Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:29 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.041%

Price spread now: Perpl against Bybit+0.054%7-day average +0.017% · you sell dearer than you buy

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

Long on Bybit Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.342%+$34 on $10k

Price spread, last 7 days+0.067%+$7 · spread now +0.054%, 7d avg +0.017%

Together, before fees+0.409%+ Points / potential airdropPerpl: Active · farm board+$41 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.037% dearer against Bybit than usual: you sell high and buy low (spread +0.054% now, against its 7-day average of +0.017%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 31 hours. Mind the row above: over the last 7 days funding on this pair paid +0.342%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	86,339.3	0.0097	pay 0.0097% / 8h	24m 00s	$5.25B	$9.81B	150x
Short	Perpl BTC	86,385.8	0	get 0.0000% / 43m	20m 00s	$414K	$22.9M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.054%Rate

Funding earned: −$20.27
Price spread: +0.054% → +0.017%: $3.71
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$41.36
Costs to cover: 0.248%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 5 min ago; Perpl: 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, 5 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.6 bp −$561	7.7 bp −$3,854
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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
Phoenix BTC	−0.0118%	1h	86,430	+0.105%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,369	+0.034%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.265%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,380.6	+0.048%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,385.4	+0.053%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,341.1	+0.002%	$500.9M	$1.15B	200x	as long as short
Perpl BTCshort	0.0000%	43m	86,385.8	+0.054%	$414K	$22.9M	6.7x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,369.5	+0.035%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,344.7	+0.006%	$849.2M	$715.7M	125x	as long as short
Reya BTCRUSDPERP	+0.0032%	1h	86,348.8	+0.011%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0042%	8h	86,325.2	−0.016%	—	$15.4M	—	as long as short
Deribit BTC-PERPETUAL	+0.0048%	1h	86,379.3	+0.046%	$914.5M	$1.48B	50x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,340.9	+0.002%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0053%	8h	86,346.7	+0.009%	$150.2M	$478.5M	150x	as long as short
dYdX BTC-USD	+0.0062%	1h	86,399.5	+0.070%	$16.9M	$21.2M	50x	as long as short
MEXC BTC_USDT	+0.0069%	8h	86,348.3	+0.010%	$5.16B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,339.7	0.000%	$9.41B	$24.59B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,328.2	−0.013%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,335.6	−0.004%	$5.85B	$10.78B	200x	as long as short
SoDEX BTC-USD	+0.0087%	1h	86,336	−0.004%	$60.2M	$338.0M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,347.1	+0.009%	$170.3M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,357.8	+0.021%	$23.9M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,368	+0.033%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDTlong	+0.0097%	8h	86,339.3	long leg	$5.25B	$9.81B	150x
Katana Perps BTC-USD	+0.0100%	8h	86,356	+0.019%	$199K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,421.2	+0.095%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,418.9	+0.092%	$22.0M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,418	+0.091%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,415.4	+0.088%	$41.0M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,347.5	+0.009%	$2.55B	$12.72B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,395	+0.065%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,416.3	+0.089%	$7.5M	$95.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,330	−0.011%	$38.0M	$156.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,405.8	+0.077%	$157.3M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,448.6	+0.127%	$279.2M	$945.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,418.1	+0.091%	$217.0M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,461.9	+0.142%	$141.4M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,411	+0.083%	$30.6M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,415.6	+0.088%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,355	+0.018%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,354	+0.017%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,340.2	+0.001%	$2.4M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,364.8	+0.030%	$140K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,375.6	+0.042%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,338.1	−0.001%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,329	−0.012%	$2.29B	$969.6M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.145%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,323.9	−0.018%	$45.6M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,436	+0.112%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,368.8	+0.034%	$191.6M	$955.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,393.6	+0.063%	$132.3M	$5.64B	50x	as long as short
Aftermath Perps BTCUSD	+0.0150%	1h	86,461.1	+0.141%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,443.5	+0.121%	$727K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,399.8	+0.070%	$416.8M	$658.1M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0196% / S −0.0219%	1h	86,364	+0.029%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,402	+0.073%	$9.7M	$748.6M	6.4x	as long as short