Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0062%/8h= +6.8% APRpaid last 24h +0.018%

Price spread now: Coinbase International against Binance+0.062%7-day average +0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$200.200% of the position

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%+$1 on $10k

Price spread, last 3 days (all we have)−0.058%−$6 · spread now +0.062%, 7d avg +0.043%

Together, before fees−0.052%−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.043%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance BTCUSDT	86,558.5	0.0058	pay 0.0058% / 8h	2h 05m	$9.42B	$24.39B	150x
Short	Coinbase International BTC-PERP-INTX	86,612.4	0.0120	get 0.0015% / 1h	5m 07s	$131.8M	$5.83B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Binance. 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 BinancebpFee Coinbase InternationalbpOrdersPrice spread, now +0.062%Rate

Funding earned: $13.03
Price spread: +0.062% → +0.043%: $1.96
Slippage, 4 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$5.04
Costs to cover: 0.200%
Break-even: 9.7 days

Slippage from Binance: live order book, 9 min ago; Coinbase International: live order book, 4 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 Binance live order book, 9 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$514	7.4 bp −$3,707
Sell Coinbase International live order book, 4 min ago	0.01 bp	5.0 bp −$5	5.1 bp −$51	6.1 bp −$614	13.6 bp −$6,812

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
Aftermath Perps BTCUSD	−0.0253%	1h	86,631.5	+0.084%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,580.9	+0.026%	$425K	$24.6M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,554	−0.005%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,555	−0.004%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0063%	1h	86,591.4	+0.038%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0003%	8h	86,548.5	−0.012%	$505.3M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,578.6	+0.023%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,595.1	+0.042%	$927.3M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,586.1	+0.032%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,548.9	−0.011%	$850.5M	$708.6M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0022%	1h	86,556.3	−0.003%	$6.7M	$144.5M	40x	as long as short
BingX BTC-USDT	+0.0029%	8h	86,563.4	+0.006%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,563.2	+0.005%	$149.6M	$472.0M	150x	as long as short
Bitget BTCUSDT	+0.0037%	8h	86,557.8	−0.001%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.244%	$316K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,559.6	+0.001%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDTlong	+0.0058%	8h	86,558.5	long leg	$9.42B	$24.39B	150x
MEXC BTC_USDT	+0.0058%	8h	86,559.2	+0.001%	$5.18B	$5.72B	500x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,584.8	+0.030%	$8.9M	$42.7M	25x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,562.1	+0.004%	$5.84B	$10.71B	200x	as long as short
Bybit BTCUSDT	+0.0083%	8h	86,560.7	+0.003%	$5.27B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0096%	8h	86,573.6	+0.017%	$2.55B	$12.73B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,572	+0.016%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,581	+0.026%	$24.1M	$154.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,559	+0.001%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,549	−0.011%	$202K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,612.1	+0.062%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,560.8	+0.003%	$21.7M	$234.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,630	+0.083%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,596	+0.043%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,564	+0.006%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,631.7	+0.085%	$7.4M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.143%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,562.7	+0.005%	$38.5M	$151.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,546.2	−0.014%	$159.9M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,621.5	+0.073%	$279.7M	$941.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,613.4	+0.063%	$217.6M	$186.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,593.8	+0.041%	$141.7M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,597.5	+0.045%	$30.7M	$203.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,613.5	+0.063%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,560	+0.002%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,559.9	+0.002%	$190K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,573.4	+0.017%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,586.2	+0.032%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,568	+0.011%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,562.4	+0.004%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,559	+0.001%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,553.3	−0.006%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,548.3	−0.012%	$46.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,585.9	+0.032%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,596	+0.043%	$187.1M	$934.8M	100x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0120%	1h	86,612.4	+0.062%	$131.8M	$5.83B	50x
Kalshi KXBTCPERP	+0.0172%	8h	86,598	+0.046%	$9.5M	$727.6M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,580.5	+0.025%	$780K	$7.9M	30x	as long as short
BloFin BTC-USDT	+0.0178%	8h	86,558.6	0.000%	$416.4M	$655.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,580.7	+0.026%	$15.0M	—	200x	as long as short