Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.032%

Price spread now: Binance against Deribit+0.021%7-day average −0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

costs, in and out, $10k−$170.171% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.018%−$2 on $10k

Price spread, last 4 days (all we have)−0.056%−$6 · spread now +0.021%, 7d avg −0.050%

Together, before fees−0.074%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.071% dearer against Deribit than usual: you sell high and buy low (spread +0.021% now, against its 7-day average of −0.050%): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.5 days. At the pace of the last 7 days (−0.018% in total) that is about 27 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	85,195.2	0.0167	pay 0.0021% / 1h	20m 33s	$840.4M	$1.67B	50x
Short	Binance BTCUSDT	85,213.2	0.0100	get 0.0100% / 8h	20m 33s	$9.38B	$25.15B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now +0.021%Rate

Funding earned: −$14.02
Price spread: +0.021% → −0.050%: $7.08
Slippage, 4 orders: −$0.07
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$24.01
Costs to cover: 0.171%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; Binance: live order book, 9 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 Deribit live order book, 4 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	4.7 bp −$470	10.6 bp −$5,303
Sell Binance live order book, 9 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.2 bp −$516	6.9 bp −$3,467

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
Hotstuff BTC-PERP	−0.0080%	1h	85,160	−0.041%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,189	−0.007%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,150.1	−0.053%	$421.9M	$685.2M	150x	as long as short
KuCoin XBTUSDTM	−0.0016%	8h	85,169.1	−0.031%	$927.4M	$777.8M	125x	as long as short
Aster BTCUSDT	0.0000%	8h	85,205.5	+0.012%	$509.1M	$1.08B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,208.9	+0.016%	$343K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,160.7	−0.041%	$36.4M	—	200x	as long as short
dYdX BTC-USD	+0.0007%	1h	85,179.3	−0.019%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,165.1	−0.035%	$185.6M	$955.6M	100x	as long as short
ApeX Omni BTCUSDT	+0.0058%	1h	85,166	−0.034%	$139.5M	$312.5M	100x	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	+0.0064%	8h	85,158.7	−0.043%	—	$17.4M	—	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,181	−0.017%	$302K	$25.3M	52x	as long as short
Bybit BTCUSDT	+0.0080%	8h	85,198.2	+0.004%	$5.10B	$10.03B	150x	as long as short
Nado BTC-PERP	+0.0086%	1h	85,173.5	−0.026%	$24.0M	$220.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,182.5	−0.015%	$168.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,181.1	−0.017%	$23.6M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,213	+0.021%	$8.4M	$57.7M	100x	as long as short
Bitget BTCUSDT	+0.0096%	8h	85,180.7	−0.017%	$2.97B	$5.21B	150x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,149.1	−0.054%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,172	−0.027%	$268K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,213.9	+0.022%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,247	+0.061%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,197.2	+0.002%	$40.3M	$606.1M	50x	as long as short
Binance BTCUSDTshort	+0.0100%	8h	85,213.2	+0.021%	$9.38B	$25.15B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,200.8	+0.007%	$2.60B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,187	−0.010%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,201.4	+0.007%	$4.7M	$97.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,294.4	+0.116%	$693.5M	$241.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,189.9	−0.006%	$5.47B	$11.13B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,182.1	−0.015%	$5.03B	$5.76B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,145.6	−0.058%	$36.9M	$188.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,136.5	−0.069%	$156.2M	$549.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,142.9	−0.061%	$282.3M	$957.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,184	−0.013%	$213.9M	$159.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,160.1	−0.041%	$30.0M	$212.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,253.1	+0.068%	—	$10.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,171	−0.028%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,160	−0.041%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,161.6	−0.039%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,191.4	−0.004%	$193K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,139.1	−0.066%	$29.5M	$45.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,176.7	−0.022%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,154	−0.048%	$59.7M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,161	−0.040%	$2.25B	$973.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,153.8	−0.049%	$158.7M	$516.0M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,157.3	−0.045%	$45.4M	$241.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,163.7	−0.037%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,184.1	−0.013%	$111.6M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0141%	1h	85,144.1	−0.060%	$6.6M	$143.4M	40x	as long as short
Deribit BTC-PERPETUALlong	+0.0167%	1h	85,195.2	long leg	$840.4M	$1.67B	50x
Kalshi KXBTCPERP	+0.0170%	8h	85,187	−0.010%	$12.1M	$737.3M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,213.1	+0.021%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0147%	1h	85,159.7	−0.042%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,201.5	+0.007%	$678K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0289%	1h	85,208.2	+0.015%	$81K	$254K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,170	−0.030%	$458K	$18.4M	6.7x	as long as short