Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0250%/8h= −27.3% APRpaid last 24h −0.015%

Price spread now: Binance against Aftermath Perps−0.122%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$300.296% of the position

Long on Aftermath Perps Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.068%−$7 on $10k

Price spread, last 4 days (all we have)+0.023%+$2 · spread now −0.122%, 7d avg −0.027%

Together, before fees−0.045%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Binance is 0.096% cheaper against Aftermath Perps than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.027%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.068% in total (about -6.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps BTCUSD	85,937.1	0.0325	pay 0.0041% / 1h	49m 56s	$79K	$228K	20x
Short	Binance BTCUSDT	85,831.9	0.0075	get 0.0075% / 8h	4h 49m	$9.41B	$20.05B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Aftermath Perps. 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 Aftermath PerpsbpFee BinancebpOrdersPrice spread, now −0.122%Rate

Funding earned: −$52.43
Price spread: −0.122% → −0.027%: −$9.57
Slippage, 4 orders: −$10.64
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$91.64
Costs to cover: 0.296%
Break-even: never at this rate

Slippage from Aftermath Perps: live order book, 57 min ago; Binance: live order book, 2 min ago.

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 Aftermath Perps live order book, 57 min ago	1.00 bp	9.8 bp −$10	14.5 bp −$145	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.1 bp −$51	6.2 bp −$617	7.6 bp −$3,793

BTC on 56 exchanges

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	−0.0150%	1h	85,957	+0.023%	$2.1M	$7.7M	40x	as long as short
Perpl BTC	−0.0112%	43m	85,895.1	−0.049%	$469K	$13.4M	6.7x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,930	−0.008%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0043%	8h	85,880.7	−0.066%	$421.7M	$549.4M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,915.5	−0.025%	$368K	$1.8M	50x	as long as short
SoDEX BTC-USD	−0.0010%	1h	85,880	−0.066%	$65.8M	$187.0M	40x	as long as short
dYdX BTC-USD	0.0000%	1h	85,905.2	−0.037%	$16.8M	$13.6M	50x	as long as short
Injective BTC/USDC PERP	+0.0001%	1h	85,912	−0.029%	$321K	$28.0M	52x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,949.2	+0.014%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0016%	8h	85,829.5	−0.125%	$510.9M	$832.8M	200x	as long as short

Show all 56 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0019%	1h	85,856.5	−0.094%	$192.4M	$738.8M	100x	as long as short
Popdex BTCUSDT	+0.0032%	1h	85,913	−0.028%	$8.6M	$45.6M	100x	as long as short
BingX BTC-USDC	+0.0047%	8h	85,808.7	−0.149%	—	$16.1M	—	as long as short
KuCoin XBTUSDTM	+0.0054%	8h	85,878.7	−0.068%	$943.1M	$633.6M	125x	as long as short
Bybit BTCUSDT	+0.0060%	8h	85,839.2	−0.114%	$5.14B	$7.99B	150x	as long as short
Phemex BTCUSDT	+0.0070%	8h	85,820.9	−0.135%	$170.8M	$474.3M	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	85,857.6	−0.093%	$2.4M	$6.8M	20x	as long as short
Binance BTCUSDTshort	+0.0075%	8h	85,831.9	−0.122%	$9.41B	$20.05B	150x
MEXC BTC_USDT	+0.0076%	8h	85,816.5	−0.140%	$5.15B	$4.69B	500x	as long as short
Gate BTC_USDT	+0.0079%	8h	85,845.4	−0.107%	$5.51B	$8.75B	200x	as long as short
HTX BTC-USDT	+0.0081%	8h	85,843.5	−0.109%	$2.27B	$770.3M	200x	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,798.5	−0.161%	$3.00B	$3.84B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,862.4	−0.087%	$173.2M	$830.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,842	−0.111%	$23.8M	$116.8M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,876	−0.071%	$228K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,920	−0.020%	$5.9M	$7.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,875.6	−0.072%	$23.3M	$189.5M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,908.3	−0.034%	$40.3M	$568.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,819.7	−0.137%	$2.63B	$9.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,888	−0.057%	$4.0M	$14.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,903.7	−0.039%	$4.8M	$91.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,814.1	−0.143%	$38.2M	$196.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,863.5	−0.086%	$156.6M	$472.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,924.3	−0.015%	$289.7M	$732.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,957.8	+0.024%	$216.0M	$132.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,968.8	+0.037%	$137.9M	$288.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,904	−0.039%	$30.2M	$227.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,965.7	+0.033%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,921	−0.019%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,942.1	+0.006%	$216K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,869.6	−0.079%	$2.6M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,887.2	−0.058%	$143K	$608K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,930.7	−0.007%	$29.1M	$44.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,876.7	−0.070%	$3.3M	$6.8M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,951.1	+0.016%	$715.0M	$86.6M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,762.1	−0.204%	$47.3M	$192.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,937.1	0.000%	—	$79.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0128%	1h	85,874.1	−0.073%	$112.1M	$4.92B	50x	as long as short
Kalshi KXBTCPERP	+0.0157%	8h	85,906	−0.036%	$13.0M	$738.2M	6.4x	as long as short
RISEx BTC/USDC	+0.0165%	1h	85,930.1	−0.008%	$9.1M	$35.5M	25x	as long as short
Reya BTCRUSDPERP	+0.0172%	1h	85,907.5	−0.035%	$6.6M	$125.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0207%	1h	85,906.2	−0.036%	$819.8M	$1.49B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0252%	1h	85,946.1	+0.010%	$15.5M	—	200x	as long as short
Hyperliquid BTC	+0.0223%	1h	85,924	−0.015%	$3.95B	$4.16B	40x	as long as short
Hibachi BTC/USDT-P	+0.0296%	1h	85,932.6	−0.005%	$695K	$6.7M	30x	as long as short
Aftermath Perps BTCUSDlong	+0.0325%	1h	85,937.1	long leg	$79K	$228K	20x