Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h +0.039%

Price spread now: Derive against BloFin+0.057%55s7-day average +0.001% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on BloFin Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.056%−$6 on $10k

Price spread, last 3 days (all we have)−0.080%−$8 · spread now +0.057%, 7d avg +0.001%

Together, before fees−0.136%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Derive is 0.057% dearer against BloFin than usual: you sell high and buy low (spread +0.057% now, against its 7-day average of +0.001%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 47 hours. At the pace of the last 7 days (−0.056% in total) that is about 7.1 days. 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	BloFin BTC-USDT	86,325.8	0.0197	pay 0.0197% / 8h	7h 31m	$415.7M	$645.9M	150x
Short	Derive BTC-PERP	86,375.4	0.0100	get 0.0013% / 1h	31m 52s	$30.5M	$58.1M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DerivebpOrdersPrice spread, now +0.057%Rate

Funding earned: −$20.38
Price spread: +0.057% → +0.001%: $5.67
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Derive: 3 bp × 2 orders: −$6
Net: −$32.71
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 2 min ago; Derive: no order-book sample. Net counts fees only.

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, 2 min ago	0.01 bp	6.0 bp −$6	6.1 bp −$61	6.6 bp −$663	8.1 bp −$4,034
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0500%	1h	86,381.8	+0.065%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,337	+0.013%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,330	+0.005%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,303.8	−0.025%	$360K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,312.5	−0.015%	$483K	$21.6M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,353.3	+0.032%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0020%	8h	86,374.8	+0.057%	$500.9M	$1.14B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	+0.037%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0026%	1h	86,331.5	+0.007%	$16.9M	$20.5M	50x	as long as short
KuCoin XBTUSDTM	+0.0040%	8h	86,374.7	+0.057%	$830.9M	$721.0M	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	86,322.8	−0.003%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0050%	8h	86,350.6	+0.029%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,312.9	−0.015%	$8.3M	$42.5M	25x	as long as short
Bitget BTCUSDT	+0.0062%	8h	86,376.8	+0.059%	$2.97B	$5.04B	150x	as long as short
HTX BTC-USDT	+0.0073%	8h	86,323.6	−0.003%	$2.29B	$965.1M	200x	as long as short
Phemex BTCUSDT	+0.0076%	8h	86,355.4	+0.034%	$154.2M	$473.9M	150x	as long as short
Binance BTCUSDT	+0.0077%	8h	86,377.5	+0.060%	$9.40B	$24.30B	150x	as long as short
MEXC BTC_USDT	+0.0077%	8h	86,373.1	+0.055%	$5.13B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,329.1	+0.004%	$2.5M	$1.7M	20x	as long as short
SoDEX BTC-USD	+0.0096%	1h	86,349	+0.027%	$60.4M	$338.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,364.1	+0.044%	$170.5M	$985.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,366.9	+0.048%	$23.7M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,298	−0.032%	$8.4M	$51.9M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,279	−0.054%	$202K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,336.3	+0.012%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,336.8	+0.013%	$22.0M	$228.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,417	+0.106%	$3.79B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,351.2	+0.029%	$40.7M	$551.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,384.6	+0.068%	$5.26B	$9.67B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,388.9	+0.073%	$2.56B	$12.50B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,312	−0.016%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,331.2	+0.006%	$7.2M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,348	+0.026%	$573.1M	$19.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,364.9	+0.045%	$5.80B	$10.53B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,354.9	+0.034%	$37.6M	$156.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,400.1	+0.086%	$158.2M	$561.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,352.6	+0.031%	$278.9M	$950.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,334.3	+0.010%	$216.8M	$165.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,397.4	+0.083%	$141.7M	$321.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,355.2	+0.034%	$30.7M	$209.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,357.1	+0.036%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,324	−0.002%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,330.8	+0.006%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,346	+0.023%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	86,375.4	+0.057%	$30.5M	$58.1M	15x
SunX BTC-USDT	+0.0100%	8h	86,325.6	0.000%	$3.4M	$5.2M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,366.2	+0.047%	$45.9M	$222.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,325	−0.001%	—	$98.7M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0115%	1h	86,392.1	+0.077%	$902.8M	$1.51B	50x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,393	+0.078%	$132.1M	$5.41B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,383.1	+0.066%	$192.4M	$942.3M	100x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	86,386	+0.070%	$77K	$217K	20x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,382.3	+0.065%	$710K	$8.0M	30x	as long as short
BloFin BTC-USDTlong	+0.0197%	8h	86,325.8	long leg	$415.7M	$645.9M	150x
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0218%	1h	86,352	+0.030%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,340	+0.016%	$10.2M	$763.8M	6.4x	as long as short