Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0144%/8h= +15.7% APRpaid last 24h +0.019%

Price spread now: Ondo Perps against BloFin+0.040%95s7-day average +0.008% · you sell dearer than you buy

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

Long on BloFin Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

Price spread, last 4 days (all we have)+0.011%+$1 · spread now +0.040%, 7d avg +0.008%

Together, before fees+0.044%+ Points / potential airdropOndo Perps: Active · farm board+$4 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 Ondo Perps is 0.032% dearer against BloFin than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.008%. The two prices were read 95 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	85,849.3	−0.0044	get 0.0044% / 8h	5h 05m	$421.8M	$550.0M	150x
Short	Ondo Perps BTC-USD.P	85,884	0.0100	get 0.0013% / 1h	5m 36s	$3.9M	$14.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now +0.040%Rate

Funding earned: $30.19
Price spread: +0.040% → +0.008%: $3.22
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: $16.41
Costs to cover: 0.170%
Break-even: 3.2 days

Slippage unknown: BloFin: live order book, 7 min ago; Ondo Perps: 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, 7 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.2 bp −$618	7.5 bp −$3,760
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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 exchanges

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	−0.0133%	1h	85,779	−0.082%	$2.1M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,196	+0.404%	$8K	$2K	50x	as long as short
BloFin BTC-USDTlong	−0.0044%	8h	85,849.3	long leg	$421.8M	$550.0M	150x
01 Exchange BTCUSD	−0.0040%	1h	85,896.7	+0.055%	$367K	$1.8M	50x	as long as short
SoDEX BTC-USD	−0.0004%	1h	85,893	+0.051%	$65.8M	$187.7M	40x	as long as short
Perpl BTC	0.0000%	43m	85,830.6	−0.022%	$467K	$13.5M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	85,889.3	+0.047%	$16.8M	$13.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,903.2	+0.063%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	85,828	−0.025%	$320K	$30.6M	52x	as long as short
Aster BTCUSDT	+0.0015%	8h	85,877.1	+0.032%	$511.3M	$846.4M	200x	as long as short

Show all 56 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0030%	1h	85,905.9	+0.066%	$192.1M	$750.4M	100x	as long as short
BingX BTC-USDT	+0.0043%	8h	85,890.9	+0.048%	—	$1.30B	—	as long as short
Popdex BTCUSDT	+0.0048%	1h	85,891	+0.049%	$8.6M	$45.5M	100x	as long as short
KuCoin XBTUSDTM	+0.0053%	8h	85,890.2	+0.048%	$941.8M	$636.0M	125x	as long as short
Bybit BTCUSDT	+0.0058%	8h	85,892	+0.050%	$5.14B	$8.05B	150x	as long as short
Phemex BTCUSDT	+0.0062%	8h	85,894.8	+0.053%	$170.1M	$476.1M	150x	as long as short
HTX BTC-USDT	+0.0071%	8h	85,883.9	+0.040%	$2.27B	$786.7M	200x	as long as short
MEXC BTC_USDT	+0.0076%	8h	85,887.7	+0.045%	$5.16B	$4.91B	500x	as long as short
Gate BTC_USDT	+0.0077%	8h	85,896	+0.054%	$5.51B	$9.05B	200x	as long as short
Binance BTCUSDT	+0.0077%	8h	85,888.3	+0.045%	$9.41B	$20.28B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,878.2	+0.034%	$2.4M	$6.8M	20x	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,892.2	+0.050%	$3.00B	$3.89B	150x	as long as short
GRVT BTC_USDT_Perp	+0.0091%	8h	85,792.9	−0.066%	$215.6M	$132.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,910.5	+0.071%	$172.7M	$876.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,912.7	+0.074%	$23.7M	$121.8M	50x	as long as short
Bullet BTC-USD	+0.0098%	1h	85,904.1	+0.064%	$211K	$3.2M	20x	as long as short
Nado BTC-PERP	+0.0099%	1h	85,880	+0.036%	$23.3M	$190.7M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,867	+0.021%	$230K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,915	+0.077%	$5.9M	$7.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,926.3	+0.090%	$40.0M	$571.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,897	+0.056%	$2.63B	$9.25B	100x	as long as short
Ondo Perps BTC-USD.Pshort	+0.0100%	1h	85,884	+0.040%	$3.9M	$14.7M	25x
Arcus BTC-USD	+0.0100%	1h	85,890	+0.047%	$4.9M	$91.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,881.8	+0.038%	$38.0M	$194.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,877.2	+0.032%	$155.8M	$472.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,755.6	−0.109%	$289.3M	$738.0M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,805	−0.052%	$137.8M	$288.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,834.8	−0.017%	$30.2M	$227.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,940.4	+0.106%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,902	+0.061%	$11.0M	$11.9M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,887.7	+0.045%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,925.9	+0.089%	$143K	$607K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,867.5	+0.021%	$29.0M	$44.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,901.7	+0.061%	$3.3M	$6.7M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,889.6	+0.047%	$714.2M	$91.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,858.4	+0.011%	$47.3M	$193.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,887.2	+0.044%	—	$79.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,938.6	+0.104%	$112.4M	$4.94B	50x	as long as short
Hyperliquid BTC	+0.0151%	1h	85,989	+0.163%	$3.94B	$4.18B	40x	as long as short
Kalshi KXBTCPERP	+0.0156%	8h	85,912	+0.073%	$12.0M	$736.1M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0170%	1h	85,883.4	+0.040%	$6.6M	$128.4M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	85,915.8	+0.077%	$9.0M	$35.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0251%	1h	85,906.8	+0.067%	$15.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0245%	1h	85,945.2	+0.112%	$820.3M	$1.50B	50x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	85,883.6	+0.040%	$691K	$6.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0358%	1h	85,853.8	+0.005%	$79K	$228K	20x	as long as short