Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0124%/8h= +13.6% APRpaid last 24h +0.042%

Price spread now: Coinbase International against BloFin+0.034%58s7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$220.220% of the position

Long on BloFin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 4 days (all we have)+0.020%+$2 · spread now +0.034%, 7d avg +0.048%

Together, before fees+0.015%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.048%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate. The two prices were read 58 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	BloFin BTC-USDT	85,264.5	−0.0020	get 0.0020% / 8h	11m 52s	$421.4M	$686.8M	150x
Short	Coinbase International BTC-PERP-INTX	85,293.1	0.0104	get 0.0013% / 1h	11m 52s	$111.8M	$5.47B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BloFin. 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 BloFinbpFee Coinbase InternationalbpOrdersPrice spread, now +0.034%Rate

Funding earned: $26.04
Price spread: +0.034% → +0.048%: −$1.46
Slippage, 4 orders: −$0.04
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $2.54
Costs to cover: 0.220%
Break-even: 6.3 days

Slippage from BloFin: live order book, 2 min ago; Coinbase International: live order book, 2 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 BloFin live order book, 2 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.0 bp −$601	6.6 bp −$3,313
Sell Coinbase International live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$502	9.6 bp −$4,816

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	85,270	+0.006%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,263	−0.002%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDTlong	−0.0020%	8h	85,264.5	long leg	$421.4M	$686.8M	150x
KuCoin XBTUSDTM	−0.0011%	8h	85,232.7	−0.037%	$927.3M	$778.0M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,266.4	+0.002%	$343K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,260.1	−0.005%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	85,230.4	−0.040%	$509.1M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0018%	1h	85,277.8	+0.016%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,260.8	−0.004%	$185.7M	$953.5M	100x	as long as short
BingX BTC-USDC	+0.0064%	8h	85,214.6	−0.059%	—	$17.4M	—	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	+0.0067%	1h	85,200	−0.076%	$310K	$25.7M	52x	as long as short
Bybit BTCUSDT	+0.0082%	8h	85,244.8	−0.023%	$5.09B	$10.03B	150x	as long as short
Nado BTC-PERP	+0.0090%	1h	85,252.8	−0.014%	$24.1M	$221.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0091%	1h	85,192.8	−0.084%	$139.6M	$312.3M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,238.5	−0.030%	$168.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,236.7	−0.033%	$23.6M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,256	−0.010%	$8.4M	$57.7M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,254.4	−0.012%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0098%	8h	85,228.1	−0.043%	$2.97B	$5.21B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,231	−0.039%	$269K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,297.2	+0.038%	$5.8M	$9.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,279	+0.017%	$40.4M	$604.7M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,223	−0.049%	$9.38B	$25.16B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,232	−0.038%	$2.60B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,245	−0.023%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,270.6	+0.007%	$4.7M	$97.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,233	−0.037%	$5.49B	$11.16B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,231.3	−0.039%	$5.02B	$5.77B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,236.7	−0.033%	$36.8M	$190.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,180.5	−0.098%	$155.7M	$548.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,184.8	−0.094%	$282.5M	$959.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,188.8	−0.089%	$213.8M	$159.8M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,274.9	+0.012%	$30.1M	$213.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,331.9	+0.079%	—	$10.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,256	−0.010%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,259.1	−0.006%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,265	+0.001%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,294.5	+0.035%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,275.3	+0.013%	$28.8M	$45.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,243.5	−0.025%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,250	−0.017%	$59.7M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,240	−0.029%	$2.25B	$973.8M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,252.4	−0.014%	$158.8M	$516.0M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,240	−0.029%	$693.3M	$214.1M	40x	as long as short
Hyperliquid BTC	+0.0101%	1h	85,320	+0.065%	$3.78B	$5.11B	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,211.7	−0.062%	$45.4M	$241.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,279.5	+0.018%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0104%	1h	85,293.1	+0.034%	$111.8M	$5.47B	50x
Deribit BTC-PERPETUAL	+0.0105%	1h	85,288.9	+0.029%	$835.9M	$1.67B	50x	as long as short
Reya BTCRUSDPERP	+0.0143%	1h	85,249.4	−0.018%	$6.6M	$142.3M	40x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	85,280	+0.018%	$12.0M	$737.8M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,280.1	+0.018%	$8.8M	$43.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0146%	1h	85,257.6	−0.008%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,270.8	+0.007%	$694K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0297%	1h	85,258.2	−0.007%	$81K	$245K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,294.7	+0.035%	$465K	$18.3M	6.7x	as long as short