Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.007%

Price spread now: Polymarket Perps against Derive+0.039%50s7-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 Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.093%+$9 on $10k

Price spread, last 3 days (all we have)+0.097%+$10 · spread now +0.039%, 7d avg +0.004%

Together, before fees+0.190%+$19 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: Polymarket Perps is 0.036% dearer against Derive than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.004%. The two prices were read 50 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	86,680	0.0100	pay 0.0013% / 1h	43m 32s	$30.3M	$60.5M	15x
Short	Polymarket Perps BTC-USD	86,714	0.0100	get 0.0013% / 1h	43m 32s	$11.0M	$13.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Derive. 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 DerivebpFee Polymarket PerpsbpOrdersPrice spread, now +0.039%Rate

Funding earned: $0
Price spread: +0.039% → +0.004%: $3.57
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$10.43
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Polymarket Perps: live order book, 6 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 Polymarket Perps live order book, 6 min ago	0.06 bp	4.1 bp −$4	5.3 bp −$53	7.6 bp −$756	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
dYdX BTC-USD	−0.0186%	1h	86,712.8	+0.038%	$18.2M	$19.4M	50x	as long as short
Phoenix BTC	−0.0123%	1h	86,794	+0.132%	$2.1M	$12.0M	40x	as long as short
Perpl BTC	−0.0112%	43m	86,730.2	+0.058%	$396K	$25.8M	6.7x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,674	−0.007%	$9K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0041%	1h	86,728.9	+0.056%	$86K	$166K	20x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,722	+0.049%	$303K	$2.4M	50x	as long as short
ApeX Omni BTCUSDT	−0.0018%	1h	86,761.4	+0.094%	$141.1M	$321.0M	100x	as long as short
KuCoin XBTUSDTM	−0.0008%	8h	86,696.9	+0.020%	$845.5M	$676.1M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,701.5	+0.025%	$37.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0009%	8h	86,736.2	+0.065%	$421.7M	$622.2M	150x	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	+0.0009%	8h	86,704.3	+0.028%	—	$14.9M	—	as long as short
RISEx BTC/USDC	+0.0010%	1h	86,726.3	+0.054%	$9.1M	$39.7M	25x	as long as short
Bitget BTCUSDT	+0.0011%	8h	86,700	+0.023%	$2.97B	$4.92B	150x	as long as short
Reya BTCRUSDPERP	+0.0012%	1h	86,715.3	+0.041%	$7.0M	$141.0M	40x	as long as short
Aster BTCUSDT	+0.0025%	8h	86,690	+0.012%	$508.5M	$1.13B	200x	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,682.4	+0.003%	$152.7M	$449.1M	150x	as long as short
Injective BTC/USDC PERP	+0.0035%	1h	86,578	−0.118%	$327K	$26.9M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0035%	8h	86,700.2	+0.023%	$2.63B	$12.27B	100x	as long as short
SoDEX BTC-USD	+0.0036%	1h	86,660	−0.023%	$61.2M	$311.6M	40x	as long as short
Aevo BTC-PERP	+0.0040%	1h	86,669.5	−0.012%	$2.4M	$1.3M	20x	as long as short
Kraken Futures PF_XBTUSD	+0.0041%	1h	86,712.8	+0.038%	$184.9M	$865.6M	100x	as long as short
Binance BTCUSDT	+0.0042%	8h	86,700	+0.023%	$9.56B	$23.48B	150x	as long as short
MEXC BTC_USDT	+0.0043%	8h	86,700	+0.023%	$5.18B	$5.37B	500x	as long as short
Gate BTC_USDT	+0.0059%	8h	86,695.9	+0.018%	$5.96B	$10.26B	200x	as long as short
Bybit BTCUSDT	+0.0079%	8h	86,708.2	+0.033%	$5.32B	$9.28B	150x	as long as short
Bulk BTC-USD	+0.0079%	1h	86,622.3	−0.067%	$571.5M	$34.2M	40x	as long as short
Popdex BTCUSDT	+0.0088%	1h	86,700	+0.023%	$8.5M	$50.1M	100x	as long as short
Variational Omni BTC	+0.0089%	8h	86,748.2	+0.079%	$165.3M	$541.5M	—	as long as short
HTX BTC-USDT	+0.0090%	8h	86,667.8	−0.014%	$2.31B	$902.5M	200x	as long as short
Orderly PERP_BTC_USDC	+0.0090%	8h	86,686.8	+0.008%	$2.4M	$7.9M	100x	as long as short
Lighter BTC	+0.0096%	1h	86,713.9	+0.039%	$173.9M	$982.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,720.5	+0.047%	$24.4M	$146.4M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0099%	8h	86,742.7	+0.072%	$217.7M	$185.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	86,750.1	+0.081%	$4.6M	$7.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,705	+0.029%	$208K	$6.1M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,700.1	+0.023%	$23.2M	$230.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,722	+0.049%	$36.9M	$459.2M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,733	+0.061%	$3.9M	$18.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,767.7	+0.101%	$7.2M	$93.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,679.7	0.000%	$38.8M	$142.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,752.8	+0.084%	$285.0M	$914.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,738	+0.067%	$30.9M	$206.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,771.4	+0.105%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USDshort	+0.0100%	1h	86,714	+0.039%	$11.0M	$13.3M	50x
Bullet BTC-USD	+0.0100%	1h	86,676	−0.005%	$238K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,665.8	−0.016%	$150K	$527K	40x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	86,680	long leg	$30.3M	$60.5M	15x
SunX BTC-USDT	+0.0100%	8h	86,662.1	−0.021%	$3.4M	$5.7M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0101%	1h	86,729	+0.057%	$932.4M	$1.29B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	86,693.1	+0.015%	$47.7M	$219.5M	50x	as long as short
Hibachi BTC/USDT-P	+0.0104%	1h	86,784.5	+0.121%	$601K	$6.8M	30x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,701.5	+0.025%	—	$87.9M	500x	as long as short
Kalshi KXBTCPERP	+0.0105%	8h	86,730	+0.058%	$8.5M	$706.2M	6.4x	as long as short
Coinbase International BTC-PERP-INTX	+0.0136%	1h	86,747.4	+0.078%	$132.6M	$5.92B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0211%	1h	86,697.1	+0.020%	$15.0M	—	200x	as long as short
Hyperliquid BTC	+0.0234%	1h	86,797	+0.135%	$4.01B	$4.80B	40x	as long as short