Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0116%/8h= −12.7% APRpaid last 24h −0.032%

Price spread now: edgeX against Deribit−0.080%7-day average −0.070% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$180.184% of the position

Long on Deribit Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.207%−$21 on $10k

Price spread, last 4 days (all we have)+0.096%+$10 · spread now −0.080%, 7d avg −0.070%

Together, before fees−0.111%+ Points / potential airdropedgeX: Active · farm board−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.070%, 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	Deribit BTC-PERPETUAL	86,205.2	0.0216	pay 0.0027% / 1h	54m 33s	$822.6M	$1.51B	50x
Short	edgeX BTCUSDC	86,136.3	0.0100	get 0.0050% / 4h	1h 54m	$290.0M	$813.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Deribit. 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 DeribitbpFee edgeXbpOrdersPrice spread, now −0.080%Rate

Funding earned: −$24.38
Price spread: −0.080% → −0.070%: −$0.97
Slippage, 4 orders: −$2.38
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$43.72
Costs to cover: 0.184%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; edgeX: live order book, 3 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 Deribit live order book, 3 min ago	0.75 bp	5.1 bp −$5	5.3 bp −$53	7.6 bp −$759	12.8 bp −$6,424
Sell edgeX live order book, 3 min ago	0.02 bp	4.5 bp −$5	4.5 bp −$45	4.7 bp −$469	5.7 bp −$2,832

BTC on 55 exchanges

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
Hotstuff BTC-PERP	−0.0080%	1h	86,197	−0.009%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,128	−0.090%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,143.8	−0.071%	$421.0M	$566.5M	150x	as long as short
SoDEX BTC-USD	−0.0010%	1h	86,151	−0.063%	$66.0M	$188.0M	40x	as long as short
ApeX Omni BTCUSDT	−0.0004%	1h	86,185.3	−0.023%	$138.2M	$295.1M	100x	as long as short
dYdX BTC-USD	0.0000%	1h	86,162.9	−0.049%	$16.9M	$14.6M	50x	as long as short
Perpl BTC	0.0000%	43m	86,161.8	−0.050%	$482K	$13.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,178.5	−0.031%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,214	+0.010%	$301K	$26.1M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,165.8	−0.046%	$191.8M	$773.0M	100x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0030%	8h	86,119	−0.100%	—	$1.34B	—	as long as short
Aster BTCUSDT	+0.0030%	8h	86,116.2	−0.103%	$513.2M	$876.5M	200x	as long as short
Bybit BTCUSDT	+0.0036%	8h	86,115.8	−0.104%	$5.15B	$8.13B	150x	as long as short
Phoenix BTC	+0.0053%	1h	86,185	−0.023%	$2.0M	$7.8M	40x	as long as short
KuCoin XBTUSDTM	+0.0053%	8h	86,144.7	−0.070%	$943.6M	$636.0M	125x	as long as short
Popdex BTCUSDT	+0.0064%	1h	86,117	−0.102%	$8.8M	$45.5M	100x	as long as short
Gate BTC_USDT	+0.0067%	8h	86,123.6	−0.095%	$5.52B	$8.87B	200x	as long as short
Phemex BTCUSDT	+0.0077%	8h	86,145.7	−0.069%	$170.8M	$479.5M	150x	as long as short
Bitget BTCUSDT	+0.0095%	8h	86,110.1	−0.110%	$2.99B	$3.98B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,134.5	−0.082%	$173.8M	$850.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,137.4	−0.079%	$23.6M	$118.6M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,134.5	−0.082%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,101	−0.121%	$219K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,161.2	−0.051%	$6.0M	$7.7M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,118.5	−0.101%	$23.5M	$196.4M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,164.1	−0.048%	$40.4M	$570.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,115.1	−0.104%	$9.46B	$20.63B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,120	−0.099%	$2.62B	$9.52B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,102	−0.120%	$4.0M	$15.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,147.6	−0.067%	$4.2M	$90.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	−0.042%	$716.4M	$134.3M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,119.1	−0.100%	$5.19B	$4.81B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,140.6	−0.075%	$38.7M	$196.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,125.5	−0.092%	$158.0M	$474.6M	—	as long as short
edgeX BTCUSDCshort	+0.0100%	4h	86,136.3	−0.080%	$290.0M	$813.0M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	86,152.6	−0.061%	$216.4M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,149	−0.065%	$30.3M	$222.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,180.2	−0.029%	—	$9.3M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,124	−0.094%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,117	−0.102%	$205K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,138.8	−0.077%	$2.7M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,194.5	−0.012%	$195K	$564K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,158.5	−0.054%	$3.2M	$6.7M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,142.6	−0.073%	$2.28B	$804.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,088.4	−0.135%	$47.0M	$203.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,161.9	−0.050%	—	$81.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,193	−0.014%	$112.2M	$4.99B	50x	as long as short
Kalshi KXBTCPERP	+0.0160%	8h	86,174	−0.036%	$11.8M	$732.3M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0163%	1h	86,095.2	−0.128%	$6.6M	$131.1M	40x	as long as short
Hyperliquid BTC	+0.0170%	1h	86,212	+0.008%	$3.97B	$4.35B	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,146	−0.069%	$8.9M	$37.3M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0210% / S −0.0250%	1h	86,160.4	−0.052%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUALlong	+0.0216%	1h	86,205.2	long leg	$822.6M	$1.51B	50x
Hibachi BTC/USDT-P	+0.0344%	1h	86,190	−0.018%	$716K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0448%	1h	86,214.3	+0.011%	$82K	$242K	20x	as long as short