Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.020%

Price spread now: edgeX against Derive+0.062%7-day average −0.019% · you sell dearer than you buy

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

Long on Derive Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.158%−$16 on $10k

Price spread, last 4 days (all we have)−0.015%−$2 · spread now +0.062%, 7d avg −0.019%

Together, before fees−0.174%+ Points / potential airdropedgeX: Active · farm board−$17 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: edgeX is 0.081% dearer against Derive than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	85,427.3	0.0100	pay 0.0013% / 1h	25m 15s	$30.0M	$50.1M	15x
Short	edgeX BTCUSDC	85,480.4	0.0100	get 0.0050% / 4h	3h 25m	$279.2M	$928.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.062%Rate

Funding earned: $0
Price spread: +0.062% → −0.019%: $8.12
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$6.88
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; edgeX: live order book, 4 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 edgeX live order book, 4 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	4.8 bp −$483	5.7 bp −$2,869

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	−0.0140%	1h	85,490	+0.073%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,452	+0.029%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0042%	8h	85,429.3	+0.002%	$917.8M	$757.4M	125x	as long as short
BloFin BTC-USDT	−0.0021%	8h	85,435.4	+0.010%	$419.0M	$675.3M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,451.2	+0.028%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0002%	8h	85,431.9	+0.005%	$514.5M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,468	+0.048%	$501K	$18.7M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,450.2	+0.027%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0004%	1h	85,455.1	+0.033%	$24.5M	$223.3M	50x	as long as short
dYdX BTC-USD	+0.0038%	1h	85,485.8	+0.068%	$16.8M	$21.2M	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	+0.0044%	1h	85,514	+0.102%	$339K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0062%	1h	85,434	+0.008%	$59.9M	$336.0M	40x	as long as short
BingX BTC-USDT	+0.0065%	8h	85,433.5	+0.007%	—	$1.54B	—	as long as short
Deribit BTC-PERPETUAL	+0.0071%	1h	85,477.6	+0.059%	$884.7M	$1.59B	50x	as long as short
Phemex BTCUSDT	+0.0073%	8h	85,437.3	+0.012%	$148.3M	$495.6M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,427.5	0.000%	$2.95B	$5.11B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,453.9	+0.031%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,453.8	+0.031%	$24.0M	$148.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,439	+0.014%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,422	−0.006%	$2.7M	$2.0M	20x	as long as short
MEXC BTC_USDT	+0.0099%	8h	85,433	+0.007%	$5.06B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0099%	8h	85,435.5	+0.010%	$9.43B	$24.42B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,433	+0.007%	$208K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,523.5	+0.113%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,515	+0.103%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,498	+0.083%	$40.1M	$588.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,434.8	+0.009%	$5.18B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,446.9	+0.023%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,450	+0.027%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,451.4	+0.028%	$4.7M	$100.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,517.4	+0.106%	$680.3M	$725.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,437.1	+0.011%	$5.53B	$10.81B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,454.9	+0.032%	$36.2M	$179.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453	+0.030%	$154.1M	$565.9M	—	as long as short
edgeX BTCUSDCshort	+0.0100%	4h	85,480.4	+0.062%	$279.2M	$928.6M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	85,538.4	+0.130%	$215.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,498.2	+0.083%	$139.9M	$315.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,486	+0.069%	$30.2M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,509.6	+0.096%	—	$11.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,439	+0.014%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,435	+0.009%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,430.7	+0.004%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,478.1	+0.059%	$206K	$738K	40x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	85,427.3	long leg	$30.0M	$50.1M	15x
SunX BTC-USDT	+0.0100%	8h	85,433	+0.007%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,433.6	+0.007%	$2.26B	$948.8M	200x	as long as short
Reya BTCRUSDPERP	+0.0100%	1h	85,430.9	+0.004%	$6.6M	$147.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,404.2	−0.027%	$45.1M	$233.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,476.5	+0.058%	—	$107.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,478	+0.059%	$117.2M	$5.25B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,454.1	+0.031%	$187.6M	$954.8M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,470	+0.050%	$8.6M	$43.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0149%	1h	85,450.8	+0.028%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0182%	8h	85,490	+0.073%	$11.7M	$754.3M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,520.9	+0.110%	$697K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0252%	1h	85,524.2	+0.114%	$78K	$221K	20x	as long as short