Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.014%

Price spread now: Bulk against Derive+0.035%7-day average +0.006% · you sell dearer than you buy

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

Long on Derive Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.034%+$3 on $10k

Price spread, last 4 days (all we have)+0.027%+$3 · spread now +0.035%, 7d avg +0.006%

Together, before fees+0.061%+$6 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: Bulk is 0.029% dearer against Derive than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	85,374.5	0.0100	pay 0.0013% / 1h	0m 04s	$30.0M	$50.2M	15x
Short	Bulk BTC-USD	85,404.3	0.0100	get 0.0013% / 1h	0m 04s	$678.7M	$662.5M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now +0.035%Rate

Funding earned: $0
Price spread: +0.035% → +0.006%: $2.88
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$10.12
Costs to cover: 0.130%
Break-even: 20789271459635512.0 days

Slippage unknown: Derive: no order-book sample; Bulk: live order book, 4 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 Bulk live order book, 4 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$351	3.9 bp −$1,927

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	−0.0140%	1h	85,470	+0.112%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,419	+0.052%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0051%	8h	85,390.7	+0.019%	$920.0M	$758.4M	125x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,416	+0.049%	$420.1M	$676.0M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,398.1	+0.028%	$514.1M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,403.2	+0.034%	$382K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,422.4	+0.056%	$540K	$18.7M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,409.5	+0.041%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0006%	1h	85,397.1	+0.026%	$24.3M	$222.7M	50x	as long as short
dYdX BTC-USD	+0.0024%	1h	85,448.7	+0.087%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,400	+0.030%	$339K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0051%	1h	85,400	+0.030%	$59.9M	$335.9M	40x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,384.5	+0.012%	—	$17.3M	—	as long as short
Phemex BTCUSDT	+0.0067%	8h	85,404.3	+0.035%	$149.1M	$498.4M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,408.8	+0.040%	$2.95B	$5.13B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,410.6	+0.042%	$5.06B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,390.9	+0.019%	$2.7M	$5.6M	20x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,408.2	+0.039%	$9.45B	$24.54B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,417	+0.050%	$171.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,417.5	+0.050%	$23.8M	$149.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,407	+0.038%	$8.4M	$55.2M	100x	as long as short
Bullet BTC-USD	+0.0098%	1h	85,400.1	+0.030%	$203K	$3.3M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,376	+0.002%	$241K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,447	+0.085%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,487	+0.132%	$3.78B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,428.9	+0.064%	$40.4M	$590.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,399.3	+0.029%	$5.18B	$9.87B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,410.9	+0.043%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,421	+0.054%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,397.1	+0.026%	$4.7M	$99.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,405.4	+0.036%	$5.53B	$10.88B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,396	+0.025%	$36.5M	$176.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,397.6	+0.027%	$154.3M	$564.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,433.7	+0.069%	$279.1M	$933.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,483.8	+0.128%	$214.6M	$169.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,403	+0.033%	$139.6M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,403	+0.033%	$30.2M	$206.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,461.1	+0.101%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,396	+0.025%	$11.1M	$14.3M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,393.6	+0.022%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,434.2	+0.070%	$206K	$738K	40x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	85,374.5	long leg	$30.0M	$50.2M	15x
SunX BTC-USDT	+0.0100%	8h	85,382.3	+0.009%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,392.4	+0.021%	$2.26B	$949.0M	200x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	85,404.3	+0.035%	$678.7M	$662.5M	40x
Deribit BTC-PERPETUAL	+0.0102%	1h	85,445.5	+0.083%	$872.2M	$1.60B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,372.5	−0.002%	$45.7M	$234.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,407.8	+0.039%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,430.1	+0.065%	$117.8M	$5.27B	50x	as long as short
Reya BTCRUSDPERP	+0.0107%	1h	85,393.2	+0.022%	$6.6M	$147.2M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,421.5	+0.055%	$187.6M	$956.3M	100x	as long as short
Kalshi KXBTCPERP	+0.0166%	8h	85,435	+0.071%	$11.4M	$751.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,430.9	+0.066%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,405.6	+0.036%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,452.8	+0.092%	$700K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0244%	1h	85,456.3	+0.096%	$79K	$224K	20x	as long as short