Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0112%/8h= −12.2% APRpaid last 24h −0.042%

Price spread now: Jupiter Perps against Bybit−0.030%50s7-day average +0.010% · you buy dearer than you sell

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

Long on Bybit Short on Jupiter Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.150%−$15 on $10k

Price spread, last 4 days (all we have)+0.023%+$2 · spread now −0.030%, 7d avg +0.010%

Together, before fees−0.126%−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Jupiter Perps is 0.039% cheaper against Bybit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.010%). Swap the legs. The two prices were read 50 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	Bybit BTCUSDT	85,815	0.0056	pay 0.0056% / 8h	5h 08m	$5.13B	$8.04B	150x
Short	Jupiter Perps WBTC-PERP	85,789.6	L +0.0104% / S +0.0056%	pay 0.0007% / 1h	8m 30s	—	$79.8M	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Jupiter Perps against Bybit. 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 BybitbpFee Jupiter PerpsbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$23.43
Price spread: −0.030% → +0.010%: −$3.91
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Net: −$50.34
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 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 Bybit live order book, 4 min ago	0.01 bp	5.5 bp −$6	5.9 bp −$59	7.1 bp −$710	8.2 bp −$4,086
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 55 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	−0.042%	$2.1M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,195	+0.443%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0043%	8h	85,800.1	−0.017%	$421.5M	$548.9M	150x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,814.5	−0.001%	$367K	$1.9M	50x	as long as short
SoDEX BTC-USD	−0.0017%	1h	85,801	−0.016%	$65.8M	$187.7M	40x	as long as short
Perpl BTC	0.0000%	43m	85,799.2	−0.018%	$466K	$13.4M	6.7x	as long as short
dYdX BTC-USD	0.0000%	1h	85,844.4	+0.034%	$16.8M	$13.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,798.4	−0.019%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	85,788	−0.031%	$320K	$30.2M	52x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,800	−0.017%	$510.8M	$846.7M	200x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0030%	1h	85,820.8	+0.007%	$191.9M	$751.2M	100x	as long as short
BingX BTC-USDC	+0.0040%	8h	85,804.1	−0.013%	—	$16.1M	—	as long as short
Popdex BTCUSDT	+0.0048%	1h	85,812	−0.004%	$8.6M	$45.5M	100x	as long as short
KuCoin XBTUSDTM	+0.0052%	8h	85,832.5	+0.020%	$940.2M	$635.7M	125x	as long as short
Bybit BTCUSDTlong	+0.0056%	8h	85,815	long leg	$5.13B	$8.04B	150x
HTX BTC-USDT	+0.0066%	8h	85,784.7	−0.035%	$2.27B	$787.1M	200x	as long as short
Phemex BTCUSDT	+0.0071%	8h	85,810.8	−0.005%	$169.7M	$476.0M	150x	as long as short
Gate BTC_USDT	+0.0072%	8h	85,836.8	+0.025%	$5.51B	$9.04B	200x	as long as short
MEXC BTC_USDT	+0.0076%	8h	85,829.6	+0.017%	$5.15B	$4.91B	500x	as long as short
Binance BTCUSDT	+0.0076%	8h	85,815	0.000%	$9.40B	$20.28B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,782.8	−0.038%	$2.4M	$6.8M	20x	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,831.9	+0.020%	$3.00B	$3.89B	150x	as long as short
GRVT BTC_USDT_Perp	+0.0091%	8h	85,780	−0.041%	$215.5M	$132.8M	50x	as long as short
Bullet BTC-USD	+0.0094%	1h	85,796.8	−0.021%	$212K	$3.2M	20x	as long as short
Lighter BTC	+0.0096%	1h	85,849.6	+0.040%	$173.1M	$874.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,844	+0.034%	$23.7M	$121.7M	50x	as long as short
Nado BTC-PERP	+0.0097%	1h	85,781.8	−0.039%	$23.0M	$190.6M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,790	−0.029%	$228K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,864.8	+0.058%	$5.9M	$7.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,870.5	+0.065%	$40.0M	$571.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,822.9	+0.009%	$2.62B	$9.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,809	−0.007%	$3.9M	$14.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,823.3	+0.010%	$4.9M	$91.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,846.4	+0.037%	$713.8M	$100.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,799.9	−0.018%	$38.0M	$194.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,758.6	−0.066%	$155.2M	$472.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,762.7	−0.061%	$289.2M	$737.2M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,763.4	−0.060%	$137.7M	$288.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,786.7	−0.033%	$30.2M	$226.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,839.4	+0.028%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,796	−0.022%	$11.0M	$11.9M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,799.3	−0.018%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,829.4	+0.017%	$143K	$607K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,781.6	−0.039%	$3.3M	$6.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,799.8	−0.018%	$47.0M	$192.7M	50x	as long as short
Jupiter Perps WBTC-PERPshort	L +0.0104% / S +0.0056%	1h	85,789.6	−0.030%	—	$79.8M	500x
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,849.6	+0.040%	$112.5M	$4.94B	50x	as long as short
Hyperliquid BTC	+0.0147%	1h	85,917	+0.119%	$3.94B	$4.17B	40x	as long as short
Kalshi KXBTCPERP	+0.0157%	8h	85,808	−0.008%	$11.9M	$735.3M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0170%	1h	85,785	−0.035%	$6.6M	$129.1M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	85,806.2	−0.010%	$9.0M	$35.7M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0202%	1h	85,851.9	+0.043%	$820.4M	$1.50B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0250%	1h	85,780.6	−0.040%	$15.5M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	85,841.6	+0.031%	$690K	$6.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0368%	1h	85,818.8	+0.004%	$79K	$228K	20x	as long as short