Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.029%

Price spread now: Bitget against Derive+0.013%7-day average −0.004% · you sell dearer than you buy

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

Long on Derive Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.078%+$8 · spread now +0.013%, 7d avg −0.004%

Together, before fees+0.081%+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.004%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	85,626.4	0.0100	pay 0.0013% / 1h	35m 51s	$30.0M	$52.6M	15x
Short	Bitget BTCUSDT	85,637.6	0.0068	get 0.0068% / 8h	5h 35m	$2.95B	$5.02B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Derive. 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 DerivebpFee BitgetbpOrdersPrice spread, now +0.013%Rate

Funding earned: −$6.72
Price spread: +0.013% → −0.004%: $1.67
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$23.05
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Bitget: live order book, 3 min ago. 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 Derive no order-book sample	—	—	—	—	—
Sell Bitget live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.0 bp −$705	8.7 bp −$4,360

Derive: 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
Phoenix BTC	−0.0160%	1h	85,585	−0.048%	$2.2M	$10.3M	40x	as long as short
Bluefin BTC-PERP	−0.0097%	1h	85,672.1	+0.053%	$196K	$722K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,589	−0.044%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,615.6	−0.013%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,617.3	−0.011%	$415.9M	$663.5M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,640.3	+0.016%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,641.9	+0.018%	$36.7M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,615	−0.013%	$22.9M	$221.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	85,619	−0.009%	$917.2M	$753.1M	125x	as long as short
Aster BTCUSDT	+0.0016%	8h	85,609.4	−0.020%	$515.8M	$1.11B	200x	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	+0.0054%	8h	85,616.9	−0.011%	—	$17.0M	—	as long as short
HTX BTC-USDT	+0.0064%	8h	85,622.5	−0.005%	$2.27B	$933.6M	200x	as long as short
Reya BTCRUSDPERP	+0.0067%	1h	85,598.7	−0.032%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDTshort	+0.0068%	8h	85,637.6	+0.013%	$2.95B	$5.02B	150x
Phemex BTCUSDT	+0.0070%	8h	85,639.4	+0.015%	$148.3M	$478.9M	150x	as long as short
SunX BTC-USDT	+0.0078%	8h	85,607.4	−0.022%	$2.9M	$6.1M	100x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	−0.057%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,625.6	−0.001%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,640	+0.016%	$5.05B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,630.1	+0.004%	$9.35B	$23.90B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0088%	1h	85,676.6	+0.059%	$893.1M	$1.52B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,648.7	+0.026%	$170.0M	$988.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,643.4	+0.020%	$23.9M	$148.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,615	−0.013%	$8.4M	$51.9M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,686.7	+0.070%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,588	−0.045%	$197K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,699	+0.085%	$3.78B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,671.2	+0.052%	$40.5M	$573.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,636.2	+0.011%	$5.33B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,628.1	+0.002%	$2.57B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,652	+0.030%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,597.6	−0.034%	$7.2M	$97.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	−0.074%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,635.6	+0.011%	$5.55B	$10.48B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,623.8	−0.003%	$35.3M	$172.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,622.5	−0.005%	$155.0M	$548.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,550.1	−0.089%	$278.9M	$928.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,558.4	−0.079%	$214.7M	$165.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,549.6	−0.090%	$140.0M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,552.7	−0.086%	$30.3M	$210.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,650.3	+0.028%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,613	−0.016%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,621	−0.006%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,627.3	+0.001%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	85,626.4	long leg	$30.0M	$52.6M	15x
SoDEX BTC-USD	+0.0100%	1h	85,635	+0.010%	$60.0M	$336.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,621.2	−0.006%	$44.0M	$227.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,617.6	−0.010%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,674	+0.056%	$130.9M	$5.10B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,642.1	+0.018%	$8.3M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,665.4	+0.046%	$188.6M	$948.7M	100x	as long as short
Aftermath Perps BTCUSD	+0.0190%	1h	85,588.2	−0.045%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,605.5	−0.024%	$700K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,633.3	+0.008%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0214%	8h	85,639	+0.015%	$10.5M	$760.3M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,666.2	+0.046%	$521K	$19.4M	6.7x	as long as short