Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:03 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.050%

Price spread now: Derive against Perpl−0.018%7-day average −0.015% · you buy dearer than you sell

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

Long on Perpl Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.366%−$37 on $10k

Price spread, last 3 days (all we have)−0.060%−$6 · spread now −0.018%, 7d avg −0.015%

Together, before fees−0.426%+ Points / potential airdropPerpl: Active · farm board−$43 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.015%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.366%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl BTC	86,482	0	get 0.0000% / 43m	32m 12s	$424K	$23.7M	6.7x
Short	Derive BTC-PERP	86,466.1	0.0100	get 0.0013% / 1h	19m 12s	$30.3M	$61.6M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Perpl. 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 PerplbpFee DerivebpOrdersPrice spread, now −0.018%Rate

Funding earned: $21
Price spread: −0.018% → −0.015%: −$0.37
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Derive: 3 bp × 2 orders: −$6
Net: $0.83
Costs to cover: 0.198%
Break-even: 6.7 days

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

Perpl and 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
Bluefin BTC-PERP	−0.0860%	1h	86,490.3	+0.010%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,503	+0.024%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,472	−0.012%	$9K	$3K	50x	as long as short
Aster BTCUSDT	−0.0009%	8h	86,467.9	−0.016%	$504.2M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,467	−0.017%	$358K	$2.4M	50x	as long as short
Perpl BTClong	0.0000%	43m	86,482	long leg	$424K	$23.7M	6.7x
Aftermath Perps BTCUSD	0.0000%	1h	86,527.9	+0.053%	$82K	$217K	20x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,464.7	−0.020%	$851.0M	$711.6M	125x	as long as short
dYdX BTC-USD	+0.0004%	1h	86,497.2	+0.018%	$17.0M	$21.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,498.3	+0.019%	$36.8M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0006%	1h	86,471.6	−0.012%	$8.5M	$43.0M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0014%	1h	86,501.4	+0.022%	$920.9M	$1.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,474.2	−0.009%	$6.7M	$145.0M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.089%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0034%	8h	86,466	−0.019%	$149.8M	$476.9M	150x	as long as short
BingX BTC-USDT	+0.0035%	8h	86,472.7	−0.011%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0045%	8h	86,464.6	−0.020%	$2.95B	$5.10B	150x	as long as short
MEXC BTC_USDT	+0.0064%	8h	86,472.6	−0.011%	$5.14B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,468	−0.016%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,472.7	−0.011%	$9.43B	$24.42B	150x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,465.7	−0.019%	$5.85B	$10.73B	200x	as long as short
Hibachi BTC/USDT-P	+0.0088%	1h	86,561.8	+0.092%	$717K	$8.2M	30x	as long as short
Bybit BTCUSDT	+0.0092%	8h	86,475.1	−0.008%	$5.25B	$9.77B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,481.5	−0.001%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,492	+0.012%	$24.1M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,468	−0.016%	$8.5M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,443	−0.045%	$205K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,509.8	+0.032%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,470.9	−0.013%	$22.0M	$234.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,541	+0.068%	$3.80B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,500.1	+0.021%	$40.8M	$513.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,475.2	−0.008%	$2.54B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,471	−0.013%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,530.2	+0.056%	$7.4M	$94.3M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,498.7	+0.019%	$571.7M	$18.6M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,463.1	−0.022%	$37.8M	$155.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,498.8	+0.019%	$156.2M	$568.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,531.2	+0.057%	$279.7M	$948.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,518.2	+0.042%	$217.2M	$175.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,540.1	+0.067%	$141.5M	$323.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,483	+0.001%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,526	+0.051%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,480	−0.002%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,482	0.000%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,473.6	−0.010%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	86,466.1	−0.018%	$30.3M	$61.6M	15x
SunX BTC-USDT	+0.0100%	8h	86,463.2	−0.022%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,467	−0.017%	$60.4M	$337.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,466.8	−0.018%	$2.30B	$968.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,449.2	−0.038%	$45.5M	$226.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,478.7	−0.004%	—	$98.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,505	+0.027%	$131.8M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,489.3	+0.008%	$191.3M	$943.7M	100x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,473.9	−0.009%	$414.0M	$654.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0185% / S −0.0211%	1h	86,490.7	+0.010%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0198%	8h	86,500	+0.021%	$9.7M	$733.9M	6.4x	as long as short