Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0014%/8h= +1.6% APRpaid last 24h +0.013%

Price spread now: Derive against Binance+0.044%7-day average −0.001% · you sell dearer than you buy

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

Long on Binance Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$3 on $10k

Price spread, last 4 days (all we have)−0.100%−$10 · spread now +0.044%, 7d avg −0.001%

Together, before fees−0.125%−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Derive is 0.045% dearer against Binance than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance BTCUSDT	85,270.2	0.0086	pay 0.0086% / 8h	2h 35m	$9.42B	$24.83B	150x
Short	Derive BTC-PERP	85,307.6	0.0100	get 0.0013% / 1h	35m 06s	$30.1M	$50.4M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now +0.044%Rate

Funding earned: $3
Price spread: +0.044% → −0.001%: $4.52
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$8.47
Costs to cover: 0.160%
Break-even: 26.8 days

Slippage unknown: Binance: live order book, 9 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 Binance live order book, 9 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$510	6.7 bp −$3,368
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	−0.0112%	43m	85,316.9	+0.055%	$526K	$18.8M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,251	−0.023%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,326	+0.065%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0053%	8h	85,307.4	+0.044%	$922.7M	$763.6M	125x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,308.7	+0.045%	$421.3M	$680.3M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,315.4	+0.053%	$383K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0014%	8h	85,276.9	+0.008%	$512.8M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,282.6	+0.015%	$16.7M	$21.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,333.5	+0.074%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0014%	1h	85,308	+0.044%	$24.6M	$222.8M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0023%	1h	85,225	−0.053%	$338K	$26.8M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,338.2	+0.080%	$187.6M	$955.9M	100x	as long as short
BingX BTC-USDC	+0.0066%	8h	85,268.8	−0.002%	—	$17.4M	—	as long as short
Bullet BTC-USD	+0.0068%	1h	85,321	+0.060%	$206K	$3.3M	20x	as long as short
SoDEX BTC-USD	+0.0070%	1h	85,330	+0.070%	$59.7M	$335.8M	40x	as long as short
Phemex BTCUSDT	+0.0070%	8h	85,312.1	+0.049%	$149.2M	$503.7M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,319.5	+0.058%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0083%	8h	85,285.3	+0.018%	$2.95B	$5.18B	150x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,306.1	+0.042%	$5.06B	$5.70B	500x	as long as short
Binance BTCUSDTlong	+0.0086%	8h	85,270.2	long leg	$9.42B	$24.83B	150x
Lighter BTC	+0.0096%	1h	85,332.7	+0.073%	$171.3M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,332	+0.072%	$23.7M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,308	+0.044%	$8.3M	$55.6M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,355.1	+0.100%	$117.1M	$5.34B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,285	+0.017%	$238K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,363.8	+0.110%	$5.6M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,376	+0.124%	$3.75B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,337.7	+0.079%	$40.1M	$595.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,241.2	−0.034%	$5.16B	$9.93B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,242	−0.033%	$2.58B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,296	+0.030%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,315.2	+0.053%	$4.6M	$99.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,324.1	+0.063%	$679.5M	$626.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,303.1	+0.039%	$5.52B	$10.88B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,287.7	+0.021%	$36.0M	$174.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,263.5	−0.008%	$156.5M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,240.8	−0.035%	$278.9M	$942.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,264.2	−0.007%	$214.3M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,275.4	+0.006%	$139.4M	$315.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,252.5	−0.021%	$30.1M	$206.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,376.2	+0.124%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,316	+0.054%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,327.7	+0.067%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,372.1	+0.119%	$217K	$750K	40x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	85,307.6	+0.044%	$30.1M	$50.4M	15x
SunX BTC-USDT	+0.0100%	8h	85,301.2	+0.036%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,313.2	+0.050%	$2.26B	$952.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,307.8	+0.044%	$45.3M	$238.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,322.7	+0.062%	—	$107.0M	500x	as long as short
Reya BTCRUSDPERP	+0.0113%	1h	85,320.5	+0.059%	$6.6M	$147.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0132%	1h	85,369.7	+0.117%	$872.4M	$1.61B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,323.9	+0.063%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0176%	8h	85,346	+0.089%	$11.4M	$747.4M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0216%	1h	85,312.5	+0.050%	$79K	$225K	20x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,306	+0.042%	$719K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,335.1	+0.076%	$8.7M	$43.1M	25x	as long as short