Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0017%/8h= −1.9% APRpaid last 24h +0.148%

Price spread now: Bitget against Bluefin−0.146%7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs+$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$240.239% of the position

Long on Bluefin Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.245%+$24 on $10k

Price spread, last 4 days (all we have)+0.167%+$17 · spread now −0.146%, 7d avg +0.012%

Together, before fees+0.412%+$41 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bitget is 0.158% cheaper against Bluefin than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.012%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.245%, 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	Bluefin BTC-PERP	85,372.1	0.0100	pay 0.0013% / 1h	34m 58s	$217K	$750K	40x
Short	Bitget BTCUSDT	85,247.6	0.0083	get 0.0083% / 8h	2h 34m	$2.95B	$5.18B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.146%Rate

Funding earned: −$3.57
Price spread: −0.146% → +0.012%: −$15.79
Slippage, 4 orders: −$4.88
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$43.24
Costs to cover: 0.239%
Break-even: never at this rate

Slippage from Bluefin: live order book, 14 min ago; Bitget: live order book, 4 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, 14 min ago	1.33 bp	6.5 bp −$6	10.4 bp −$104	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.7 bp −$674	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
Perpl BTC	−0.0112%	43m	85,316.9	−0.065%	$526K	$18.8M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,251	−0.142%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,326	−0.054%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0053%	8h	85,251.7	−0.141%	$922.1M	$763.6M	125x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,308.7	−0.074%	$421.3M	$680.3M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,315.4	−0.066%	$383K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0014%	8h	85,245.1	−0.149%	$512.6M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,282.6	−0.105%	$16.7M	$21.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,333.5	−0.045%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0014%	1h	85,308	−0.075%	$24.6M	$222.8M	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	+0.0023%	1h	85,225	−0.172%	$338K	$26.8M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,338.2	−0.040%	$187.6M	$955.9M	100x	as long as short
BingX BTC-USDC	+0.0066%	8h	85,217.7	−0.181%	—	$17.4M	—	as long as short
Bullet BTC-USD	+0.0068%	1h	85,321	−0.060%	$206K	$3.3M	20x	as long as short
SoDEX BTC-USD	+0.0070%	1h	85,330	−0.049%	$59.7M	$335.8M	40x	as long as short
Phemex BTCUSDT	+0.0070%	8h	85,312.1	−0.070%	$149.2M	$503.7M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,319.5	−0.062%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDTshort	+0.0083%	8h	85,247.6	−0.146%	$2.95B	$5.18B	150x
MEXC BTC_USDT	+0.0084%	8h	85,242.5	−0.152%	$5.06B	$5.70B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,242	−0.152%	$9.41B	$24.83B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,332.7	−0.046%	$171.3M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,332	−0.047%	$23.7M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,308	−0.075%	$8.3M	$55.6M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,355.1	−0.020%	$117.1M	$5.34B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,285	−0.102%	$238K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,363.8	−0.010%	$5.6M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,376	+0.005%	$3.75B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,337.7	−0.040%	$40.1M	$595.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,230.1	−0.166%	$5.16B	$9.93B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,230.1	−0.166%	$2.58B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,296	−0.089%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,315.2	−0.067%	$4.6M	$99.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,324.1	−0.056%	$679.5M	$626.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,242.7	−0.152%	$5.52B	$10.89B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,287.7	−0.099%	$36.0M	$174.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,263.5	−0.127%	$156.5M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,240.8	−0.154%	$278.9M	$942.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,264.2	−0.126%	$214.3M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,275.4	−0.113%	$139.4M	$315.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,252.5	−0.140%	$30.1M	$206.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,376.2	+0.005%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,316	−0.066%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,327.7	−0.052%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERPlong	+0.0100%	1h	85,372.1	long leg	$217K	$750K	40x
Derive BTC-PERP	+0.0100%	1h	85,307.6	−0.076%	$30.1M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,301.2	−0.083%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,313.2	−0.069%	$2.26B	$952.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,220.5	−0.178%	$45.3M	$238.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,322.7	−0.058%	—	$107.0M	500x	as long as short
Reya BTCRUSDPERP	+0.0113%	1h	85,320.5	−0.060%	$6.6M	$147.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0132%	1h	85,369.7	−0.003%	$872.4M	$1.61B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,323.9	−0.056%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0176%	8h	85,346	−0.031%	$11.4M	$747.4M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0216%	1h	85,312.5	−0.070%	$79K	$225K	20x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,306	−0.077%	$719K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,335.1	−0.043%	$8.7M	$43.1M	25x	as long as short