Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.008%

Price spread now: Derive against StandX+0.159%7-day average +0.008% · you sell dearer than you buy

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

Long on StandX Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.069%−$7 on $10k

Price spread, last 3 days (all we have)−0.255%−$26 · spread now +0.159%, 7d avg +0.008%

Together, before fees−0.324%+ Points / potential airdropStandX: Active · farm board−$32 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Derive is 0.151% dearer against StandX than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of +0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	StandX BTC-USD	86,531.1	0.0100	pay 0.0013% / 1h	36m 34s	$30.8M	$205.6M	40x
Short	Derive BTC-PERP	86,668.3	0.0100	get 0.0013% / 1h	36m 34s	$30.0M	$61.6M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against StandX. 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 StandXbpFee DerivebpOrdersPrice spread, now +0.159%Rate

Funding earned: $0
Price spread: +0.159% → +0.008%: $15.1
Slippage, 4 orders: no order book: not counted
Fee StandX: 4 bp × 2 orders: −$8
Fee Derive: 3 bp × 2 orders: −$6
Net: $1.1
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: StandX: live order book, 3 min ago; Derive: 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 StandX live order book, 3 min ago	0.75 bp	5.4 bp −$5	7.8 bp −$78	9.4 bp −$935	10.7 bp −$5,333
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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 BTC	−0.0223%	43m	86,671.9	+0.163%	$428K	$24.9M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0221%	1h	86,625.7	+0.109%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,539	+0.009%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0091%	1h	86,632.9	+0.118%	$17.6M	$20.5M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,514	−0.020%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,611	+0.092%	$361K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	86,595.1	+0.074%	$844.2M	$706.4M	125x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,681.9	+0.174%	$936.1M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,684.9	+0.178%	$36.7M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	86,580.9	+0.058%	$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
Reya BTCRUSDPERP	+0.0021%	1h	86,659.3	+0.148%	$6.8M	$144.3M	40x	as long as short
BingX BTC-USDT	+0.0022%	8h	86,581.1	+0.058%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0024%	8h	86,640.7	+0.127%	$149.7M	$470.8M	150x	as long as short
Bitget BTCUSDT	+0.0028%	8h	86,575.9	+0.052%	$2.94B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,660.8	+0.150%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.232%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0050%	8h	86,588.1	+0.066%	$5.18B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0051%	8h	86,581.3	+0.058%	$9.43B	$24.30B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,593.5	+0.072%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0069%	8h	86,589.9	+0.068%	$2.56B	$12.69B	100x	as long as short
Gate BTC_USDT	+0.0069%	8h	86,582.1	+0.059%	$5.86B	$10.62B	200x	as long as short
Bybit BTCUSDT	+0.0079%	8h	86,581.2	+0.058%	$5.27B	$9.66B	150x	as long as short
Variational Omni BTC	+0.0091%	8h	86,619.6	+0.102%	$160.0M	$567.4M	—	as long as short
Lighter BTC	+0.0096%	1h	86,604.7	+0.085%	$172.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,599.8	+0.079%	$24.0M	$153.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,583	+0.060%	$8.5M	$52.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,652	+0.140%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,578	+0.054%	$195K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,635.2	+0.120%	$21.6M	$235.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,660	+0.149%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,624.1	+0.108%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,629	+0.113%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,653.9	+0.142%	$7.5M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	+0.088%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,650.3	+0.138%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,571.5	+0.047%	$279.6M	$949.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,620.3	+0.103%	$217.5M	$188.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,631.1	+0.116%	$141.6M	$323.0M	100x	as long as short
StandX BTC-USDlong	+0.0100%	1h	86,531.1	long leg	$30.8M	$205.6M	40x
Vest BTC-PERP	+0.0100%	1h	86,703.8	+0.200%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,669	+0.159%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,667.2	+0.157%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,681.6	+0.174%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,690.1	+0.184%	$141K	$619K	40x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	86,668.3	+0.159%	$30.0M	$61.6M	15x
SunX BTC-USDT	+0.0100%	8h	86,659.4	+0.148%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,647	+0.134%	$60.5M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,654.6	+0.143%	$2.30B	$956.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,570	+0.045%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,692.7	+0.187%	—	$98.3M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,682.4	+0.175%	$189.3M	$930.4M	100x	as long as short
Kalshi KXBTCPERP	+0.0120%	8h	86,674	+0.165%	$9.0M	$723.1M	6.4x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,694	+0.188%	$131.9M	$5.87B	50x	as long as short
BloFin BTC-USDT	+0.0170%	8h	86,675.1	+0.166%	$417.6M	$650.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,677.4	+0.169%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,585.9	+0.063%	$614K	$7.1M	30x	as long as short