Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0357%/8h= −39.1% APRpaid last 24h −0.027%

Price spread now: BloFin against Aftermath Perps−0.137%49s7-day average −0.029% · 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—prices read too far apart to compare

costs, in and out, $10k−$320.317% of the position

Long on Aftermath Perps Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.146%−$15 on $10k

Price spread, last 4 days (all we have)+0.085%+$8 · spread now −0.137%, 7d avg −0.029%

Together, before fees−0.061%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and BloFin is 0.108% cheaper against Aftermath Perps than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.029%). Swap the legs. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps BTCUSD	85,894.3	0.0313	pay 0.0039% / 1h	48m 01s	$79K	$228K	20x
Short	BloFin BTC-USDT	85,776.6	−0.0045	pay 0.0045% / 8h	4h 48m	$421.4M	$548.7M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Aftermath Perps. 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 Aftermath PerpsbpFee BloFinbpOrdersPrice spread, now −0.137%Rate

Funding earned: −$75.02
Price spread: −0.137% → −0.029%: −$10.8
Slippage, 4 orders: −$10.66
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$117.48
Costs to cover: 0.317%
Break-even: never at this rate

Slippage from Aftermath Perps: live order book, 59 min ago; BloFin: live order book, 4 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 Aftermath Perps live order book, 59 min ago	1.00 bp	9.8 bp −$10	14.5 bp −$145	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.2 bp −$62	7.0 bp −$704	doesn't fit

BTC on 56 exchanges

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	−0.0150%	1h	85,939	+0.052%	$2.1M	$7.7M	40x	as long as short
Perpl BTC	−0.0112%	43m	85,880.3	−0.016%	$473K	$13.4M	6.7x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,930	+0.042%	$8K	$2K	50x	as long as short
BloFin BTC-USDTshort	−0.0045%	8h	85,776.6	−0.137%	$421.4M	$548.7M	150x
01 Exchange BTCUSD	−0.0032%	1h	85,857.1	−0.043%	$369K	$1.8M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,879.7	−0.017%	$16.8M	$13.6M	50x	as long as short
Injective BTC/USDC PERP	+0.0001%	1h	85,802	−0.107%	$321K	$28.2M	52x	as long as short
SoDEX BTC-USD	+0.0001%	1h	85,872	−0.026%	$65.8M	$187.0M	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,875.3	−0.022%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0015%	8h	85,867.8	−0.031%	$511.2M	$831.8M	200x	as long as short

Show all 56 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0019%	1h	85,893.1	−0.001%	$192.4M	$738.9M	100x	as long as short
Popdex BTCUSDT	+0.0040%	1h	85,850	−0.052%	$8.6M	$45.5M	100x	as long as short
BingX BTC-USDT	+0.0047%	8h	85,875.4	−0.022%	—	$1.29B	—	as long as short
KuCoin XBTUSDTM	+0.0053%	8h	85,877.5	−0.020%	$940.2M	$634.6M	125x	as long as short
Bybit BTCUSDT	+0.0060%	8h	85,884.6	−0.011%	$5.14B	$8.00B	150x	as long as short
Phemex BTCUSDT	+0.0062%	8h	85,876	−0.021%	$171.1M	$474.8M	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	85,861.3	−0.038%	$2.4M	$6.8M	20x	as long as short
Binance BTCUSDT	+0.0075%	8h	85,872.2	−0.026%	$9.41B	$20.03B	150x	as long as short
MEXC BTC_USDT	+0.0075%	8h	85,880.8	−0.016%	$5.15B	$4.70B	500x	as long as short
Gate BTC_USDT	+0.0077%	8h	85,878.5	−0.018%	$5.51B	$8.77B	200x	as long as short
HTX BTC-USDT	+0.0083%	8h	85,860.3	−0.040%	$2.27B	$761.1M	200x	as long as short
ApeX Omni BTCUSDT	+0.0085%	1h	85,897.1	+0.003%	$137.7M	$288.5M	100x	as long as short
Bitget BTCUSDT	+0.0087%	8h	85,885.5	−0.010%	$3.00B	$3.84B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,891.7	−0.003%	$173.4M	$834.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,892.7	−0.002%	$23.8M	$117.1M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,833	−0.071%	$229K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,910.3	+0.019%	$5.9M	$7.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,854.3	−0.047%	$23.6M	$189.5M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,920.9	+0.031%	$40.1M	$569.3M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,892.1	−0.003%	$2.63B	$9.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,859	−0.041%	$4.0M	$14.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,863.4	−0.036%	$4.8M	$91.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,861.9	−0.038%	$38.2M	$196.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,863.5	−0.036%	$156.6M	$472.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,863	−0.036%	$289.4M	$732.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,886.7	−0.009%	$215.6M	$132.6M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,908.8	+0.017%	$30.2M	$227.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,910.4	+0.019%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,833	−0.071%	$11.0M	$12.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,855.5	−0.045%	$217K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,867.2	−0.032%	$2.6M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,901.8	+0.009%	$143K	$608K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,924.1	+0.035%	$29.1M	$44.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,894.5	0.000%	$3.3M	$6.8M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,951.1	+0.066%	$715.0M	$86.6M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,855.4	−0.045%	$47.3M	$191.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,853.6	−0.047%	—	$79.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0128%	1h	85,912.5	+0.021%	$112.1M	$4.94B	50x	as long as short
Kalshi KXBTCPERP	+0.0157%	8h	85,877	−0.020%	$13.2M	$738.7M	6.4x	as long as short
RISEx BTC/USDC	+0.0165%	1h	85,896.1	+0.002%	$9.0M	$35.5M	25x	as long as short
Reya BTCRUSDPERP	+0.0173%	1h	85,830.5	−0.074%	$6.6M	$125.2M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0252%	1h	85,864	−0.035%	$15.5M	—	200x	as long as short
Hyperliquid BTC	+0.0220%	1h	85,972	+0.090%	$3.95B	$4.16B	40x	as long as short
Deribit BTC-PERPETUAL	+0.0234%	1h	85,927.3	+0.038%	$819.7M	$1.49B	50x	as long as short
Hibachi BTC/USDT-P	+0.0296%	1h	85,960.7	+0.077%	$695K	$6.7M	30x	as long as short
Aftermath Perps BTCUSDlong	+0.0313%	1h	85,894.3	long leg	$79K	$228K	20x