Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0074%/8h= −8.1% APRpaid last 24h −0.022%

Price spread now: gTrade (Gains Network) against Binance+0.032%7-day average +0.013% · 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−$16as in the Price arb table

costs, in and out, $10k−$180.180% of the position

Long on Binance Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.077%−$8 on $10k

Price spread, last 3 days (all we have)−0.010%−$1 · spread now +0.032%, 7d avg +0.013%

Together, before fees−0.087%−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.013%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance BTCUSDT	86,367.2	0.0078	pay 0.0078% / 8h	7h 29m	$9.41B	$24.29B	150x
Short	gTrade (Gains Network) BTC/USD	86,395	L +0.0005% / S −0.0004%	get 0.0001% / 1h	29m 16s	$36.9M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.032%Rate

Funding earned: −$15.47
Price spread: +0.032% → +0.013%: $1.91
Slippage, 4 orders: −$1.05
Fee Binance: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$31.61
Costs to cover: 0.180%
Break-even: never at this rate

Slippage from Binance: live order book, 15 min ago; gTrade (Gains Network): virtual book (oracle venue), 5 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, 15 min ago	0.01 bp	5.0 bp −$5	5.4 bp −$54	6.1 bp −$607	7.1 bp −$3,567
Sell gTrade (Gains Network) virtual book (oracle venue), 5 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,183

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	−0.0383%	1h	86,407	+0.046%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,403	+0.041%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,378	+0.013%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,370	+0.003%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,374.4	+0.008%	$482K	$21.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USDshort	L +0.0005% / S −0.0004%	1h	86,395	+0.032%	$36.9M	—	200x
Aster BTCUSDT	+0.0022%	8h	86,369.2	+0.002%	$500.9M	$1.14B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	−0.011%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0027%	1h	86,382.2	+0.017%	$16.9M	$20.5M	50x	as long as short
KuCoin XBTUSDTM	+0.0040%	8h	86,369.5	+0.003%	$831.4M	$720.1M	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	+0.0045%	1h	86,360.8	−0.007%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0050%	8h	86,358.4	−0.010%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,372.5	+0.006%	$8.3M	$42.5M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0058%	1h	86,410.3	+0.050%	$902.6M	$1.51B	50x	as long as short
Bitget BTCUSDT	+0.0063%	8h	86,369.9	+0.003%	$2.97B	$5.04B	150x	as long as short
MEXC BTC_USDT	+0.0077%	8h	86,362.5	−0.005%	$5.13B	$5.70B	500x	as long as short
Binance BTCUSDTlong	+0.0078%	8h	86,367.2	long leg	$9.41B	$24.29B	150x
Aevo BTC-PERP	+0.0080%	1h	86,370	+0.003%	$2.5M	$1.7M	20x	as long as short
Phemex BTCUSDT	+0.0082%	8h	86,374	+0.008%	$154.4M	$473.4M	150x	as long as short
HTX BTC-USDT	+0.0087%	8h	86,364.8	−0.003%	$2.29B	$962.7M	200x	as long as short
SoDEX BTC-USD	+0.0096%	1h	86,373	+0.007%	$60.4M	$338.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,386	+0.022%	$170.6M	$985.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,383.2	+0.019%	$23.7M	$149.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,358	−0.011%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,338	−0.034%	$202K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,392	+0.029%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,408.6	+0.048%	$22.0M	$228.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,432	+0.075%	$3.79B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,400.7	+0.039%	$41.1M	$552.2M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,376.7	+0.011%	$5.26B	$9.66B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,378.1	+0.013%	$2.56B	$12.48B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,406	+0.045%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,392.7	+0.030%	$7.2M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,348	−0.022%	$573.1M	$19.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,384.6	+0.020%	$5.80B	$10.54B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,399.7	+0.038%	$37.5M	$157.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,377.3	+0.012%	$158.2M	$561.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,361.8	−0.006%	$278.9M	$951.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,400.1	+0.038%	$217.0M	$165.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,356.3	−0.013%	$141.6M	$321.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,351.2	−0.019%	$30.7M	$209.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,411.9	+0.052%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,366	−0.001%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,364.5	−0.003%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,368.9	+0.002%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,402.8	+0.041%	$30.5M	$58.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,398.7	+0.036%	$3.4M	$5.2M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,356.6	−0.012%	$45.9M	$221.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,380.2	+0.015%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,407.1	+0.046%	$132.2M	$5.39B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,395.6	+0.033%	$192.4M	$941.8M	100x	as long as short
Aftermath Perps BTCUSD	+0.0166%	1h	86,396	+0.033%	$77K	$217K	20x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,399.8	+0.038%	$710K	$7.9M	30x	as long as short
BloFin BTC-USDT	+0.0198%	8h	86,365.3	−0.002%	$415.9M	$645.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0205% / S −0.0219%	1h	86,381.5	+0.017%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,407	+0.046%	$10.2M	$763.5M	6.4x	as long as short