Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:29 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.032%

Price spread now: Perpl against Arcus−0.036%7-day average −0.015% · you buy dearer than you sell

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

Long on Arcus Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.068%+$7 on $10k

Price spread, last 7 days+0.137%+$14 · spread now −0.036%, 7d avg −0.015%

Together, before fees+0.204%+ Points / potential airdropPerpl: Active · farm board+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Perpl is 0.021% cheaper against Arcus than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.015%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.068%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus BTC-USD	86,422.4	0.0100	pay 0.0013% / 1h	24m 58s	$7.5M	$95.3M	40x
Short	Perpl BTC	86,390.9	0	get 0.0000% / 43m	20m 58s	$415K	$23.1M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.036%Rate

Funding earned: −$21
Price spread: −0.036% → −0.015%: −$2.13
Slippage, 4 orders: no order book: not counted
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$41.43
Costs to cover: 0.183%
Break-even: never at this rate

Slippage unknown: Arcus: live order book, 4 min ago; Perpl: 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, 4 min ago	0.01 bp	2.3 bp −$2	2.3 bp −$23	3.0 bp −$301	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

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	−0.0118%	1h	86,430	+0.009%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,384	−0.044%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.168%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,392.7	−0.034%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,396.8	−0.030%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,413.4	−0.010%	$501.4M	$1.15B	200x	as long as short
Perpl BTCshort	0.0000%	43m	86,390.9	−0.036%	$415K	$23.1M	6.7x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,406.9	−0.018%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,411.9	−0.012%	$849.8M	$715.7M	125x	as long as short
Reya BTCRUSDPERP	+0.0032%	1h	86,387.9	−0.040%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0040%	1h	86,456.9	+0.040%	$914.5M	$1.48B	50x	as long as short
BingX BTC-USDT	+0.0042%	8h	86,422.6	0.000%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0051%	8h	86,412.7	−0.011%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0052%	8h	86,418.4	−0.005%	$150.6M	$478.3M	150x	as long as short
dYdX BTC-USD	+0.0064%	1h	86,399.5	−0.026%	$16.9M	$21.2M	50x	as long as short
MEXC BTC_USDT	+0.0068%	8h	86,418.9	−0.004%	$5.16B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,410.2	−0.014%	$9.42B	$24.58B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,409.5	−0.015%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,419.5	−0.003%	$5.86B	$10.77B	200x	as long as short
SoDEX BTC-USD	+0.0087%	1h	86,416	−0.007%	$60.3M	$338.0M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,432.5	+0.012%	$170.5M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,430.6	+0.009%	$23.9M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,378	−0.051%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0097%	8h	86,415.7	−0.008%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,356	−0.077%	$200K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,425.2	+0.003%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,391.8	−0.035%	$22.0M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,488	+0.076%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,417	−0.006%	$41.0M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,426.2	+0.004%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,392	−0.035%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USDlong	+0.0100%	1h	86,422.4	long leg	$7.5M	$95.3M	40x
Backpack BTC_USDC_PERP	+0.0100%	1h	86,415.3	−0.008%	$38.1M	$155.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,405.8	−0.019%	$157.3M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,448.6	+0.030%	$279.2M	$945.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,418.1	−0.005%	$217.0M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,461.9	+0.046%	$141.4M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,411	−0.013%	$30.6M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,433.5	+0.013%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,385	−0.043%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,386.7	−0.041%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,411.7	−0.012%	$2.4M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,422.3	0.000%	$140K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,447.4	+0.029%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,378.3	−0.051%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,392.9	−0.034%	$2.29B	$969.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.049%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,400.3	−0.026%	$45.5M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,408	−0.017%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,456.6	+0.040%	$192.2M	$954.6M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,471.6	+0.057%	$132.4M	$5.65B	50x	as long as short
Aftermath Perps BTCUSD	+0.0150%	1h	86,473.3	+0.059%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,443.5	+0.024%	$727K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,399.8	−0.026%	$416.8M	$658.1M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0196% / S −0.0219%	1h	86,401.8	−0.024%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0207%	8h	86,423	+0.001%	$9.8M	$748.0M	6.4x	as long as short