Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0022%/8h= +2.4% APRpaid last 24h −0.001%

Price spread now: Vest against Bybit−0.034%7-day average +0.005% · you buy dearer than you sell

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

Long on Bybit Short on Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.020%−$2 on $10k

Price spread, last 7 days+0.043%+$4 · spread now −0.034%, 7d avg +0.005%

Together, before fees+0.023%+ Points / potential airdropVest: Active · farm board+$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Vest is 0.038% cheaper against Bybit than usual: you would sell low and buy high (spread −0.034% now, against its 7-day average of +0.005%). If the spread goes back, that is −$4 on $10k: about 5.9 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	87,275.6	0.0078	pay 0.0078% / 8h	3h 32m	$5.34B	$9.54B	150x
Short	Vest BTC-PERP	87,246.3	0.0100	get 0.0013% / 1h	32m 29s	—	$11.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 VestbpOrdersPrice spread, now −0.034%Rate

Funding earned: $4.53
Price spread: −0.034% → +0.005%: −$3.81
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Vest: 1 bp × 2 orders: −$2
Net: −$12.28
Costs to cover: 0.130%
Break-even: 26.0 days

Slippage unknown: Bybit: live order book, 2 min ago; Vest: 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, 2 min ago	0.01 bp	5.5 bp −$6	5.7 bp −$57	6.5 bp −$648	8.6 bp −$4,296
Sell Vest no order-book sample	—	—	—	—	—

Vest: 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
dYdX BTC-USD	−0.0137%	1h	87,306.5	+0.035%	$18.3M	$19.7M	50x	as long as short
Phoenix BTC	−0.0123%	1h	86,923	−0.404%	$2.2M	$12.0M	40x	as long as short
Perpl BTC	−0.0112%	43m	87,252.2	−0.027%	$415K	$25.9M	6.7x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	87,268	−0.009%	$9K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0037%	1h	86,966.3	−0.354%	$87K	$180K	20x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	87,243	−0.037%	$295K	$2.4M	50x	as long as short
ApeX Omni BTCUSDT	−0.0021%	1h	86,943.4	−0.381%	$141.9M	$321.9M	100x	as long as short
KuCoin XBTUSDTM	−0.0005%	8h	87,223.2	−0.060%	$848.2M	$685.0M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	87,239.9	−0.041%	$37.3M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0008%	1h	86,952.4	−0.370%	$932.9M	$1.31B	50x	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	+0.0010%	8h	87,230.6	−0.052%	—	$15.2M	—	as long as short
RISEx BTC/USDC	+0.0010%	1h	87,245.6	−0.034%	$8.7M	$40.8M	25x	as long as short
Bitget BTCUSDT	+0.0013%	8h	87,216.6	−0.068%	$2.98B	$5.03B	150x	as long as short
Reya BTCRUSDPERP	+0.0016%	1h	87,205.7	−0.080%	$7.0M	$141.8M	40x	as long as short
Aster BTCUSDT	+0.0028%	8h	87,235.4	−0.046%	$510.5M	$1.15B	200x	as long as short
Phemex BTCUSDT	+0.0033%	8h	87,227.4	−0.055%	$154.3M	$453.6M	150x	as long as short
Injective BTC/USDC PERP	+0.0035%	1h	86,952	−0.371%	$328K	$26.9M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0036%	8h	87,305.1	+0.034%	$2.62B	$12.62B	100x	as long as short
Kraken Futures PF_XBTUSD	+0.0041%	1h	86,948.9	−0.374%	$200.1M	$902.1M	100x	as long as short
MEXC BTC_USDT	+0.0044%	8h	87,217	−0.067%	$5.17B	$5.50B	500x	as long as short
Binance BTCUSDT	+0.0044%	8h	87,229	−0.053%	$9.62B	$23.94B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,901.6	−0.429%	$2.4M	$1.3M	20x	as long as short
SoDEX BTC-USD	+0.0051%	1h	86,892	−0.440%	$61.3M	$311.8M	40x	as long as short
Gate BTC_USDT	+0.0061%	8h	87,248.5	−0.031%	$5.95B	$10.41B	200x	as long as short
Bybit BTCUSDTlong	+0.0078%	8h	87,275.6	long leg	$5.34B	$9.54B	150x
Bulk BTC-USD	+0.0090%	1h	87,280.5	+0.006%	$575.7M	$25.9M	40x	as long as short
Orderly PERP_BTC_USDC	+0.0091%	8h	86,919.8	−0.408%	$2.4M	$8.0M	100x	as long as short
Variational Omni BTC	+0.0092%	8h	86,903.5	−0.426%	$165.1M	$544.5M	—	as long as short
Lighter BTC	+0.0096%	1h	87,288.5	+0.015%	$174.2M	$997.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	87,336.6	+0.070%	$24.7M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	87,223	−0.060%	$8.5M	$51.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0099%	8h	86,929.1	−0.397%	$218.2M	$185.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	87,291.9	+0.019%	$4.3M	$7.7M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	87,226	−0.057%	$181K	$6.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	87,261.4	−0.016%	$23.4M	$234.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	87,312.3	+0.042%	$37.0M	$459.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	87,243	−0.037%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	87,289.4	+0.016%	$7.5M	$93.9M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	87,234	−0.048%	$38.8M	$143.1M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,936.3	−0.389%	$285.6M	$916.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,875.9	−0.458%	$30.8M	$206.1M	40x	as long as short
Vest BTC-PERPshort	+0.0100%	1h	87,246.3	−0.034%	—	$11.6M	50x
Polymarket Perps BTC-USD	+0.0100%	1h	87,230	−0.052%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	87,224.7	−0.058%	$240K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,908.1	−0.421%	$151K	$527K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,920.9	−0.406%	$30.2M	$60.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,871.8	−0.463%	$3.4M	$5.7M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	87,300.5	+0.029%	$2.32B	$927.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	87,191	−0.097%	$46.6M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	87,135.9	−0.160%	—	$89.0M	500x	as long as short
Hibachi BTC/USDT-P	+0.0112%	1h	86,949.1	−0.374%	$602K	$6.8M	30x	as long as short
Kalshi KXBTCPERP	+0.0115%	8h	86,974	−0.346%	$9.4M	$712.8M	6.4x	as long as short
Coinbase International BTC-PERP-INTX	+0.0136%	1h	86,958.7	−0.363%	$132.1M	$5.95B	50x	as long as short
BloFin BTC-USDT	+0.0165%	8h	86,924.3	−0.403%	$422.5M	$630.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0177% / S −0.0193%	1h	87,235.4	−0.046%	$13.9M	—	200x	as long as short
Hyperliquid BTC	+0.0264%	1h	87,311	+0.041%	$4.03B	$4.91B	40x	as long as short