Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h +0.009%

Price spread now: Aevo against Gate−0.015%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$350.349% of the position

Long on Gate Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.041%+$4 on $10k

Price spread, last 4 days (all we have)−0.011%−$1 · spread now −0.015%, 7d avg −0.012%

Together, before fees+0.030%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.012%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate BTC_USDT	85,412.9	0.0100	pay 0.0100% / 8h	3h 02m	$5.52B	$10.87B	200x
Short	Aevo BTC-PERP	85,400.4	0.0088	get 0.0011% / 1h	2m 27s	$2.7M	$5.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Gate. 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 GatebpFee AevobpOrdersPrice spread, now −0.015%Rate

Funding earned: −$2.52
Price spread: −0.015% → −0.012%: −$0.22
Slippage, 4 orders: −$3.87
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$37.61
Costs to cover: 0.349%
Break-even: never at this rate

Slippage from Gate: live order book, 2 min ago; Aevo: live order book, 2 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 Gate live order book, 2 min ago	0.01 bp	7.5 bp −$8	7.9 bp −$79	8.6 bp −$865	11.3 bp −$5,643
Sell Aevo live order book, 2 min ago	0.61 bp	9.3 bp −$9	10.8 bp −$108	13.2 bp −$1,324	doesn't fit

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	+0.067%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,425	+0.014%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0051%	8h	85,397	−0.019%	$919.1M	$758.1M	125x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,404.2	−0.010%	$419.8M	$675.8M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,399.9	−0.015%	$514.1M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,418.2	+0.006%	$382K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,420.1	+0.008%	$539K	$18.7M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,429.9	+0.020%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0005%	1h	85,411	−0.002%	$24.3M	$222.9M	50x	as long as short
dYdX BTC-USD	+0.0025%	1h	85,448.7	+0.042%	$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	85,552	+0.163%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0049%	1h	85,404	−0.010%	$59.8M	$335.9M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0055%	1h	85,440.9	+0.033%	$872.3M	$1.60B	50x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,413	0.000%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0066%	8h	85,402.7	−0.012%	$148.9M	$498.5M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,416.8	+0.005%	$2.95B	$5.13B	150x	as long as short
Aevo BTC-PERPshort	+0.0088%	1h	85,400.4	−0.015%	$2.7M	$5.1M	20x
Binance BTCUSDT	+0.0089%	8h	85,408.3	−0.005%	$9.45B	$24.50B	150x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,416.1	+0.004%	$5.06B	$5.69B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,429.7	+0.020%	$171.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,429.6	+0.020%	$23.9M	$149.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,414	+0.001%	$8.4M	$55.2M	100x	as long as short
Bullet BTC-USD	+0.0098%	1h	85,410	−0.003%	$205K	$3.3M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,394	−0.022%	$242K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,464.3	+0.060%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,495.6	+0.097%	$3.78B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,448.9	+0.042%	$40.4M	$590.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,407.1	−0.007%	$5.17B	$9.87B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,419.6	+0.008%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,410	−0.003%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,414.8	+0.002%	$4.7M	$99.2M	40x	as long as short
Gate BTC_USDTlong	+0.0100%	8h	85,412.9	long leg	$5.52B	$10.87B	200x
Backpack BTC_USDC_PERP	+0.0100%	1h	85,393.3	−0.023%	$36.5M	$177.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,465	+0.061%	$154.3M	$564.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,462	+0.058%	$279.2M	$932.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,483.8	+0.083%	$214.6M	$169.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,478.8	+0.077%	$139.7M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,483.8	+0.083%	$30.2M	$206.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,480.5	+0.079%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,416	+0.004%	$11.1M	$14.3M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,398.1	−0.017%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,443.4	+0.036%	$206K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,387.7	−0.029%	$30.0M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,383.3	−0.035%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,400.1	−0.015%	$2.26B	$949.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,404.3	−0.010%	$678.7M	$662.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,383.1	−0.035%	$45.7M	$234.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,510.8	+0.115%	—	$106.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,438.4	+0.030%	$117.9M	$5.27B	50x	as long as short
Reya BTCRUSDPERP	+0.0106%	1h	85,412.8	0.000%	$6.6M	$147.2M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,420.2	+0.009%	$187.7M	$956.7M	100x	as long as short
Kalshi KXBTCPERP	+0.0160%	8h	85,489	+0.089%	$11.4M	$751.8M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,446.5	+0.039%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,424.2	+0.013%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,524.1	+0.130%	$701K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0245%	1h	85,474.2	+0.072%	$79K	$223K	20x	as long as short