Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.027%

Price spread now: Bybit against gTrade (Gains Network)−0.016%7-day average +0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$190.194% of the position

Long on gTrade (Gains Network)Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.079%+$8 on $10k

Price spread, last 7 days−0.003%$0 · spread now −0.016%, 7d avg +0.006%

Together, before fees+0.076%+$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.022% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.016% now, against its 7-day average of +0.006%). If the spread goes back, that is −$2 on $10k: about 18 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) BTC/USD	85,669.6	L +0.0004% / S −0.0004%	pay 0.0001% / 1h	5m 44s	$36.6M	—	200x
Short	Bybit BTCUSDT	85,655.9	0.0100	get 0.0100% / 8h	5h 05m	$5.33B	$9.57B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BybitbpOrdersPrice spread, now −0.016%Rate

Funding earned: $20.06
Price spread: −0.016% → +0.006%: −$2.2
Slippage, 4 orders: −$1.37
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$1.51
Costs to cover: 0.194%
Break-even: 7.5 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 3 min ago; Bybit: live order book, 3 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 gTrade (Gains Network) virtual book (oracle venue), 3 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,184
Sell Bybit live order book, 3 min ago	0.01 bp	5.8 bp −$6	6.2 bp −$62	6.5 bp −$652	7.5 bp −$3,740

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
Bluefin BTC-PERP	−0.0486%	1h	85,693.8	+0.028%	$195K	$724K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,805	+0.158%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,673	+0.004%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,652.3	−0.020%	$368K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0032%	8h	85,679.8	+0.012%	$415.5M	$665.4M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,668.5	−0.001%	$16.7M	$21.2M	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	85,631	−0.045%	$919.6M	$751.8M	125x	as long as short
gTrade (Gains Network) BTC/USDlong	L +0.0004% / S −0.0004%	1h	85,669.6	long leg	$36.6M	—	200x
Aster BTCUSDT	+0.0017%	8h	85,640.8	−0.034%	$516.0M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0017%	1h	85,647.8	−0.026%	$22.6M	$219.5M	50x	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	+0.0058%	8h	85,655.9	−0.016%	—	$1.53B	—	as long as short
Bitget BTCUSDT	+0.0072%	8h	85,653.2	−0.019%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0074%	1h	85,637.3	−0.038%	$6.7M	$146.5M	40x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	+0.160%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,651.1	−0.022%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,655.9	−0.016%	$5.06B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,646.1	−0.027%	$9.34B	$23.94B	150x	as long as short
SoDEX BTC-USD	+0.0091%	1h	85,660	−0.011%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0091%	8h	85,640.7	−0.034%	$2.27B	$936.8M	200x	as long as short
Lighter BTC	+0.0096%	1h	85,663.5	−0.007%	$174.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,663.5	−0.007%	$23.9M	$149.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,648	−0.025%	$8.4M	$52.3M	100x	as long as short
Phemex BTCUSDT	+0.0099%	8h	85,676.5	+0.008%	$149.4M	$480.6M	150x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,699.8	+0.035%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,624	−0.053%	$199K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,730.1	+0.071%	$3.74B	$4.96B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,683.7	+0.016%	$40.1M	$576.5M	50x	as long as short
Bybit BTCUSDTshort	+0.0100%	8h	85,655.9	−0.016%	$5.33B	$9.57B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,668.7	−0.001%	$2.58B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,651	−0.022%	$4.0M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,634.9	−0.041%	$6.8M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,800.8	+0.153%	$635.6M	$478.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,651.4	−0.021%	$5.54B	$10.58B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,652.6	−0.020%	$35.8M	$174.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,642.7	−0.031%	$156.8M	$560.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,776.1	+0.124%	$280.2M	$917.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,772.7	+0.120%	$215.4M	$165.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,779.4	+0.128%	$140.2M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,688.2	+0.022%	$30.3M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,708.3	+0.045%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,646	−0.028%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,658.3	−0.013%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,658.7	−0.013%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,654.6	−0.018%	$30.0M	$51.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,641.9	−0.032%	$2.9M	$6.1M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,625.3	−0.052%	$44.3M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,671.7	+0.002%	—	$106.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,697	+0.032%	$123.3M	$5.11B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,683.8	+0.017%	$8.4M	$42.3M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0132%	1h	85,710.9	+0.048%	$891.5M	$1.53B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,702	+0.038%	$189.2M	$953.1M	100x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,719.5	+0.058%	$702K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,666.4	−0.004%	$13.5M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0207%	1h	85,754.8	+0.099%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0220%	8h	85,690	+0.024%	$10.7M	$758.7M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,700.9	+0.037%	$500K	$19.2M	6.7x	as long as short