Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.011%

Price spread now: Vest against Derive+0.082%7-day average +0.014% · you sell dearer than you buy

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

Long on Derive Short on Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.009%−$1 on $10k

Price spread, last 4 days (all we have)−0.022%−$2 · spread now +0.082%, 7d avg +0.014%

Together, before fees−0.031%+ Points / potential airdropVest: Active · farm board−$3 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: Vest is 0.068% dearer against Derive than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	85,427.9	0.0100	pay 0.0013% / 1h	15m 34s	$29.9M	$50.3M	15x
Short	Vest BTC-PERP	85,498.2	0.0100	get 0.0013% / 1h	15m 34s	—	$11.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now +0.082%Rate

Funding earned: $0
Price spread: +0.082% → +0.014%: $6.82
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Vest: 1 bp × 2 orders: −$2
Net: −$1.18
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Vest: 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 Derive no order-book sample	—	—	—	—	—
Sell Vest no order-book sample	—	—	—	—	—

Derive and Vest: 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	−0.0179%	1h	85,530	+0.120%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,438	+0.012%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,466.7	+0.045%	$364K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0025%	8h	85,412.5	−0.018%	$918.9M	$752.0M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,457.9	+0.035%	$417.9M	$668.5M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,451.6	+0.028%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,451.5	+0.028%	$515.1M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0012%	1h	85,459.5	+0.037%	$16.7M	$21.2M	50x	as long as short
Nado BTC-PERP	+0.0019%	1h	85,446.8	+0.022%	$25.3M	$221.8M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,444.2	+0.019%	$4.6M	$97.8M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0062%	8h	85,454.6	+0.031%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0077%	8h	85,439.4	+0.013%	$147.6M	$488.0M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,448.1	+0.024%	$2.94B	$5.08B	150x	as long as short
Reya BTCRUSDPERP	+0.0084%	1h	85,429.4	+0.002%	$6.7M	$146.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,461.9	+0.040%	$172.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,461.5	+0.039%	$23.9M	$149.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,468	+0.047%	$8.6M	$53.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,435.9	+0.009%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,449.3	+0.025%	$5.07B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0099%	8h	85,468	+0.047%	$9.36B	$24.16B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,432	+0.005%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,521.1	+0.109%	$5.0M	$9.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,521	+0.109%	$3.75B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,478	+0.059%	$40.1M	$579.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,462.9	+0.041%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,464.5	+0.043%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,439	+0.013%	$3.9M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	+0.103%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,465.8	+0.044%	$5.51B	$10.74B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,423.7	−0.005%	$35.6M	$176.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,420.9	−0.008%	$153.3M	$564.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,426.8	−0.001%	$279.1M	$922.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,459.5	+0.037%	$214.5M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,462.5	+0.040%	$139.7M	$314.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,439	+0.013%	$30.2M	$208.3M	40x	as long as short
Vest BTC-PERPshort	+0.0100%	1h	85,498.2	+0.082%	—	$11.8M	50x
Polymarket Perps BTC-USD	+0.0100%	1h	85,433	+0.006%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,423	−0.006%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,440.8	+0.015%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,483	+0.065%	$207K	$738K	40x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	85,427.9	long leg	$29.9M	$50.3M	15x
SunX BTC-USDT	+0.0100%	8h	85,422.5	−0.006%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,441	+0.015%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,425.1	−0.003%	$2.26B	$942.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,423.7	−0.005%	$44.6M	$231.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,451.8	+0.028%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,481.5	+0.063%	$117.3M	$5.19B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0141%	1h	85,485.3	+0.067%	$891.4M	$1.58B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,470	+0.049%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,458.7	+0.036%	$187.3M	$955.3M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0152%	1h	85,447	+0.022%	$13.3M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,485.6	+0.068%	$8.2M	$42.5M	25x	as long as short
Kalshi KXBTCPERP	+0.0219%	8h	85,471	+0.050%	$10.4M	$756.3M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0223%	1h	85,475.6	+0.056%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,494.4	+0.078%	$702K	$7.9M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,477.8	+0.058%	$496K	$18.8M	6.7x	as long as short