Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0006%/8h= −0.7% APRpaid last 24h −0.006%

Price spread now: Binance against Extended+0.027%7-day average +0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$150.151% of the position

Long on Extended Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.056%−$6 on $10k

Price spread, last 7 days−0.006%−$1 · spread now +0.027%, 7d avg +0.038%

Together, before fees−0.062%+ Points / potential airdropExtended: Active · farm board−$6 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended BTC-USD	85,375.3	0.0104	pay 0.0013% / 1h	4m 13s	$45.3M	$240.1M	50x
Short	Binance BTCUSDT	85,398.1	0.0098	get 0.0098% / 8h	1h 04m	$9.42B	$24.86B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Extended. 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 ExtendedbpFee BinancebpOrdersPrice spread, now +0.027%Rate

Funding earned: −$1.27
Price spread: +0.027% → +0.038%: −$1.13
Slippage, 4 orders: −$0.13
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Binance: 5 bp × 2 orders: −$10
Net: −$17.54
Costs to cover: 0.151%
Break-even: never at this rate

Slippage from Extended: live order book, 5 min ago; Binance: live order book, 10 min ago.

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 Extended live order book, 5 min ago	0.06 bp	2.6 bp −$3	2.6 bp −$26	3.3 bp −$327	9.7 bp −$4,842
Sell Binance live order book, 10 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.7 bp −$572	6.8 bp −$3,389

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	85,520	+0.170%	$2.3M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,456	+0.095%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0033%	8h	85,428.2	+0.062%	$928.9M	$772.9M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,455	+0.093%	$421.8M	$681.5M	150x	as long as short
Aster BTCUSDT	−0.0003%	8h	85,402.2	+0.032%	$512.6M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,435.6	+0.071%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,439.2	+0.075%	$490K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,430.1	+0.064%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,418.4	+0.051%	$36.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0040%	1h	85,437.5	+0.073%	$853.6M	$1.64B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0046%	1h	85,416.9	+0.049%	$24.1M	$219.7M	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,486	+0.130%	$339K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0074%	8h	85,386.3	+0.013%	—	$17.4M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,409.2	+0.040%	$185.9M	$951.0M	100x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,400.1	+0.029%	$2.97B	$5.15B	150x	as long as short
Bybit BTCUSDT	+0.0092%	8h	85,393.1	+0.021%	$5.14B	$9.97B	150x	as long as short
SoDEX BTC-USD	+0.0092%	1h	85,396	+0.024%	$59.8M	$336.6M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,413.4	+0.045%	$169.6M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,410.4	+0.041%	$23.6M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,414	+0.045%	$8.4M	$57.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,414.8	+0.046%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,404.8	+0.035%	$5.04B	$5.78B	500x	as long as short
Binance BTCUSDTshort	+0.0098%	8h	85,398.1	+0.027%	$9.42B	$24.86B	150x
Katana Perps BTC-USD	+0.0100%	8h	85,393	+0.021%	$245K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,459.4	+0.099%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,481	+0.124%	$3.75B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,455	+0.093%	$40.4M	$603.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,401.8	+0.031%	$2.60B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,414	+0.045%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,406.7	+0.037%	$5.1M	$96.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,410.9	+0.042%	$5.55B	$11.09B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,418.8	+0.051%	$37.4M	$182.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,432.9	+0.067%	$156.6M	$557.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,406.3	+0.036%	$279.8M	$952.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,439.5	+0.075%	$214.5M	$163.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,439.8	+0.076%	$139.7M	$313.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,448	+0.085%	$30.1M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,466.1	+0.106%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,412	+0.043%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,408.9	+0.039%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,401.3	+0.030%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,435.4	+0.070%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,451.8	+0.090%	$30.0M	$46.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,416.9	+0.049%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,400	+0.029%	$2.26B	$962.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,413.5	+0.045%	$157.3M	$512.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,413.1	+0.044%	$689.0M	$342.5M	40x	as long as short
Extended BTC-USDlong	+0.0104%	1h	85,375.3	long leg	$45.3M	$240.1M	50x
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,433	+0.068%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,428.5	+0.062%	$112.9M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0134%	1h	85,399.1	+0.028%	$6.6M	$147.7M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0148%	1h	85,420.1	+0.052%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0177%	8h	85,440	+0.076%	$12.0M	$738.7M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,439.1	+0.075%	$8.8M	$42.7M	25x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,495.5	+0.141%	$685K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0271%	1h	85,452.6	+0.091%	$77K	$244K	20x	as long as short