Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0070%/8h= +7.7% APRpaid last 24h +0.015%

Price spread now: Derive against Bitget+0.060%220s7-day average +0.002% · you sell dearer than you buy

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

Long on Bitget Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.098%−$10 · spread now +0.060%, 7d avg +0.002%

Together, before fees−0.098%−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Derive is 0.059% dearer against Bitget than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.002%. The two prices were read 220 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget BTCUSDT	85,436.7	0.0100	pay 0.0100% / 8h	7h 53m	$2.98B	$5.18B	150x
Short	Derive BTC-PERP	85,488.3	0.0170	get 0.0021% / 1h	53m 41s	$28.8M	$49.6M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Bitget. 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 BitgetbpFee DerivebpOrdersPrice spread, now +0.060%Rate

Funding earned: $14.74
Price spread: +0.060% → +0.002%: $5.85
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Derive: 3 bp × 2 orders: −$6
Net: $2.59
Costs to cover: 0.180%
Break-even: 5.8 days

Slippage unknown: Bitget: live order book, 6 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 Bitget live order book, 6 min ago	0.01 bp	6.0 bp −$6	6.7 bp −$67	7.8 bp −$776	8.7 bp −$4,338
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
Hotstuff BTC-PERP	−0.0080%	1h	85,442	+0.006%	$8K	$2K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,441	+0.005%	$2.3M	$10.4M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,391.5	−0.053%	$425.1M	$685.3M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,417	−0.023%	$307K	$23.1M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,446.2	+0.011%	$344K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	85,425.5	−0.013%	$930.3M	$776.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,439.4	+0.003%	$36.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0018%	1h	85,461.7	+0.029%	$829.8M	$1.67B	50x	as long as short
Aster BTCUSDT	+0.0025%	8h	85,425.6	−0.013%	$502.3M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0026%	1h	85,464.7	+0.033%	$16.7M	$21.0M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,441.9	+0.006%	$186.4M	$953.8M	100x	as long as short
BingX BTC-USDC	+0.0080%	8h	85,418.6	−0.021%	—	$17.4M	—	as long as short
Lighter BTC	+0.0096%	1h	85,432.9	−0.004%	$170.5M	$939.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,437.3	+0.001%	$23.6M	$133.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,467	+0.035%	$8.7M	$58.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,436.5	0.000%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,410	−0.031%	$263K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,472.9	+0.042%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,459.2	+0.026%	$24.1M	$220.1M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,443.2	+0.008%	$40.2M	$604.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,418	−0.022%	$9.41B	$25.18B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,419.7	−0.020%	$5.08B	$10.03B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,431.9	−0.006%	$2.61B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,462	+0.030%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,449.4	+0.015%	$4.6M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,382	−0.064%	$697.9M	$180.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,422.9	−0.016%	$5.46B	$9.83B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,424.3	−0.015%	$5.02B	$5.71B	500x	as long as short
Bitget BTCUSDTlong	+0.0100%	8h	85,436.7	long leg	$2.98B	$5.18B	150x
Backpack BTC_USDC_PERP	+0.0100%	1h	85,428.9	−0.009%	$37.7M	$193.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,356	−0.094%	$155.8M	$547.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,397.3	−0.046%	$283.2M	$959.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,349.1	−0.102%	$214.2M	$159.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,343.3	−0.109%	$138.1M	$312.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,397	−0.046%	$30.1M	$216.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,525.4	+0.104%	—	$9.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,314	−0.144%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,466.9	+0.035%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,436.3	0.000%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,479.3	+0.050%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,452.5	+0.018%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,432	−0.006%	$59.8M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,430.8	−0.007%	$2.26B	$976.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,446.7	+0.012%	$160.1M	$517.3M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,394.1	−0.050%	$45.7M	$241.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,419.7	−0.020%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,475	+0.045%	$111.3M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0146%	1h	85,452	+0.018%	$6.6M	$140.2M	40x	as long as short
Derive BTC-PERPshort	+0.0170%	1h	85,488.3	+0.060%	$28.8M	$49.6M	15x
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,453.3	+0.019%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0181%	8h	85,488	+0.060%	$10.8M	$740.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,457.5	+0.024%	$8.9M	$42.9M	25x	as long as short
Hyperliquid BTC	+0.0284%	1h	85,531	+0.110%	$3.84B	$5.11B	40x	as long as short
Aftermath Perps BTCUSD	+0.0293%	1h	85,393.6	−0.050%	$81K	$247K	20x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	85,404.5	−0.038%	$686K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,464	+0.032%	$470K	$18.4M	6.7x	as long as short