Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0016%/8h= −1.7% APRpaid last 24h +0.169%

Price spread now: Binance against Bluefin+0.107%48s7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs+$5as 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−$220.220% of the position

Long on Bluefin Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.266%+$27 on $10k

Price spread, last 3 days (all we have)−0.088%−$9 · spread now +0.107%, 7d avg +0.018%

Together, before fees+0.178%+$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.089% dearer against Bluefin than usual: you sell high and buy low (spread +0.107% now, against its 7-day average of +0.018%): +$9 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 19 days. Mind the row above: over the last 7 days funding on this pair paid +0.266%, so the current rate has only just turned against you. The two prices were read 48 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	Bluefin BTC-PERP	85,506.1	0.0100	pay 0.0013% / 1h	56m 29s	$196K	$722K	40x
Short	Binance BTCUSDT	85,597.8	0.0084	get 0.0084% / 8h	5h 56m	$9.34B	$23.84B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Bluefin. 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 BluefinbpFee BinancebpOrdersPrice spread, now +0.107%Rate

Funding earned: −$3.35
Price spread: +0.107% → +0.018%: $8.88
Slippage, 4 orders: −$5.03
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$16.5
Costs to cover: 0.220%
Break-even: never at this rate

Slippage from Bluefin: live order book, 8 min ago; Binance: live order book, 3 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 Bluefin live order book, 8 min ago	0.88 bp	6.0 bp −$6	10.7 bp −$107	doesn't fit	doesn't fit
Sell Binance live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$501	5.9 bp −$2,961

BTC on 55 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	−0.0144%	1h	85,498	−0.009%	$2.1M	$10.1M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,608	+0.119%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,598	+0.107%	$365K	$2.3M	50x	as long as short
Nado BTC-PERP	−0.0036%	1h	85,549.9	+0.051%	$22.5M	$223.9M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,579.5	+0.086%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,585.9	+0.093%	$36.7M	—	200x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,582.6	+0.090%	$515.9M	$1.11B	200x	as long as short
KuCoin XBTUSDTM	+0.0021%	8h	85,572.8	+0.078%	$899.5M	$748.5M	125x	as long as short
SoDEX BTC-USD	+0.0030%	1h	85,464	−0.049%	$59.8M	$336.4M	40x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,606.3	+0.117%	—	$1.54B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0055%	8h	85,473.5	−0.038%	$2.27B	$930.9M	200x	as long as short
Reya BTCRUSDPERP	+0.0063%	1h	85,568.1	+0.072%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,579	+0.085%	$2.95B	$5.01B	150x	as long as short
Popdex BTCUSDT	+0.0072%	1h	85,598	+0.107%	$8.4M	$51.5M	100x	as long as short
SunX BTC-USDT	+0.0073%	8h	85,453.9	−0.061%	$2.9M	$6.4M	100x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.130%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,469	−0.043%	$2.4M	$1.7M	20x	as long as short
Binance BTCUSDTshort	+0.0084%	8h	85,597.8	+0.107%	$9.34B	$23.84B	150x
MEXC BTC_USDT	+0.0085%	8h	85,579	+0.085%	$5.08B	$5.57B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,572.3	+0.077%	$169.5M	$981.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,568.7	+0.073%	$23.9M	$146.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,641.4	+0.158%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,572	+0.077%	$203K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,648	+0.166%	$3.76B	$4.92B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,603.4	+0.114%	$40.1M	$571.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,604.9	+0.116%	$5.33B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,600.1	+0.110%	$2.56B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,579	+0.085%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,561.5	+0.065%	$7.1M	$96.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,599.4	+0.109%	$5.58B	$10.38B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,474.6	−0.037%	$34.8M	$168.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,545	+0.045%	$154.0M	$554.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,553.1	+0.055%	$278.3M	$939.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,581.5	+0.088%	$214.8M	$161.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,594.5	+0.103%	$139.9M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,539.1	+0.039%	$30.2M	$211.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,617	+0.130%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,585	+0.092%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,581	+0.088%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,464.6	−0.049%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERPlong	+0.0100%	1h	85,506.1	long leg	$196K	$722K	40x
Derive BTC-PERP	+0.0100%	1h	85,469.3	−0.043%	$30.0M	$52.7M	15x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,481.9	−0.028%	$149.6M	$478.8M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,593.2	+0.102%	$605.0M	$283.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,581.4	+0.088%	$44.2M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,556.3	+0.059%	—	$101.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,515	+0.010%	$130.4M	$5.06B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,630.2	+0.145%	$8.4M	$42.1M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0139%	1h	85,492.3	−0.016%	$186.9M	$951.6M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0166%	1h	85,517.1	+0.013%	$894.8M	$1.52B	50x	as long as short
Aftermath Perps BTCUSD	+0.0191%	1h	85,598.7	+0.108%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,577.9	+0.084%	$682K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0184%	1h	85,485.2	−0.024%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,509	+0.003%	$10.2M	$765.2M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,592.8	+0.101%	$510K	$19.7M	6.7x	as long as short