KuCoin XBTUSDTM	+0.0001%	8h	86,630.7	−0.028%	$852.0M	$707.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,682.4	+0.032%	$36.9M	—	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	86,639.3	−0.018%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,651.6	−0.004%	$6.7M	$144.8M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	−0.111%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0026%	8h	86,646.7	−0.010%	$150.3M	$473.6M	150x	as long as short
Deribit BTC-PERPETUAL	+0.0030%	1h	86,675.4	+0.024%	$925.3M	$1.47B	50x	as long as short
BingX BTC-USDT	+0.0032%	8h	86,610.1	−0.052%	—	$1.59B	—	as long as short
Hibachi BTC/USDT-P	+0.0032%	1h	86,713.3	+0.067%	$733K	$8.2M	30x	as long as short
Bitget BTCUSDT	+0.0042%	8h	86,614.3	−0.047%	$2.96B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0061%	8h	86,631.2	−0.027%	$5.19B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,642	−0.015%	$9.43B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,631.1	−0.028%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0077%	8h	86,657	+0.002%	$5.86B	$10.65B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,627.1	−0.032%	$5.28B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,642	−0.015%	$172.3M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,642	−0.015%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,654	−0.001%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,617	−0.044%	$204K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,659.7	+0.005%	$4.8M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,637	−0.021%	$21.8M	$233.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,736	+0.093%	$3.82B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,650	−0.006%	$41.1M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,625	−0.035%	$2.55B	$12.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,623	−0.037%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,701.3	+0.053%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.055%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,626	−0.033%	$38.5M	$153.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,696.3	+0.048%	$156.8M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,683.8	+0.033%	$280.1M	$943.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,681.9	+0.031%	$217.5M	$175.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,693.4	+0.044%	$141.7M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,679.7	+0.028%	$30.8M	$203.3M	40x	as long as short
Vest BTC-PERPshort	+0.0100%	1h	86,700.9	+0.053%	—	$11.6M	50x
Polymarket Perps BTC-USD	+0.0100%	1h	86,661	+0.007%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,666.6	+0.013%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,664.9	+0.011%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,636.5	−0.021%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,628.3	−0.031%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,636	−0.022%	$60.5M	$337.0M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,654.4	−0.001%	$2.30B	$964.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,618.7	−0.042%	$46.3M	$225.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,662.4	+0.009%	—	$98.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,680.7	+0.030%	$131.8M	$5.72B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,671.8	+0.019%	$191.8M	$937.0M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,678.6	+0.027%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0181%	8h	86,634.4	−0.024%	$415.3M	$652.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0194%	8h	86,663	+0.009%	$9.7M	$727.7M	6.4x	as long as short