Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.151%

Price spread now: Bluefin against Bybit+0.051%58s7-day average −0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as 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−$230.229% of the position

Long on Bybit Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.258%−$26 on $10k

Price spread, last 4 days (all we have)−0.076%−$8 · spread now +0.051%, 7d avg −0.016%

Together, before fees−0.334%−$33 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: Bluefin is 0.067% dearer against Bybit than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.016%. The two prices were read 58 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	Bybit BTCUSDT	85,254	0.0100	pay 0.0100% / 8h	1h 47m	$5.14B	$9.99B	150x
Short	Bluefin BTC-PERP	85,297.5	0.0100	get 0.0013% / 1h	47m 20s	$193K	$795K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Bybit. 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 BybitbpFee BluefinbpOrdersPrice spread, now +0.051%Rate

Funding earned: $0
Price spread: +0.051% → −0.016%: $6.69
Slippage, 4 orders: −$4.88
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$16.19
Costs to cover: 0.229%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Bluefin: live order book, 62 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 Bybit live order book, 2 min ago	0.01 bp	5.5 bp −$6	6.5 bp −$65	7.2 bp −$721	8.6 bp −$4,316
Sell Bluefin live order book, 62 min ago	1.33 bp	5.4 bp −$5	9.9 bp −$99	doesn't fit	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
Phoenix BTC	−0.0082%	1h	85,370	+0.136%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,282	+0.033%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0048%	8h	85,261.6	+0.009%	$925.4M	$772.4M	125x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,283.2	+0.034%	$421.4M	$683.3M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,254.6	+0.001%	$512.4M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,295.6	+0.049%	$16.7M	$21.5M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,279.2	+0.030%	$354K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,274.8	+0.024%	$524K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,270.8	+0.020%	$36.4M	—	200x	as long as short
Nado BTC-PERP	+0.0043%	1h	85,282.1	+0.033%	$24.5M	$222.6M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0049%	1h	85,298.5	+0.052%	$864.3M	$1.63B	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,405	+0.177%	$339K	$26.8M	52x	as long as short
ApeX Omni BTCUSDT	+0.0064%	1h	85,295.8	+0.049%	$139.4M	$314.6M	100x	as long as short
BingX BTC-USDC	+0.0070%	8h	85,237.9	−0.019%	—	$17.4M	—	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,260	+0.007%	$2.95B	$5.18B	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,271.9	+0.021%	$186.7M	$956.2M	100x	as long as short
Binance BTCUSDT	+0.0094%	8h	85,259.2	+0.006%	$9.42B	$24.99B	150x	as long as short
Phemex BTCUSDT	+0.0095%	8h	85,272.9	+0.022%	$150.0M	$508.8M	150x	as long as short
MEXC BTC_USDT	+0.0095%	8h	85,252.7	−0.002%	$5.01B	$5.74B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,285.9	+0.037%	$170.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,285.3	+0.037%	$23.6M	$147.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,269	+0.018%	$8.3M	$56.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,255	+0.001%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,242	−0.014%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,330	+0.089%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,350	+0.113%	$3.74B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,304.7	+0.060%	$39.9M	$602.6M	50x	as long as short
Bybit BTCUSDTlong	+0.0100%	8h	85,254	long leg	$5.14B	$9.99B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,264.3	+0.012%	$2.60B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,267	+0.015%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,271.1	+0.020%	$4.6M	$98.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,266.2	+0.014%	$5.49B	$10.96B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,256.1	+0.002%	$36.7M	$179.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,300.3	+0.054%	$155.0M	$558.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,293.8	+0.047%	$279.5M	$952.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,305.3	+0.060%	$214.1M	$167.2M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,333.2	+0.093%	$30.1M	$205.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,331.4	+0.091%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,264	+0.012%	$11.0M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,259	+0.006%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,262.1	+0.010%	$2.6M	$9.9M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	85,297.5	+0.051%	$193K	$795K	40x
Derive BTC-PERP	+0.0100%	1h	85,240.4	−0.016%	$29.9M	$47.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,278.6	+0.029%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,260	+0.007%	$59.7M	$336.9M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,259.7	+0.007%	$2.25B	$968.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,294.8	+0.048%	$682.6M	$475.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,244.6	−0.011%	$44.6M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,274.7	+0.024%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,298	+0.052%	$116.9M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0124%	1h	85,253.1	−0.001%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,269.4	+0.018%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,298.4	+0.052%	$8.7M	$43.2M	25x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	85,306	+0.061%	$11.5M	$742.8M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,327.4	+0.086%	$689K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0254%	1h	85,336.1	+0.096%	$79K	$229K	20x	as long as short