Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.015%

Price spread now: Derive against Arcus−0.056%7-day average −0.020% · you buy dearer than you sell

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

Long on Arcus Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.035%−$3 on $10k

Price spread, last 3 days (all we have)−0.007%−$1 · spread now −0.056%, 7d avg −0.020%

Together, before fees−0.041%−$4 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 0.036% cheaper against Arcus than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus BTC-USD	85,561.5	0.0100	pay 0.0013% / 1h	59m 27s	$7.1M	$96.4M	40x
Short	Derive BTC-PERP	85,513.6	0.0100	get 0.0013% / 1h	59m 27s	$30.0M	$52.7M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Arcus. 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 ArcusbpFee DerivebpOrdersPrice spread, now −0.056%Rate

Funding earned: $0
Price spread: −0.056% → −0.020%: −$3.59
Slippage, 4 orders: no order book: not counted
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Derive: 3 bp × 2 orders: −$6
Net: −$14.09
Costs to cover: 0.105%
Break-even: never at this rate

Slippage unknown: Arcus: live order book, 5 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 Arcus live order book, 5 min ago	0.23 bp	2.9 bp −$3	3.4 bp −$34	6.9 bp −$686	doesn't fit
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 55 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	85,498	−0.074%	$2.1M	$10.1M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,608	+0.054%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,585.7	+0.028%	$361K	$2.3M	50x	as long as short
Nado BTC-PERP	−0.0033%	1h	85,588.3	+0.031%	$22.6M	$224.8M	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,585.5	+0.028%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,599.5	+0.044%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,661	+0.116%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0021%	8h	85,583.6	+0.026%	$515.9M	$1.12B	200x	as long as short
KuCoin XBTUSDTM	+0.0023%	8h	85,578.3	+0.020%	$902.2M	$748.3M	125x	as long as short
BingX BTC-USDC	+0.0055%	8h	85,583.2	+0.025%	—	$17.0M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0056%	8h	85,507.8	−0.063%	$2.27B	$932.8M	200x	as long as short
Reya BTCRUSDPERP	+0.0063%	1h	85,578.1	+0.019%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,578.7	+0.020%	$2.94B	$5.02B	150x	as long as short
SunX BTC-USDT	+0.0077%	8h	85,507.9	−0.063%	$2.9M	$6.5M	100x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,507.4	−0.063%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,590.4	+0.034%	$9.34B	$23.91B	150x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,589.7	+0.033%	$5.07B	$5.56B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,596	+0.040%	$170.3M	$980.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,593.6	+0.038%	$23.9M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,584	+0.026%	$8.4M	$51.5M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,635	+0.086%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,564	+0.003%	$203K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,650	+0.103%	$3.76B	$4.92B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,626.6	+0.076%	$40.1M	$571.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,585.5	+0.028%	$5.33B	$9.61B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,588	+0.031%	$2.56B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,530	−0.037%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USDlong	+0.0100%	1h	85,561.5	long leg	$7.1M	$96.4M	40x
Gate BTC_USDT	+0.0100%	8h	85,595.5	+0.040%	$5.58B	$10.37B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,506.8	−0.064%	$35.0M	$168.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,545	−0.019%	$154.0M	$554.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,553.1	−0.010%	$278.3M	$939.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,624	+0.073%	$214.9M	$162.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,552.6	−0.010%	$139.9M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,571.8	+0.012%	$30.2M	$211.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,628.4	+0.078%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,582	+0.024%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,591	+0.034%	$187K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,517.8	−0.051%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,554.9	−0.008%	$197K	$722K	40x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	85,513.6	−0.056%	$30.0M	$52.7M	15x
SoDEX BTC-USD	+0.0100%	1h	85,511	−0.059%	$59.9M	$336.4M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,513.7	−0.056%	$150.0M	$479.6M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,593.2	+0.037%	$605.0M	$283.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,569.6	+0.009%	$44.1M	$227.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,569.3	+0.009%	—	$101.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,549.1	−0.014%	$130.4M	$5.07B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,613.7	+0.061%	$8.4M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,535.4	−0.030%	$186.9M	$951.9M	100x	as long as short
Aftermath Perps BTCUSD	+0.0186%	1h	85,619.9	+0.068%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,552.1	−0.011%	$682K	$7.8M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0201%	1h	85,564.2	+0.003%	$894.9M	$1.52B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0186%	1h	85,522.8	−0.045%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,560	−0.002%	$10.2M	$765.0M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,585.2	+0.028%	$510K	$19.7M	6.7x	as long as short