Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0011%/8h= −1.2% APRpaid last 24h −0.018%

Price spread now: Binance against Derive+0.043%7-day average 0.000% · you sell dearer than you buy

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

Long on Derive Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.027%+$3 on $10k

Price spread, last 4 days (all we have)+0.033%+$3 · spread now +0.043%, 7d avg 0.000%

Together, before fees+0.060%+$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.042% dearer against Derive than usual: you sell high and buy low (spread +0.043% now, against its 7-day average of 0.000%): +$4 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 13 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	85,417.1	0.0100	pay 0.0013% / 1h	43m 16s	$29.9M	$50.9M	15x
Short	Binance BTCUSDT	85,453.6	0.0089	get 0.0089% / 8h	4h 43m	$9.34B	$24.03B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Derive. 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 DerivebpFee BinancebpOrdersPrice spread, now +0.043%Rate

Funding earned: −$2.33
Price spread: +0.043% → 0.000%: $4.24
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Binance: 5 bp × 2 orders: −$10
Net: −$14.09
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Binance: live order book, 16 min ago. 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 Derive no order-book sample	—	—	—	—	—
Sell Binance live order book, 16 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$507	6.4 bp −$3,216

Derive: 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
Bluefin BTC-PERP	−0.0590%	1h	85,453.7	+0.043%	$206K	$738K	40x	as long as short
Phoenix BTC	−0.0179%	1h	85,410	−0.008%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,571	+0.180%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,519.5	+0.120%	$366K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,441.9	+0.029%	$416.7M	$665.2M	150x	as long as short
KuCoin XBTUSDTM	−0.0005%	8h	85,504.2	+0.102%	$919.4M	$750.5M	125x	as long as short
dYdX BTC-USD	0.0000%	1h	85,550	+0.156%	$16.7M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,470.1	+0.062%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	85,520.6	+0.121%	$515.3M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,523.6	+0.125%	$6.9M	$97.3M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0054%	1h	85,548	+0.153%	$22.6M	$219.3M	50x	as long as short
BingX BTC-USDT	+0.0060%	8h	85,457.6	+0.047%	—	$1.54B	—	as long as short
Bitget BTCUSDT	+0.0075%	8h	85,410.3	−0.008%	$2.96B	$5.03B	150x	as long as short
Reya BTCRUSDPERP	+0.0078%	1h	85,445.6	+0.033%	$6.7M	$146.6M	40x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,460.2	+0.050%	$5.04B	$5.59B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,411.7	−0.006%	$2.4M	$1.7M	20x	as long as short
Binance BTCUSDTshort	+0.0089%	8h	85,453.6	+0.043%	$9.34B	$24.03B	150x
Lighter BTC	+0.0096%	1h	85,426.2	+0.011%	$173.4M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,566.6	+0.175%	$23.8M	$148.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,519	+0.119%	$8.4M	$52.7M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,601.1	+0.215%	$4.1M	$8.5M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,508	+0.106%	$229K	$8.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,549	+0.154%	$3.74B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,584.8	+0.196%	$40.1M	$575.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,442.3	+0.030%	$5.25B	$9.68B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,423.6	+0.008%	$2.58B	$12.08B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,555	+0.161%	$3.9M	$18.0M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,462.3	+0.053%	$5.54B	$10.60B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,559.7	+0.167%	$35.8M	$176.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,466.8	+0.058%	$153.8M	$563.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,507.5	+0.106%	$279.3M	$919.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,511.2	+0.110%	$214.7M	$168.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,522.5	+0.123%	$139.9M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,500.4	+0.098%	$30.2M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,560.5	+0.168%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,500	+0.097%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,459	+0.049%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,426.3	+0.011%	$2.3M	$8.7M	100x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	85,417.1	long leg	$29.9M	$50.9M	15x
SunX BTC-USDT	+0.0100%	8h	85,537.2	+0.141%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,414	−0.004%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,416.6	−0.001%	$2.26B	$940.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,421.9	+0.006%	$150.1M	$483.8M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,513.6	+0.113%	$649.6M	$594.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,386.9	−0.035%	$44.5M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,567	+0.176%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,453.9	+0.043%	$117.0M	$5.15B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0113%	1h	85,458.6	+0.049%	$893.7M	$1.53B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,539	+0.143%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,430.3	+0.015%	$188.6M	$953.6M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0150%	1h	85,471.3	+0.063%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,602.5	+0.217%	$695K	$7.9M	30x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,557.3	+0.164%	$8.3M	$42.4M	25x	as long as short
Aftermath Perps BTCUSD	+0.0204%	1h	85,564.9	+0.173%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0217%	8h	85,505	+0.103%	$10.5M	$758.8M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,518.6	+0.119%	$498K	$18.9M	6.7x	as long as short