Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:20 UTC+0.0175%/8h= +19.2% APRpaid last 24h −0.007%

Price spread now: Jupiter Perps against Perpl+0.019%7-day average −0.002% · you sell dearer than you buy

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

Long on Perpl Short on Jupiter Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.198%−$20 on $10k

Price spread, last 3 days (all we have)−0.062%−$6 · spread now +0.019%, 7d avg −0.002%

Together, before fees−0.259%+ Points / potential airdropPerpl: Active · farm board−$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Jupiter Perps is 0.020% dearer against Perpl than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.002%. Mind the row above: over the last 3 days funding on this pair cost −0.198%, 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	86,624.4	−0.0223	get 0.0020% / 43m	37m 01s	$426K	$24.6M	6.7x
Short	Jupiter Perps WBTC-PERP	86,640.6	L +0.0104% / S +0.0048%	pay 0.0006% / 1h	7m 01s	—	$98.8M	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Jupiter Perps 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 Jupiter PerpsbpOrdersPrice spread, now +0.019%Rate

Funding earned: $36.8
Price spread: +0.019% → −0.002%: $2.02
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Net: $13.03
Costs to cover: 0.258%
Break-even: 4.5 days

Slippage unknown: Perpl: no order-book sample; Jupiter Perps: 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 Jupiter Perps no order-book sample	—	—	—	—	—

Perpl and Jupiter Perps: 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
Aftermath Perps BTCUSD	−0.0251%	1h	86,667.5	+0.050%	$85K	$188K	20x	as long as short
Perpl BTClong	−0.0223%	43m	86,624.4	long leg	$426K	$24.6M	6.7x
Phoenix BTC	−0.0103%	1h	86,670	+0.053%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,606	−0.021%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0063%	1h	86,646.1	+0.025%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	0.0000%	8h	86,543	−0.094%	$505.3M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,614.4	−0.012%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,589.8	−0.040%	$927.6M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,589.9	−0.040%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	86,545.9	−0.091%	$851.4M	$708.7M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0022%	1h	86,579.2	−0.052%	$6.7M	$144.5M	40x	as long as short
BingX BTC-USDC	+0.0029%	8h	86,548.6	−0.088%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0031%	8h	86,565.4	−0.068%	$149.7M	$471.9M	150x	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,557.6	−0.077%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.168%	$316K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,552.7	−0.083%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,562.5	−0.071%	$9.42B	$24.38B	150x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,559	−0.075%	$5.19B	$5.72B	500x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,609.6	−0.017%	$8.9M	$42.6M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,548.6	−0.087%	$5.84B	$10.70B	200x	as long as short
Bybit BTCUSDT	+0.0084%	8h	86,550.6	−0.085%	$5.26B	$9.73B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0094%	8h	86,572.3	−0.060%	$2.55B	$12.72B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,557.7	−0.077%	$171.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,567.6	−0.066%	$24.1M	$154.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,585	−0.045%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,572	−0.060%	$202K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,657.6	+0.038%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,604.4	−0.023%	$21.7M	$235.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,630	+0.006%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,645.7	+0.025%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,593	−0.036%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,664.1	+0.046%	$7.4M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.067%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,547.2	−0.089%	$38.4M	$150.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,672.4	+0.055%	$160.1M	$567.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,621.5	−0.003%	$279.7M	$941.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,613.4	−0.013%	$217.6M	$186.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,617.4	−0.008%	$141.4M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,649	+0.028%	$30.7M	$203.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,647.6	+0.027%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,593	−0.036%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,565	−0.069%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,570.3	−0.062%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,581.5	−0.050%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,562.8	−0.071%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,556.9	−0.078%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,550	−0.086%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,556.9	−0.078%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,546.6	−0.090%	$46.4M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERPshort	L +0.0104% / S +0.0048%	1h	86,640.6	+0.019%	—	$98.8M	500x
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,573.8	−0.058%	$187.3M	$934.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,608.5	−0.018%	$131.6M	$5.83B	50x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	86,634	+0.011%	$9.5M	$727.8M	6.4x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,552.7	−0.083%	$416.4M	$655.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,585	−0.045%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,647	+0.026%	$779K	$7.9M	30x	as long as short