Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:20 UTC−0.0307%/8h= −33.6% APRpaid last 24h −0.036%

Price spread now: Perpl against Bybit+0.033%7-day average +0.017% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.351%+$35 on $10k

Price spread, last 7 days+0.057%+$6 · spread now +0.033%, 7d avg +0.017%

Together, before fees+0.408%+ Points / potential airdropPerpl: Active · farm board+$41 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.017%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.351%, 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	Bybit BTCUSDT	86,674.6	0.0084	pay 0.0084% / 8h	2h 11m	$5.28B	$9.72B	150x
Short	Perpl BTC	86,703.5	−0.0223	pay 0.0020% / 43m	41m 27s	$425K	$24.6M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$64.53
Price spread: +0.033% → +0.017%: $1.62
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$87.72
Costs to cover: 0.248%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 8 min ago; Perpl: no order-book sample. Net counts fees only.

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, 8 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	6.1 bp −$607	7.8 bp −$3,879
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0246%	1h	86,727	+0.060%	$85K	$188K	20x	as long as short
Perpl BTCshort	−0.0223%	43m	86,703.5	+0.033%	$425K	$24.6M	6.7x
Phoenix BTC	−0.0103%	1h	86,676	+0.002%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,680	+0.006%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0062%	1h	86,692.6	+0.021%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,704.4	+0.034%	$362K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,724.8	+0.058%	$929.4M	$1.47B	50x	as long as short
Aster BTCUSDT	+0.0004%	8h	86,663.6	−0.013%	$506.0M	$1.16B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,702	+0.032%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	86,675.3	+0.001%	$851.3M	$707.8M	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	86,678.2	+0.004%	$6.7M	$144.4M	40x	as long as short
BingX BTC-USDC	+0.0028%	8h	86,670	−0.005%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0028%	8h	86,682.5	+0.009%	$150.2M	$472.1M	150x	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,682.3	+0.009%	$2.96B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,752	+0.089%	$315K	$26.8M	52x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,681.4	+0.008%	$9.43B	$24.37B	150x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,682.3	+0.009%	$5.19B	$5.71B	500x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,700	+0.029%	$9.3M	$41.9M	25x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,682.4	+0.009%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,678.6	+0.005%	$5.85B	$10.69B	200x	as long as short
Bybit BTCUSDTlong	+0.0084%	8h	86,674.6	long leg	$5.28B	$9.72B	150x
OKX BTC-USDT-SWAP	+0.0091%	8h	86,692.3	+0.020%	$2.56B	$12.74B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,693.5	+0.022%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,701.6	+0.031%	$24.1M	$154.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,683	+0.010%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,672	−0.003%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,739	+0.074%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,681.2	+0.008%	$21.7M	$235.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,759	+0.097%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,719.3	+0.052%	$41.0M	$494.9M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,680	+0.006%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,754.2	+0.092%	$7.4M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.009%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,687.5	+0.015%	$38.2M	$149.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,796.1	+0.140%	$159.7M	$566.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,761.4	+0.100%	$280.3M	$953.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,716	+0.048%	$217.6M	$186.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,754.9	+0.093%	$141.6M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,730.5	+0.065%	$30.8M	$203.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,740.2	+0.076%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,679	+0.005%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,682.3	+0.009%	$196K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,697.9	+0.027%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,707.2	+0.038%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,696.2	+0.025%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,686.9	+0.014%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,682	+0.009%	$60.6M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,670.8	−0.004%	$2.30B	$959.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,673.4	−0.001%	$46.4M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,710.9	+0.042%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,721.8	+0.054%	$188.0M	$934.0M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,738.2	+0.073%	$131.8M	$5.84B	50x	as long as short
Kalshi KXBTCPERP	+0.0163%	8h	86,729	+0.063%	$9.6M	$727.6M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,705.5	+0.036%	$15.0M	—	200x	as long as short
BloFin BTC-USDT	+0.0181%	8h	86,700	+0.029%	$416.5M	$655.6M	150x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	86,711.1	+0.042%	$780K	$7.8M	30x	as long as short