Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.182%

Price spread now: Bluefin against Derive+0.062%7-day average −0.018% · you sell dearer than you buy

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

Long on Derive Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.243%−$24 on $10k

Price spread, last 4 days (all we have)−0.035%−$4 · spread now +0.062%, 7d avg −0.018%

Together, before fees−0.278%−$28 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 0.080% dearer against Derive than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	85,442.4	0.0100	pay 0.0013% / 1h	18m 44s	$29.9M	$50.3M	15x
Short	Bluefin BTC-PERP	85,495.3	0.0100	get 0.0013% / 1h	18m 44s	$207K	$738K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now +0.062%Rate

Funding earned: $0
Price spread: +0.062% → −0.018%: $8
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$5
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Bluefin: live order book, 40 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 Bluefin live order book, 40 min ago	2.16 bp	6.1 bp −$6	11.3 bp −$113	doesn't fit	doesn't fit

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
Phoenix BTC	−0.0179%	1h	85,530	+0.103%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,474	+0.037%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,450.4	+0.009%	$365K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0023%	8h	85,383.9	−0.068%	$918.2M	$751.9M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,447.7	+0.006%	$416.2M	$667.6M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,469.4	+0.032%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,387.8	−0.064%	$514.8M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0013%	1h	85,497.7	+0.065%	$16.7M	$21.2M	50x	as long as short
Nado BTC-PERP	+0.0018%	1h	85,445.6	+0.004%	$25.3M	$222.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,442.7	0.000%	$4.4M	$98.1M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0062%	8h	85,372.2	−0.082%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0075%	8h	85,440	−0.003%	$147.5M	$488.2M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,388.8	−0.063%	$2.94B	$5.07B	150x	as long as short
Reya BTCRUSDPERP	+0.0083%	1h	85,449.9	+0.009%	$6.7M	$146.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,409.4	−0.039%	$172.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,408.9	−0.039%	$23.8M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,462	+0.023%	$8.4M	$52.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,444.7	+0.003%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,397.7	−0.052%	$5.06B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,401	−0.048%	$9.35B	$24.15B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,424	−0.022%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,519.4	+0.090%	$4.9M	$9.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,479	+0.043%	$3.74B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,481.4	+0.046%	$40.1M	$579.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,394.4	−0.056%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,400.1	−0.050%	$2.58B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,441	−0.002%	$3.9M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	+0.086%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,401.1	−0.048%	$5.50B	$10.74B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,427	−0.018%	$35.7M	$176.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,443.5	+0.001%	$153.4M	$565.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,504	+0.072%	$279.3M	$921.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,513.1	+0.083%	$214.6M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,457.2	+0.017%	$139.7M	$314.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,489.4	+0.055%	$30.2M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,514.5	+0.084%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,450	+0.009%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,457	+0.017%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,448.5	+0.007%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	85,495.3	+0.062%	$207K	$738K	40x
Derive BTC-PERPlong	+0.0100%	1h	85,442.4	long leg	$29.9M	$50.3M	15x
SunX BTC-USDT	+0.0100%	8h	85,441.4	−0.001%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,448	+0.007%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,450	+0.009%	$2.26B	$942.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,370.6	−0.084%	$44.6M	$230.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,468.6	+0.031%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,481.6	+0.046%	$117.2M	$5.19B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0149%	1h	85,493.3	+0.060%	$891.3M	$1.58B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,475	+0.038%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,464.2	+0.026%	$187.5M	$955.3M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,482.7	+0.047%	$8.2M	$42.5M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,465.4	+0.027%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	85,497.8	+0.065%	$703K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,480	+0.044%	$10.3M	$756.2M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0225%	1h	85,532.2	+0.105%	$78K	$219K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,462.2	+0.023%	$497K	$18.8M	6.7x	as long as short