Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0103%/8h= +11.3% APRpaid last 24h +0.033%

Price spread now: Deribit against Binance+0.095%55s7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$170.173% of the position

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 3 days (all we have)−0.061%−$6 · spread now +0.095%, 7d avg +0.051%

Together, before fees−0.051%−$5 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 Deribit is 0.044% dearer against Binance than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.051%. The two prices were read 55 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	Binance BTCUSDT	85,554.3	0.0087	pay 0.0087% / 8h	6h 01m	$9.33B	$23.95B	150x
Short	Deribit BTC-PERPETUAL	85,635.8	0.0190	get 0.0024% / 1h	1m 23s	$894.9M	$1.52B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.095%Rate

Funding earned: $21.72
Price spread: +0.095% → +0.051%: $4.44
Slippage, 4 orders: −$0.3
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $8.86
Costs to cover: 0.173%
Break-even: 4.1 days

Slippage from Binance: live order book, 13 min ago; Deribit: 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 Binance live order book, 13 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.3 bp −$531	6.6 bp −$3,313
Sell Deribit live order book, 3 min ago	0.03 bp	3.8 bp −$4	5.0 bp −$50	8.6 bp −$862	18.0 bp −$8,998

BTC on 55 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
Phoenix BTC	−0.0144%	1h	85,616	+0.072%	$2.1M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,601	+0.055%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,553.7	−0.001%	$362K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,582.9	+0.033%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,569.3	+0.018%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,661	+0.125%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0023%	8h	85,539.5	−0.017%	$901.7M	$748.9M	125x	as long as short
Aster BTCUSDT	+0.0023%	8h	85,551.7	−0.003%	$515.8M	$1.12B	200x	as long as short
Nado BTC-PERP	+0.0032%	1h	85,552.1	−0.003%	$22.6M	$225.2M	50x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,585	+0.036%	$8.4M	$42.2M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0055%	8h	85,558.2	+0.005%	—	$1.55B	—	as long as short
HTX BTC-USDT	+0.0059%	8h	85,587.6	+0.039%	$2.27B	$933.7M	200x	as long as short
Reya BTCRUSDPERP	+0.0062%	1h	85,547.8	−0.008%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,550.5	−0.004%	$2.94B	$5.03B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,583.1	+0.034%	$2.5M	$1.7M	20x	as long as short
SunX BTC-USDT	+0.0082%	8h	85,587.4	+0.039%	$2.9M	$6.5M	100x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,554.8	+0.001%	$5.07B	$5.77B	500x	as long as short
Binance BTCUSDTlong	+0.0087%	8h	85,554.3	long leg	$9.33B	$23.95B	150x
Lighter BTC	+0.0096%	1h	85,558.4	+0.005%	$170.2M	$997.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,567.8	+0.016%	$23.9M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,553	−0.002%	$8.4M	$51.6M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,603.7	+0.058%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,534	−0.024%	$204K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,619.8	+0.077%	$3.76B	$4.92B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,589.5	+0.041%	$40.2M	$569.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,559.9	+0.007%	$5.32B	$9.61B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,558.1	+0.004%	$2.56B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,569	+0.017%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,530.7	−0.028%	$7.1M	$96.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,560.1	+0.007%	$5.58B	$10.61B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,582.7	+0.033%	$35.0M	$168.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,602.8	+0.057%	$154.0M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,613.3	+0.069%	$278.5M	$939.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,624	+0.081%	$214.9M	$162.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,624.5	+0.082%	$140.0M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,623.8	+0.081%	$30.3M	$210.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,620.5	+0.077%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,549	−0.006%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,559	+0.005%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,592.6	+0.045%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,631.4	+0.090%	$197K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,589.7	+0.041%	$30.0M	$52.7M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,588	+0.039%	$59.9M	$336.4M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,586.5	+0.038%	$150.4M	$480.0M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,593.2	+0.045%	$605.0M	$283.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,533.8	−0.024%	$44.1M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,569.3	+0.018%	—	$101.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,625	+0.083%	$130.7M	$5.09B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,608.7	+0.064%	$187.0M	$952.7M	100x	as long as short
Aftermath Perps BTCUSD	+0.0183%	1h	85,619	+0.076%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	85,631.9	+0.091%	$682K	$7.8M	30x	as long as short
Deribit BTC-PERPETUALshort	+0.0190%	1h	85,635.8	+0.095%	$894.9M	$1.52B	50x
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0186%	1h	85,601.1	+0.055%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,623	+0.080%	$10.2M	$765.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,605.3	+0.060%	$511K	$19.9M	6.7x	as long as short