Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.056%

Price spread now: Perpl against Coinbase International−0.066%50s7-day average −0.030% · you buy dearer than you sell

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

Long on Coinbase International Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.320%+$32 on $10k

Price spread, last 3 days (all we have)+0.042%+$4 · spread now −0.066%, 7d avg −0.030%

Together, before fees+0.361%+ Points / potential airdropPerpl: Active · farm board+$36 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Perpl is 0.036% cheaper against Coinbase International than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.030%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.320%, so the current rate has only just turned against you. 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	Coinbase International BTC-PERP-INTX	86,413.3	0.0120	pay 0.0015% / 1h	33m 18s	$132.1M	$5.42B	50x
Short	Perpl BTC	86,355.9	0	get 0.0000% / 43m	12m 18s	$483K	$21.6M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Coinbase International. 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 Coinbase InternationalbpFee PerplbpOrdersPrice spread, now −0.066%Rate

Funding earned: −$25.2
Price spread: −0.066% → −0.030%: −$3.61
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$52.61
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 1 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 Coinbase International live order book, 1 min ago	0.01 bp	5.0 bp −$5	5.3 bp −$53	5.9 bp −$589	12.2 bp −$6,088
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
Bluefin BTC-PERP	−0.0544%	1h	86,340.1	−0.085%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,337	−0.088%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,397	−0.019%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,349.5	−0.074%	$360K	$2.4M	50x	as long as short
Perpl BTCshort	0.0000%	43m	86,355.9	−0.066%	$483K	$21.6M	6.7x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,331.1	−0.095%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0020%	8h	86,356.2	−0.066%	$500.8M	$1.14B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,430	+0.019%	$333K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0027%	1h	86,393.1	−0.023%	$16.9M	$20.5M	50x	as long as short
KuCoin XBTUSDTM	+0.0039%	8h	86,346.3	−0.077%	$830.0M	$720.7M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0044%	1h	86,332.3	−0.094%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0050%	8h	86,314.8	−0.114%	—	$1.57B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,363.5	−0.058%	$8.3M	$42.5M	25x	as long as short
Bitget BTCUSDT	+0.0062%	8h	86,337.2	−0.088%	$2.97B	$5.04B	150x	as long as short
Phemex BTCUSDT	+0.0068%	8h	86,368.5	−0.052%	$153.9M	$473.9M	150x	as long as short
MEXC BTC_USDT	+0.0077%	8h	86,347.6	−0.076%	$5.12B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0077%	8h	86,310.1	−0.119%	$9.39B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,292.4	−0.140%	$2.5M	$1.7M	20x	as long as short
HTX BTC-USDT	+0.0081%	8h	86,345.2	−0.079%	$2.29B	$964.6M	200x	as long as short
Lighter BTC	+0.0096%	1h	86,387.3	−0.030%	$170.5M	$985.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,378.9	−0.040%	$23.7M	$149.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,340	−0.085%	$8.4M	$51.9M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	86,368	−0.052%	$60.4M	$338.2M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,319	−0.109%	$203K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,399.1	−0.016%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,353.6	−0.069%	$22.0M	$228.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,405	−0.010%	$3.79B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,406.1	−0.008%	$40.7M	$551.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,316.6	−0.112%	$5.25B	$9.67B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,320.1	−0.108%	$2.56B	$12.49B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,382	−0.036%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,402.3	−0.013%	$7.2M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,348	−0.076%	$573.1M	$19.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,320.9	−0.107%	$5.81B	$10.53B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,368	−0.052%	$37.6M	$156.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,400.1	−0.015%	$158.2M	$561.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,352.6	−0.070%	$278.9M	$950.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,334.3	−0.091%	$216.8M	$165.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,397.4	−0.018%	$141.7M	$321.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,338	−0.087%	$30.6M	$209.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,390.1	−0.027%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,340	−0.085%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,311	−0.118%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,307.9	−0.122%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,397.6	−0.018%	$30.5M	$58.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,355	−0.067%	$3.4M	$5.2M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,295.8	−0.136%	$45.9M	$222.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,356.1	−0.066%	—	$98.7M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0104%	1h	86,413.3	0.000%	$903.1M	$1.51B	50x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0120%	1h	86,413.3	long leg	$132.1M	$5.42B	50x
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,402.9	−0.012%	$192.2M	$941.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	86,398.1	−0.018%	$77K	$217K	20x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,382.3	−0.036%	$710K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0198%	8h	86,325.6	−0.101%	$415.6M	$646.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0218%	1h	86,328.5	−0.098%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	86,387	−0.030%	$10.0M	$762.2M	6.4x	as long as short