Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h +0.031%

Price spread now: Deribit against Bybit+0.048%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$180.181% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.023%+$2 on $10k

Price spread, last 3 days (all we have)−0.041%−$4 · spread now +0.048%, 7d avg +0.050%

Together, before fees−0.017%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.050%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	86,605.1	0.0084	pay 0.0084% / 8h	2h 08m	$5.26B	$9.73B	150x
Short	Deribit BTC-PERPETUAL	86,646.3	0	get 0.0000% / 1h	8m 08s	$928.2M	$1.47B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.048%Rate

Funding earned: −$17.59
Price spread: +0.048% → +0.050%: −$0.28
Slippage, 4 orders: −$0.07
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$35.94
Costs to cover: 0.181%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Deribit: live order book, 1 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, 1 min ago	0.01 bp	5.5 bp −$6	6.1 bp −$61	6.7 bp −$675	6.9 bp −$3,452
Sell Deribit live order book, 1 min ago	0.03 bp	3.5 bp −$4	4.0 bp −$40	5.7 bp −$573	12.5 bp −$6,228

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
Aftermath Perps BTCUSD	−0.0250%	1h	86,683.8	+0.091%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,627.1	+0.025%	$426K	$24.6M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,670	+0.075%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,606	+0.001%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0063%	1h	86,646.1	+0.047%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,638.3	+0.038%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUALshort	0.0000%	1h	86,646.3	+0.048%	$928.2M	$1.47B	50x
Aster BTCUSDT	+0.0001%	8h	86,596	−0.010%	$505.6M	$1.16B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,638.4	+0.039%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	86,602.6	−0.003%	$851.9M	$708.3M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0022%	1h	86,601.1	−0.005%	$6.7M	$144.5M	40x	as long as short
BingX BTC-USDC	+0.0029%	8h	86,599.4	−0.007%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0031%	8h	86,616.4	+0.013%	$149.9M	$471.8M	150x	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,607.6	+0.003%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.190%	$316K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,610.1	+0.006%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,604.7	0.000%	$5.20B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,604.6	−0.001%	$9.43B	$24.38B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,630.3	+0.029%	$9.3M	$42.0M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,608.2	+0.004%	$5.85B	$10.70B	200x	as long as short
Bybit BTCUSDTlong	+0.0084%	8h	86,605.1	long leg	$5.26B	$9.73B	150x
OKX BTC-USDT-SWAP	+0.0093%	8h	86,618.2	+0.015%	$2.55B	$12.73B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,620.9	+0.018%	$171.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,631.4	+0.030%	$24.1M	$154.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,607	+0.002%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,604	−0.001%	$202K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,664.1	+0.068%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,605.4	0.000%	$21.7M	$235.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,688	+0.096%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,648	+0.050%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,627	+0.025%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,688.9	+0.097%	$7.4M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.089%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,617	+0.014%	$38.2M	$150.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,672.4	+0.078%	$160.1M	$567.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,681.2	+0.088%	$280.0M	$941.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,681.4	+0.088%	$217.5M	$186.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,695.9	+0.105%	$141.5M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,650.4	+0.052%	$30.7M	$203.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,669.2	+0.074%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,616	+0.013%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,607	+0.002%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,626.4	+0.025%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,636.5	+0.036%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,618.9	+0.016%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,614.3	+0.011%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,604	−0.001%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,615.4	+0.012%	$2.30B	$960.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,592.7	−0.014%	$46.3M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,645.5	+0.047%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,640.3	+0.041%	$187.4M	$934.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,662.9	+0.067%	$131.7M	$5.83B	50x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	86,651	+0.053%	$9.5M	$727.8M	6.4x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,619.9	+0.017%	$416.5M	$655.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,632.5	+0.032%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,702.6	+0.113%	$779K	$7.9M	30x	as long as short