Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.036%

Price spread now: 01 Exchange against Bybit+0.006%7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$200.199% of the position

Long on Bybit Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.092%−$9 on $10k

Price spread, last 7 days+0.010%+$1 · spread now +0.006%, 7d avg −0.005%

Together, before fees−0.083%−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.005%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	85,239.7	0.0100	pay 0.0100% / 8h	1h 46m	$5.14B	$9.99B	150x
Short	01 Exchange BTCUSD	85,244.5	0	get 0.0000% / 1h	46m 12s	$354K	$2.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now +0.006%Rate

Funding earned: −$21
Price spread: +0.006% → −0.005%: $1.04
Slippage, 4 orders: −$1.87
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$39.84
Costs to cover: 0.199%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; 01 Exchange: live order book, 3 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 Bybit live order book, 3 min ago	0.01 bp	5.5 bp −$6	6.5 bp −$65	7.2 bp −$721	8.6 bp −$4,316
Sell 01 Exchange live order book, 3 min ago	0.02 bp	3.7 bp −$4	8.8 bp −$88	doesn't fit	doesn't fit

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	−0.0082%	1h	85,370	+0.153%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,282	+0.050%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0048%	8h	85,231.3	−0.010%	$926.2M	$772.5M	125x	as long as short
BloFin BTC-USDT	−0.0026%	8h	85,251.2	+0.013%	$421.3M	$683.5M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,235.2	−0.005%	$512.3M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,295.6	+0.066%	$16.7M	$21.5M	50x	as long as short
01 Exchange BTCUSDshort	0.0000%	1h	85,244.5	+0.006%	$354K	$2.4M	50x
Perpl BTC	0.0000%	43m	85,264.4	+0.029%	$524K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,251.7	+0.014%	$36.4M	—	200x	as long as short
Nado BTC-PERP	+0.0044%	1h	85,244.9	+0.006%	$24.4M	$222.6M	50x	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	+0.0057%	1h	85,405	+0.194%	$339K	$26.8M	52x	as long as short
ApeX Omni BTCUSDT	+0.0064%	1h	85,295.8	+0.066%	$139.4M	$314.6M	100x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,255.1	+0.018%	—	$1.56B	—	as long as short
Deribit BTC-PERPETUAL	+0.0072%	1h	85,277.5	+0.044%	$864.2M	$1.63B	50x	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,248.9	+0.011%	$2.95B	$5.18B	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,247.4	+0.009%	$186.4M	$956.8M	100x	as long as short
MEXC BTC_USDT	+0.0094%	8h	85,247.7	+0.009%	$5.01B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0094%	8h	85,238.3	−0.002%	$9.42B	$24.98B	150x	as long as short
Phemex BTCUSDT	+0.0096%	8h	85,243.9	+0.005%	$150.0M	$508.7M	150x	as long as short
Lighter BTC	+0.0096%	1h	85,255.2	+0.018%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,255.3	+0.018%	$23.6M	$147.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,240	0.000%	$8.3M	$56.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,232.2	−0.009%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,207	−0.038%	$238K	$8.6M	50x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,262	+0.026%	$59.6M	$336.9M	40x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,311.3	+0.084%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,326	+0.101%	$3.74B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,286.8	+0.055%	$39.9M	$602.6M	50x	as long as short
Bybit BTCUSDTlong	+0.0100%	8h	85,239.7	long leg	$5.14B	$9.99B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,265.3	+0.030%	$2.59B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,240	0.000%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,253.2	+0.016%	$4.6M	$98.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,272.2	+0.038%	$5.49B	$10.97B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,255	+0.018%	$36.7M	$178.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,300.3	+0.071%	$155.0M	$558.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,293.8	+0.064%	$279.5M	$952.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,305.3	+0.077%	$214.1M	$167.2M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,269.7	+0.035%	$30.1M	$205.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,301.3	+0.072%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,234	−0.007%	$11.0M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,233	−0.008%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,240	0.000%	$2.6M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,282.2	+0.050%	$193K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,218.8	−0.024%	$29.9M	$47.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,234.7	−0.006%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,237.6	−0.002%	$2.25B	$969.0M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,294.8	+0.065%	$682.6M	$475.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,217.9	−0.026%	$44.6M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,265.6	+0.030%	—	$107.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,278.9	+0.046%	$116.9M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0124%	1h	85,226.7	−0.015%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,244.1	+0.005%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0193%	8h	85,267	+0.032%	$11.5M	$742.7M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,257.1	+0.020%	$8.7M	$43.2M	25x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,327.4	+0.103%	$689K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0258%	1h	85,322.4	+0.097%	$79K	$229K	20x	as long as short