Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0013%/8h= −1.4% APRpaid last 24h −0.026%

Price spread now: Jupiter Perps against BloFin+0.046%52s7-day average +0.016% · you sell dearer than you buy

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

Long on BloFin Short on Jupiter Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.074%−$7 on $10k

Price spread, last 4 days (all we have)−0.013%−$1 · spread now +0.046%, 7d avg +0.016%

Together, before fees−0.088%−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Jupiter Perps is 0.031% dearer against BloFin than usual: you sell high and buy low (spread +0.046% now, against its 7-day average of +0.016%): +$3 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 7.8 days. At the pace of the last 4 days (−0.074% in total) that is about 36 hours. The two prices were read 52 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	85,800.1	−0.0043	get 0.0043% / 8h	5h 07m	$421.5M	$548.9M	150x
Short	Jupiter Perps WBTC-PERP	85,839.9	L +0.0104% / S +0.0056%	pay 0.0007% / 1h	7m 29s	—	$79.8M	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Jupiter Perps 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 Jupiter PerpsbpOrdersPrice spread, now +0.046%Rate

Funding earned: −$2.76
Price spread: +0.046% → +0.016%: $3.07
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Net: −$23.69
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 5 min ago; Jupiter Perps: 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 BloFin live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.2 bp −$618	7.5 bp −$3,760
Sell Jupiter Perps no order-book sample	—	—	—	—	—

Jupiter Perps: 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 exchanges

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	−0.0133%	1h	85,779	−0.025%	$2.1M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,196	+0.461%	$8K	$2K	50x	as long as short
BloFin BTC-USDTlong	−0.0043%	8h	85,800.1	long leg	$421.5M	$548.9M	150x
01 Exchange BTCUSD	−0.0040%	1h	85,839.3	+0.046%	$367K	$1.9M	50x	as long as short
SoDEX BTC-USD	−0.0011%	1h	85,823	+0.027%	$65.8M	$187.7M	40x	as long as short
Perpl BTC	0.0000%	43m	85,830.6	+0.036%	$467K	$13.5M	6.7x	as long as short
dYdX BTC-USD	0.0000%	1h	85,844.4	+0.052%	$16.8M	$13.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,829.1	+0.034%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	85,788	−0.014%	$320K	$30.2M	52x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,827.6	+0.032%	$511.0M	$846.5M	200x	as long as short

Show all 56 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0030%	1h	85,837.8	+0.044%	$192.0M	$751.2M	100x	as long as short
BingX BTC-USDT	+0.0043%	8h	85,840.2	+0.047%	—	$1.30B	—	as long as short
Popdex BTCUSDT	+0.0048%	1h	85,838	+0.044%	$8.6M	$45.5M	100x	as long as short
KuCoin XBTUSDTM	+0.0052%	8h	85,823.1	+0.027%	$940.5M	$636.0M	125x	as long as short
Bybit BTCUSDT	+0.0057%	8h	85,840.9	+0.048%	$5.13B	$8.05B	150x	as long as short
HTX BTC-USDT	+0.0067%	8h	85,810.7	+0.012%	$2.27B	$786.8M	200x	as long as short
Phemex BTCUSDT	+0.0068%	8h	85,820.3	+0.024%	$169.8M	$476.2M	150x	as long as short
Gate BTC_USDT	+0.0074%	8h	85,842.2	+0.049%	$5.51B	$9.04B	200x	as long as short
MEXC BTC_USDT	+0.0076%	8h	85,856.2	+0.065%	$5.16B	$4.91B	500x	as long as short
Binance BTCUSDT	+0.0077%	8h	85,834.7	+0.040%	$9.40B	$20.28B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,801.2	+0.001%	$2.4M	$6.8M	20x	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,838.2	+0.044%	$3.00B	$3.89B	150x	as long as short
GRVT BTC_USDT_Perp	+0.0091%	8h	85,792.9	−0.008%	$215.6M	$132.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,852.8	+0.061%	$173.1M	$874.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,855.8	+0.065%	$23.7M	$121.7M	50x	as long as short
Bullet BTC-USD	+0.0098%	1h	85,859	+0.069%	$211K	$3.2M	20x	as long as short
Nado BTC-PERP	+0.0099%	1h	85,839.3	+0.046%	$23.0M	$190.5M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,815	+0.017%	$230K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,860	+0.070%	$5.9M	$7.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,870.4	+0.082%	$40.0M	$571.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,855.1	+0.064%	$2.62B	$9.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,809	+0.010%	$3.9M	$14.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,839.8	+0.046%	$4.9M	$91.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,846.4	+0.054%	$713.8M	$100.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,807.7	+0.009%	$38.0M	$194.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,758.6	−0.048%	$155.2M	$472.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,755.6	−0.052%	$289.3M	$738.0M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,805	+0.006%	$137.8M	$288.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,810	+0.011%	$30.2M	$226.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,885.6	+0.100%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,838	+0.044%	$11.0M	$11.9M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,816.7	+0.019%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,849.7	+0.058%	$143K	$607K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,867.5	+0.079%	$29.0M	$44.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,816.3	+0.019%	$3.3M	$6.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,810.1	+0.012%	$47.0M	$192.7M	50x	as long as short
Jupiter Perps WBTC-PERPshort	L +0.0104% / S +0.0056%	1h	85,839.9	+0.046%	—	$79.8M	500x
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,866.9	+0.078%	$112.3M	$4.94B	50x	as long as short
Hyperliquid BTC	+0.0148%	1h	85,928.3	+0.149%	$3.94B	$4.17B	40x	as long as short
Kalshi KXBTCPERP	+0.0156%	8h	85,840	+0.047%	$12.0M	$735.6M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0170%	1h	85,807	+0.008%	$6.6M	$128.9M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	85,862.2	+0.072%	$9.0M	$35.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0250%	1h	85,780.6	−0.023%	$15.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0213%	1h	85,869.9	+0.081%	$820.4M	$1.50B	50x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	85,836.4	+0.042%	$690K	$6.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0362%	1h	85,838	+0.044%	$79K	$228K	20x	as long as short