Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.156%

Price spread now: Bluefin against Derive+0.161%359s7-day average −0.015% · you sell dearer than you buy

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

Long on Derive Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.244%−$24 on $10k

Price spread, last 4 days (all we have)−0.136%−$14 · spread now +0.161%, 7d avg −0.015%

Together, before fees−0.380%−$38 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bluefin is 0.177% dearer against Derive than usual: you sell high and buy low, +$18 on $10k if it goes back to its 7-day average of −0.015%. The two prices were read 359 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	Derive BTC-PERP	85,214.5	0.0100	pay 0.0013% / 1h	30m 00s	$29.9M	$47.0M	15x
Short	Bluefin BTC-PERP	85,352.1	0.0100	get 0.0013% / 1h	30m 00s	$193K	$795K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now +0.161%Rate

Funding earned: $0
Price spread: +0.161% → −0.015%: $17.65
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: $4.65
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Derive: no order-book sample; Bluefin: live order book, 14 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 Bluefin live order book, 14 min ago	1.09 bp	6.5 bp −$7	11.6 bp −$116	doesn't fit	doesn't fit

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	−0.0082%	1h	85,293	+0.092%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,290	+0.089%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,304.7	+0.106%	$927.7M	$773.7M	125x	as long as short
BloFin BTC-USDT	−0.0029%	8h	85,298.9	+0.099%	$421.2M	$682.6M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,312.7	+0.115%	$512.6M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,298.3	+0.098%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,308.7	+0.111%	$493K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,282.8	+0.080%	$16.7M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,312.4	+0.115%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0043%	1h	85,298.8	+0.099%	$24.4M	$222.3M	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	85,247	+0.038%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,318.2	+0.122%	—	$1.56B	—	as long as short
ApeX Omni BTCUSDT	+0.0083%	1h	85,306.3	+0.108%	$139.5M	$314.2M	100x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,305.3	+0.107%	$2.4M	$6.7M	20x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,326.6	+0.131%	$185.6M	$957.9M	100x	as long as short
Bitget BTCUSDT	+0.0089%	8h	85,324.7	+0.129%	$2.96B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,316	+0.119%	$5.01B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,327.3	+0.132%	$9.42B	$24.95B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,326.3	+0.131%	$170.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,326.6	+0.132%	$23.5M	$148.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,294	+0.093%	$8.4M	$56.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,269	+0.064%	$237K	$8.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,321	+0.125%	$5.14B	$9.98B	150x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,355.5	+0.165%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,393	+0.209%	$3.74B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,319.2	+0.123%	$40.2M	$604.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,333.2	+0.139%	$2.59B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,283	+0.080%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,285.1	+0.083%	$5.2M	$99.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,324.5	+0.129%	$5.54B	$11.01B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,311.9	+0.114%	$36.9M	$178.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,275.8	+0.072%	$154.7M	$557.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,254.4	+0.047%	$279.3M	$950.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,296	+0.096%	$214.2M	$166.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,260.2	+0.054%	$30.0M	$203.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,363.4	+0.175%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,304	+0.105%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,309.9	+0.112%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,312.1	+0.114%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	85,352.1	+0.161%	$193K	$795K	40x
Derive BTC-PERPlong	+0.0100%	1h	85,214.5	long leg	$29.9M	$47.0M	15x
SunX BTC-USDT	+0.0100%	8h	85,279	+0.076%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,310	+0.112%	$59.7M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,306.4	+0.108%	$2.26B	$967.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,326.1	+0.131%	$151.8M	$509.8M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,269.9	+0.065%	$683.1M	$415.1M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0104%	1h	85,352.2	+0.162%	$862.2M	$1.64B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,289.2	+0.088%	$44.8M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,312.9	+0.115%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,355.8	+0.166%	$115.8M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0128%	1h	85,307.5	+0.109%	$6.6M	$147.6M	40x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,327	+0.132%	$11.8M	$740.7M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,315.9	+0.119%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,308.5	+0.110%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,332.6	+0.139%	$685K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0264%	1h	85,293.8	+0.093%	$79K	$230K	20x	as long as short