Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0115%/8h= +12.5% APRpaid last 24h +0.014%

Price spread now: Aftermath Perps against Binance+0.130%7-day average +0.029% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$300.299% of the position

Long on Binance Short on Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.052%+$5 on $10k

Price spread, last 4 days (all we have)+0.016%+$2 · spread now +0.130%, 7d avg +0.029%

Together, before fees+0.068%+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Aftermath Perps is 0.102% dearer against Binance than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance BTCUSDT	85,453.6	0.0089	pay 0.0089% / 8h	4h 43m	$9.34B	$24.03B	150x
Short	Aftermath Perps BTCUSD	85,564.9	0.0204	get 0.0025% / 1h	43m 16s	$78K	$219K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps against Binance. 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 BinancebpFee Aftermath PerpsbpOrdersPrice spread, now +0.130%Rate

Funding earned: $24.06
Price spread: +0.130% → +0.029%: $10.17
Slippage, 4 orders: −$10.93
Fee Binance: 5 bp × 2 orders: −$10
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: $4.3
Costs to cover: 0.299%
Break-even: 5.7 days

Slippage from Binance: live order book, 16 min ago; Aftermath Perps: live order book, 16 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 Binance live order book, 16 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.0 bp −$603	7.6 bp −$3,791
Sell Aftermath Perps live order book, 16 min ago	1.00 bp	9.8 bp −$10	doesn't fit	doesn't fit	doesn't fit

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	−0.0590%	1h	85,453.7	0.000%	$206K	$738K	40x	as long as short
Phoenix BTC	−0.0179%	1h	85,410	−0.051%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,571	+0.137%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,519.5	+0.077%	$366K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,441.9	−0.014%	$416.7M	$665.2M	150x	as long as short
KuCoin XBTUSDTM	−0.0005%	8h	85,504.2	+0.059%	$919.4M	$750.5M	125x	as long as short
dYdX BTC-USD	0.0000%	1h	85,550	+0.113%	$16.7M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,470.1	+0.019%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	85,520.6	+0.078%	$515.3M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,523.6	+0.082%	$6.9M	$97.3M	40x	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	+0.0054%	1h	85,548	+0.110%	$22.6M	$219.3M	50x	as long as short
BingX BTC-USDT	+0.0060%	8h	85,457.6	+0.005%	—	$1.54B	—	as long as short
Bitget BTCUSDT	+0.0075%	8h	85,410.3	−0.051%	$2.96B	$5.03B	150x	as long as short
Reya BTCRUSDPERP	+0.0078%	1h	85,445.6	−0.009%	$6.7M	$146.6M	40x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,460.2	+0.008%	$5.04B	$5.59B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,411.7	−0.049%	$2.4M	$1.7M	20x	as long as short
Binance BTCUSDTlong	+0.0089%	8h	85,453.6	long leg	$9.34B	$24.03B	150x
Lighter BTC	+0.0096%	1h	85,426.2	−0.032%	$173.4M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,566.6	+0.132%	$23.8M	$148.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,519	+0.076%	$8.4M	$52.7M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,601.1	+0.173%	$4.1M	$8.5M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,508	+0.064%	$229K	$8.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,549	+0.112%	$3.74B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,584.8	+0.154%	$40.1M	$575.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,442.3	−0.013%	$5.25B	$9.68B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,423.6	−0.035%	$2.58B	$12.08B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,555	+0.119%	$3.9M	$18.0M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,462.3	+0.010%	$5.54B	$10.60B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,559.7	+0.124%	$35.8M	$176.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,466.8	+0.015%	$153.8M	$563.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,507.5	+0.063%	$279.3M	$919.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,511.2	+0.067%	$214.7M	$168.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,522.5	+0.081%	$139.9M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,500.4	+0.055%	$30.2M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,560.5	+0.125%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,500	+0.054%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,459	+0.006%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,426.3	−0.032%	$2.3M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,417.1	−0.043%	$29.9M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,537.2	+0.098%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,414	−0.046%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,416.6	−0.043%	$2.26B	$940.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,421.9	−0.037%	$150.1M	$483.8M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,513.6	+0.070%	$649.6M	$594.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,386.9	−0.078%	$44.5M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,567	+0.133%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,453.9	0.000%	$117.0M	$5.15B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0113%	1h	85,458.6	+0.006%	$893.7M	$1.53B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,539	+0.100%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,430.3	−0.027%	$188.6M	$953.6M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0150%	1h	85,471.3	+0.021%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,602.5	+0.174%	$695K	$7.9M	30x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,557.3	+0.121%	$8.3M	$42.4M	25x	as long as short
Aftermath Perps BTCUSDshort	+0.0204%	1h	85,564.9	+0.130%	$78K	$219K	20x
Kalshi KXBTCPERP	+0.0217%	8h	85,505	+0.060%	$10.5M	$758.8M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,518.6	+0.076%	$498K	$18.9M	6.7x	as long as short