Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0127%/8h= +13.9% APRpaid last 24h −0.120%

Price spread now: Bluefin against BloFin+0.048%54s7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as 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−$240.244% of the position

Long on BloFin Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.287%−$29 on $10k

Price spread, last 4 days (all we have)−0.045%−$5 · spread now +0.048%, 7d avg −0.011%

Together, before fees−0.332%−$33 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Bluefin is 0.059% dearer against BloFin than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.011%. Mind the row above: over the last 7 days funding on this pair cost −0.287%, so the current rate has only just turned in your favour. The two prices were read 54 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	BloFin BTC-USDT	85,452.8	−0.0027	get 0.0027% / 8h	1h 21m	$420.9M	$684.2M	150x
Short	Bluefin BTC-PERP	85,493.7	0.0100	get 0.0013% / 1h	21m 51s	$194K	$796K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against BloFin. 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 BloFinbpFee BluefinbpOrdersPrice spread, now +0.048%Rate

Funding earned: $26.57
Price spread: +0.048% → −0.011%: $5.87
Slippage, 4 orders: −$5.41
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: $8.03
Costs to cover: 0.244%
Break-even: 4.9 days

Slippage from BloFin: live order book, 7 min ago; Bluefin: live order book, 22 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 BloFin live order book, 7 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.5 bp −$649	7.8 bp −$3,900
Sell Bluefin live order book, 22 min ago	1.09 bp	6.5 bp −$7	11.6 bp −$116	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
Phoenix BTC	−0.0082%	1h	85,446	−0.008%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,459	+0.007%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0043%	8h	85,450.3	−0.003%	$928.7M	$773.4M	125x	as long as short
BloFin BTC-USDTlong	−0.0027%	8h	85,452.8	long leg	$420.9M	$684.2M	150x
Aster BTCUSDT	−0.0008%	8h	85,483.3	+0.036%	$513.5M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,479.4	+0.031%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,486.2	+0.039%	$490K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,472.4	+0.023%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,476.2	+0.027%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0040%	1h	85,469	+0.019%	$24.4M	$222.6M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.241%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0072%	8h	85,486.5	+0.039%	—	$1.57B	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,456.8	+0.005%	$186.2M	$959.9M	100x	as long as short
Bitget BTCUSDT	+0.0090%	8h	85,476.8	+0.028%	$2.97B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0093%	8h	85,484.9	+0.038%	$5.02B	$5.77B	500x	as long as short
Binance BTCUSDT	+0.0094%	8h	85,485	+0.038%	$9.43B	$24.99B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,459	+0.007%	$170.1M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,462.4	+0.011%	$23.5M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,466	+0.015%	$8.4M	$56.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,441.4	−0.013%	$2.4M	$6.7M	20x	as long as short
Bybit BTCUSDT	+0.0099%	8h	85,485.9	+0.039%	$5.15B	$9.99B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,446	−0.008%	$243K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,520.1	+0.079%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,530	+0.090%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,499.4	+0.055%	$40.0M	$602.6M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,496.2	+0.051%	$2.60B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,479	+0.031%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,457.2	+0.005%	$5.2M	$98.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,490.2	+0.044%	$5.55B	$11.04B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,439.1	−0.016%	$37.2M	$178.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,436.8	−0.019%	$154.6M	$558.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,386.4	−0.078%	$279.8M	$950.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,423.4	−0.034%	$214.5M	$163.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,436.7	−0.019%	$139.7M	$313.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,440	−0.015%	$30.1M	$204.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,530.7	+0.091%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,470	+0.020%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,468	+0.018%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,447.6	−0.006%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	85,493.7	+0.048%	$194K	$796K	40x
Derive BTC-PERP	+0.0100%	1h	85,214.5	−0.279%	$29.9M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,453.9	+0.001%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,444	−0.010%	$59.8M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,459.1	+0.007%	$2.26B	$966.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,463.9	+0.013%	$153.3M	$510.9M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,269.9	−0.214%	$683.1M	$415.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,452.9	0.000%	$44.9M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,484.3	+0.037%	—	$105.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,480.9	+0.033%	$114.9M	$5.49B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0128%	1h	85,490	+0.044%	$861.8M	$1.64B	50x	as long as short
Reya BTCRUSDPERP	+0.0130%	1h	85,459.1	+0.007%	$6.6M	$147.6M	40x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,497	+0.052%	$11.7M	$741.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,496	+0.051%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,474.5	+0.025%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,481.8	+0.034%	$685K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0250%	1h	85,442.9	−0.012%	$79K	$230K	20x	as long as short