Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:33 UTC−0.0233%/8h= −25.5% APRpaid last 24h −0.062%

Price spread now: Perpl against Deribit+0.008%69s7-day average −0.036% · you sell dearer than you buy

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

Long on Deribit Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.300%+$30 on $10k

Price spread, last 4 days (all we have)+0.033%+$3 · spread now +0.008%, 7d avg −0.036%

Together, before fees+0.332%+ Points / potential airdropPerpl: Active · farm board+$33 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.044% dearer against Deribit than usual: you sell high and buy low (spread +0.008% now, against its 7-day average of −0.036%): +$4 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 15 hours. Mind the row above: over the last 7 days funding on this pair paid +0.300%, so the current rate has only just turned against you. The two prices were read 69 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	Deribit BTC-PERPETUAL	86,221.4	0.0233	pay 0.0029% / 1h	57m 02s	$822.6M	$1.52B	50x
Short	Perpl BTC	86,228.2	0	get 0.0000% / 43m	38m 02s	$483K	$13.8M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Deribit. 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 DeribitbpFee PerplbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$48.87
Price spread: +0.008% → −0.036%: $4.41
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$65.26
Costs to cover: 0.208%
Break-even: never at this rate

Slippage unknown: Deribit: 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 Deribit live order book, 5 min ago	0.03 bp	3.5 bp −$4	5.5 bp −$55	9.2 bp −$922	15.1 bp −$7,548
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 55 exchanges

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	86,197	−0.028%	$8K	$2K	50x	as long as short
SoDEX BTC-USD	−0.0034%	1h	86,164	−0.067%	$66.0M	$188.1M	40x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,160.2	−0.071%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,159.8	−0.071%	$421.0M	$566.8M	150x	as long as short
ApeX Omni BTCUSDT	−0.0004%	1h	86,185.3	−0.042%	$138.2M	$295.1M	100x	as long as short
dYdX BTC-USD	0.0000%	1h	86,162.9	−0.068%	$16.9M	$14.5M	50x	as long as short
Perpl BTCshort	0.0000%	43m	86,228.2	+0.008%	$483K	$13.8M	6.7x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,178.5	−0.050%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,214	−0.009%	$301K	$26.1M	52x	as long as short
BingX BTC-USDT	+0.0029%	8h	86,167.9	−0.062%	—	$1.34B	—	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,186.1	−0.041%	$191.8M	$775.3M	100x	as long as short
Aster BTCUSDT	+0.0032%	8h	86,160.5	−0.071%	$513.5M	$880.2M	200x	as long as short
Bybit BTCUSDT	+0.0037%	8h	86,173.7	−0.055%	$5.15B	$8.18B	150x	as long as short
Phoenix BTC	+0.0053%	1h	86,185	−0.042%	$2.0M	$7.8M	40x	as long as short
KuCoin XBTUSDTM	+0.0053%	8h	86,171	−0.058%	$943.3M	$638.0M	125x	as long as short
Gate BTC_USDT	+0.0070%	8h	86,171.7	−0.058%	$5.52B	$8.87B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,151	−0.082%	$8.8M	$45.6M	100x	as long as short
Phemex BTCUSDT	+0.0080%	8h	86,164.7	−0.066%	$170.7M	$480.3M	150x	as long as short
Lighter BTC	+0.0096%	1h	86,184.5	−0.043%	$173.9M	$850.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,186.6	−0.040%	$23.6M	$118.4M	50x	as long as short
Bitget BTCUSDT	+0.0096%	8h	86,166.5	−0.064%	$2.99B	$3.99B	150x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,147.4	−0.086%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,128	−0.108%	$219K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,213.3	−0.009%	$6.0M	$7.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,156.1	−0.076%	$23.7M	$197.1M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,187.5	−0.039%	$40.4M	$570.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,164.1	−0.066%	$9.46B	$20.73B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,170.7	−0.059%	$2.62B	$9.55B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,156	−0.076%	$4.0M	$15.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,185	−0.042%	$4.2M	$90.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,033.4	−0.218%	$714.5M	$139.4M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,164.5	−0.066%	$5.18B	$4.81B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,159.8	−0.071%	$38.7M	$195.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,112.6	−0.126%	$157.8M	$476.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,094.9	−0.147%	$289.8M	$841.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,177.2	−0.051%	$216.5M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,183.5	−0.044%	$30.3M	$222.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,215.8	−0.007%	—	$9.3M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,159	−0.072%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,172.5	−0.057%	$206K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,159.2	−0.072%	$2.7M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,209.1	−0.014%	$195K	$564K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,171.6	−0.058%	$3.2M	$6.7M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,160.3	−0.071%	$2.28B	$806.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,142.2	−0.092%	$46.9M	$203.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,162.5	−0.068%	—	$81.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,214.4	−0.008%	$112.4M	$4.99B	50x	as long as short
Kalshi KXBTCPERP	+0.0161%	8h	86,191	−0.035%	$11.8M	$732.2M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0162%	1h	86,134.9	−0.100%	$6.6M	$131.1M	40x	as long as short
Hyperliquid BTC	+0.0168%	1h	86,266	+0.052%	$3.97B	$4.41B	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,207.6	−0.016%	$8.9M	$37.4M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0209% / S −0.0248%	1h	86,178.9	−0.049%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUALlong	+0.0233%	1h	86,221.4	long leg	$822.6M	$1.52B	50x
Hibachi BTC/USDT-P	+0.0344%	1h	86,238.4	+0.020%	$718K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0442%	1h	86,205.9	−0.018%	$82K	$244K	20x	as long as short