Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:46 UTC−0.0072%/8h= −7.9% APRpaid last 24h −0.007%

Price spread now: Perpl against BloFin+0.040%7-day average +0.014% · you sell dearer than you buy

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

Long on BloFin Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.337%+$34 on $10k

Price spread, last 3 days (all we have)+0.023%+$2 · spread now +0.040%, 7d avg +0.014%

Together, before fees+0.360%+ Points / potential airdropPerpl: Active · farm board+$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.026% dearer against BloFin than usual: you sell high and buy low (spread +0.040% now, against its 7-day average of +0.014%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 28 hours. Mind the row above: over the last 7 days funding on this pair paid +0.337%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin BTC-USDT	86,353.7	0.0184	pay 0.0184% / 8h	1h 13m	$414.2M	$653.5M	150x
Short	Perpl BTC	86,388.4	0.0112	get 0.0010% / 43m	26m 07s	$421K	$23.6M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.040%Rate

Funding earned: −$15.18
Price spread: +0.040% → +0.014%: $2.57
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$38.41
Costs to cover: 0.258%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 6 min ago; Perpl: 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, 6 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.1 bp −$609	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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	−0.0681%	1h	86,371.4	+0.020%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,402	+0.056%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,361	+0.008%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,365.8	+0.014%	$360K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0011%	8h	86,349.2	−0.005%	$503.3M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,348.2	−0.006%	$850.8M	$712.2M	125x	as long as short
dYdX BTC-USD	+0.0005%	1h	86,406.9	+0.062%	$17.0M	$21.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,369.7	+0.019%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,365.4	+0.014%	$8.4M	$42.8M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0012%	1h	86,388.6	+0.040%	$917.8M	$1.49B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0023%	1h	86,338.4	−0.018%	$6.7M	$145.0M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,360	+0.007%	$332K	$26.8M	52x	as long as short
Aftermath Perps BTCUSD	+0.0033%	1h	86,441	+0.101%	$81K	$218K	20x	as long as short
BingX BTC-USDC	+0.0036%	8h	86,334.1	−0.023%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0040%	8h	86,357.5	+0.004%	$150.0M	$476.9M	150x	as long as short
Bitget BTCUSDT	+0.0046%	8h	86,352.7	−0.001%	$2.95B	$5.10B	150x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,354.8	+0.001%	$9.42B	$24.44B	150x	as long as short
MEXC BTC_USDT	+0.0064%	8h	86,354.7	+0.001%	$5.14B	$5.70B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,340.1	−0.016%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,352.1	−0.002%	$5.84B	$10.75B	200x	as long as short
Bybit BTCUSDT	+0.0093%	8h	86,360.9	+0.008%	$5.25B	$9.78B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,365.6	+0.014%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,377.5	+0.028%	$24.1M	$152.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,352	−0.002%	$8.4M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,339	−0.017%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,399.2	+0.053%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,365.8	+0.014%	$21.7M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,422	+0.079%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,400.2	+0.054%	$40.7M	$513.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,362.9	+0.011%	$2.53B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,365	+0.013%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,419	+0.076%	$7.8M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,498.7	+0.168%	$571.7M	$18.6M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,348.3	−0.006%	$37.8M	$155.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,394.8	+0.048%	$155.5M	$568.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,426.9	+0.085%	$279.3M	$949.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,418.2	+0.075%	$217.1M	$176.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,418.4	+0.075%	$141.3M	$323.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,380	+0.030%	$30.7M	$203.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,406.9	+0.062%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,350	−0.004%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,352	−0.002%	$190K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,352.5	−0.001%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,360.3	+0.008%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,339.2	−0.017%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,350	−0.004%	$60.4M	$337.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,346.4	−0.008%	$2.29B	$968.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,330	−0.027%	$45.5M	$226.2M	50x	as long as short
Hibachi BTC/USDT-P	+0.0104%	1h	86,421.2	+0.078%	$719K	$8.1M	30x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,375.5	+0.025%	—	$98.8M	500x	as long as short
Perpl BTCshort	+0.0112%	43m	86,388.4	+0.040%	$421K	$23.6M	6.7x
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,398.9	+0.052%	$131.3M	$5.69B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,382.6	+0.033%	$191.1M	$944.0M	100x	as long as short
BloFin BTC-USDTlong	+0.0184%	8h	86,353.7	long leg	$414.2M	$653.5M	150x
GMX BTC/USD [WBTC.b-USDC]	L +0.0186% / S −0.0213%	1h	86,360.5	+0.008%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	86,393	+0.046%	$9.8M	$734.7M	6.4x	as long as short