Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC+0.0068%/8hnext payment +$0.08 per $10,000 · paid last 24h 0.000%

Price spread now: Coinbase International against Derive+0.040%7-day average +0.044% · you sell dearer than you buy

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

Long on Derive Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.037%+$4 on $10k

Price spread, last 3 days (all we have)+0.034%+$3 · spread now +0.040%, 7d avg +0.044%

Together, before fees+0.071%+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.044%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	86,479.5	0.0100	pay 0.0013% / 1h	6m 20s	$30.2M	$60.5M	15x
Short	Coinbase International BTC-PERP-INTX	86,514.2	0.0168	get 0.0021% / 1h	6m 20s	$131.6M	$5.89B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Derive. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpOrdersPrice spread, now +0.040%Rate

Funding earned: $14.28
Price spread: +0.040% → +0.044%: −$0.42
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$2.14
Costs to cover: 0.160%
Break-even: 8.1 days

Slippage unknown: Derive: no order-book sample; Coinbase International: live order book, 2 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 Coinbase International live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.1 bp −$51	5.9 bp −$593	11.7 bp −$5,831

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	−0.0132%	1h	86,513	+0.039%	$2.1M	$11.1M	40x	as long as short
Perpl BTC	−0.0112%	43m	86,474.6	−0.006%	$410K	$25.9M	6.7x	as long as short
BloFin BTC-USDT	−0.0082%	8h	86,503.8	+0.028%	$422.7M	$595.4M	150x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,489	+0.011%	$9K	$4K	50x	as long as short
Aftermath Perps BTCUSD	−0.0046%	1h	86,527.5	+0.055%	$85K	$166K	20x	as long as short
Kraken Futures PF_XBTUSD	−0.0030%	1h	86,496.3	+0.019%	$184.5M	$860.3M	100x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,510.6	+0.036%	$303K	$2.4M	50x	as long as short
dYdX BTC-USD	−0.0014%	1h	86,517	+0.043%	$17.3M	$18.2M	50x	as long as short
KuCoin XBTUSDTM	−0.0010%	8h	86,481	+0.002%	$823.2M	$665.9M	125x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,543	+0.073%	$8.8M	$694.0M	6.4x	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	0.0000%	1h	86,572	+0.107%	$327K	$27.0M	52x	as long as short
Reya BTCRUSDPERP	+0.0004%	1h	86,488.6	+0.010%	$6.7M	$139.9M	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,509.2	+0.034%	$37.1M	—	200x	as long as short
BingX BTC-USDC	+0.0006%	8h	86,480.3	+0.001%	—	$14.8M	—	as long as short
SoDEX BTC-USD	+0.0008%	1h	86,449	−0.035%	$61.0M	$311.5M	40x	as long as short
Bitget BTCUSDT	+0.0008%	8h	86,473.5	−0.007%	$2.97B	$4.90B	150x	as long as short
Aster BTCUSDT	+0.0021%	8h	86,464.3	−0.018%	$506.3M	$1.12B	200x	as long as short
RISEx BTC/USDC	+0.0027%	1h	86,496.6	+0.020%	$8.9M	$39.7M	25x	as long as short
Phemex BTCUSDT	+0.0035%	8h	86,464.6	−0.017%	$153.4M	$444.3M	150x	as long as short
MEXC BTC_USDT	+0.0037%	8h	86,471.2	−0.010%	$5.13B	$5.35B	500x	as long as short
Binance BTCUSDT	+0.0038%	8h	86,471.2	−0.010%	$9.53B	$23.28B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0039%	8h	86,468.3	−0.013%	$2.63B	$12.17B	100x	as long as short
Aevo BTC-PERP	+0.0040%	1h	86,477.6	−0.002%	$2.4M	$1.3M	20x	as long as short
ApeX Omni BTCUSDT	+0.0043%	1h	86,479.2	0.000%	$140.5M	$320.6M	100x	as long as short
Bulk BTC-USD	+0.0062%	1h	86,467	−0.014%	$570.2M	$47.0M	40x	as long as short
HTX BTC-USDT	+0.0066%	8h	86,456.3	−0.027%	$2.30B	$896.2M	200x	as long as short
Bluefin BTC-PERP	+0.0068%	1h	86,497.4	+0.021%	$141K	$505K	40x	as long as short
Gate BTC_USDT	+0.0069%	8h	86,472.9	−0.008%	$5.98B	$10.20B	200x	as long as short
Bybit BTCUSDT	+0.0076%	8h	86,473.2	−0.007%	$5.29B	$9.20B	150x	as long as short
Popdex BTCUSDT	+0.0080%	1h	86,487	+0.009%	$8.5M	$49.9M	100x	as long as short
Orderly PERP_BTC_USDC	+0.0088%	8h	86,483.3	+0.004%	$2.3M	$7.7M	100x	as long as short
Variational Omni BTC	+0.0089%	8h	86,459	−0.024%	$163.4M	$537.2M	—	as long as short
Lighter BTC	+0.0096%	1h	86,466.8	−0.015%	$172.9M	$980.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,476.4	−0.004%	$24.2M	$146.9M	50x	as long as short
Hibachi BTC/USDT-P	+0.0096%	1h	86,542.8	+0.073%	$615K	$6.8M	30x	as long as short
GRVT BTC_USDT_Perp	+0.0097%	8h	86,471.7	−0.009%	$217.2M	$181.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	86,484.5	+0.006%	$4.5M	$7.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,498	+0.021%	$212K	$6.1M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,456	−0.027%	$23.4M	$229.8M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,477.1	−0.003%	$37.3M	$446.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,503	+0.027%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,518.4	+0.045%	$6.9M	$92.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,507.3	+0.032%	$37.4M	$140.5M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,473	−0.008%	$284.3M	$906.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,505.7	+0.030%	$30.8M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,563	+0.096%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,499	+0.023%	$11.0M	$13.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,484	+0.005%	$237K	$3.4M	20x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	86,479.5	long leg	$30.2M	$60.5M	15x
SunX BTC-USDT	+0.0100%	8h	86,480.9	+0.002%	$3.4M	$5.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,463.3	−0.019%	$47.8M	$218.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,480.6	+0.001%	—	$87.3M	500x	as long as short
Hyperliquid BTC	+0.0153%	1h	86,582	+0.118%	$3.99B	$4.76B	40x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0168%	1h	86,514.2	+0.040%	$131.6M	$5.89B	50x
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0204%	1h	86,505.1	+0.030%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0208%	1h	86,536.4	+0.066%	$932.2M	$1.22B	50x	as long as short