Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.174%

Price spread now: Bybit against Bluefin−0.029%7-day average +0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$260.259% of the position

Long on Bluefin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.256%+$26 on $10k

Price spread, last 3 days (all we have)+0.050%+$5 · spread now −0.029%, 7d avg +0.018%

Together, before fees+0.306%+$31 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.048% cheaper against Bluefin than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	85,863.3	0.0100	pay 0.0013% / 1h	44m 18s	$186K	$710K	40x
Short	Bybit BTCUSDT	85,838	0.0100	get 0.0100% / 8h	6h 44m	$5.27B	$9.81B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.029%Rate

Funding earned: $0
Price spread: −0.029% → +0.018%: −$4.76
Slippage, 4 orders: −$7.87
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$30.63
Costs to cover: 0.259%
Break-even: never at this rate

Slippage from Bluefin: live order book, 25 min ago; Bybit: live order book, 5 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, 25 min ago	1.17 bp	7.7 bp −$8	12.5 bp −$125	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	6.1 bp −$612	7.9 bp −$3,949

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
Phoenix BTC	−0.0144%	1h	85,767	−0.112%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,777	−0.101%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	−0.012%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,771.9	−0.106%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,774.5	−0.103%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,776.8	−0.101%	$512K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,814.8	−0.056%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	−0.062%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0037%	8h	85,781.1	−0.096%	$497.5M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0040%	8h	85,762.5	−0.117%	$894.3M	$757.3M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,770.5	−0.108%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDT	+0.0053%	8h	85,823.5	−0.046%	—	$1.59B	—	as long as short
Reya BTCRUSDPERP	+0.0054%	1h	85,754.5	−0.127%	$6.7M	$146.1M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,819.1	−0.051%	$2.95B	$5.14B	150x	as long as short
ApeX Omni BTCUSDT	+0.0076%	1h	85,808.2	−0.064%	$140.3M	$320.9M	100x	as long as short
HTX BTC-USDT	+0.0077%	8h	85,695.9	−0.195%	$2.27B	$969.0M	200x	as long as short
Nado BTC-PERP	+0.0079%	1h	85,769.9	−0.109%	$22.8M	$229.3M	50x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,814.6	−0.057%	$9.34B	$24.58B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,771.2	−0.107%	$5.11B	$5.67B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,816	−0.055%	$2.5M	$1.8M	20x	as long as short
Gate BTC_USDT	+0.0094%	8h	85,800	−0.074%	$5.66B	$10.39B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,764.4	−0.115%	$169.4M	$979.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,766.3	−0.113%	$23.3M	$145.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,778	−0.099%	$8.4M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,749	−0.133%	$210K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,766.6	−0.113%	$3.8M	$8.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,840	−0.027%	$3.77B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,775.8	−0.102%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDTshort	+0.0100%	8h	85,838	−0.029%	$5.27B	$9.81B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,834.9	−0.033%	$2.55B	$12.54B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,758	−0.123%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,745.2	−0.138%	$7.3M	$98.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,700.3	−0.190%	$35.1M	$163.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,783.2	−0.093%	$155.9M	$552.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,787.3	−0.089%	$278.0M	$944.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,857.1	−0.007%	$215.7M	$163.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,750	−0.132%	$30.3M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,816.9	−0.054%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,769	−0.110%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,791	−0.084%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,820.3	−0.050%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERPlong	+0.0100%	1h	85,863.3	long leg	$186K	$710K	40x
Derive BTC-PERP	+0.0100%	1h	85,833.1	−0.035%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,757	−0.124%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,822	−0.048%	$60.1M	$337.9M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,700.2	−0.190%	$154.0M	$478.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,804.9	−0.068%	$582.3M	$118.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,796.3	−0.078%	$44.9M	$227.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,754.4	−0.127%	—	$101.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,733.8	−0.151%	$131.6M	$5.25B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,756.8	−0.124%	$706K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,848.5	−0.017%	$189.1M	$970.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0152%	1h	85,809.7	−0.062%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0160%	1h	85,862.6	−0.001%	$895.7M	$1.54B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,794.6	−0.080%	$13.8M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	85,762	−0.118%	$9.9M	$769.4M	6.4x	as long as short