Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0019%/8h= +2.1% APRpaid last 24h −0.167%

Price spread now: Bluefin against Gate+0.021%7-day average −0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$270.268% of the position

Long on Gate Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.223%−$22 on $10k

Price spread, last 3 days (all we have)−0.062%−$6 · spread now +0.021%, 7d avg −0.019%

Together, before fees−0.286%−$29 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Bluefin is 0.040% dearer against Gate than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.019%. Mind the row above: over the last 7 days funding on this pair cost −0.223%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate BTC_USDT	86,561.1	0.0081	pay 0.0081% / 8h	2h 03m	$5.84B	$10.71B	200x
Short	Bluefin BTC-PERP	86,579.4	0.0100	get 0.0013% / 1h	3m 58s	$140K	$619K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now +0.021%Rate

Funding earned: $3.99
Price spread: +0.021% → −0.019%: $3.99
Slippage, 4 orders: −$4.83
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$18.85
Costs to cover: 0.268%
Break-even: 40.1 days

Slippage from Gate: live order book, 5 min ago; Bluefin: live order book, 20 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, 5 min ago	0.01 bp	7.5 bp −$8	8.0 bp −$80	9.1 bp −$908	12.8 bp −$6,411
Sell Bluefin live order book, 20 min ago	1.09 bp	5.6 bp −$6	9.9 bp −$99	doesn't fit	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
Aftermath Perps BTCUSD	−0.0255%	1h	86,618	+0.066%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,582.2	+0.024%	$425K	$24.5M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,554	−0.008%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,552	−0.011%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0064%	1h	86,591.4	+0.035%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0003%	8h	86,544.4	−0.019%	$505.3M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,579.9	+0.022%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,586.7	+0.030%	$927.2M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,581.1	+0.023%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,544.7	−0.019%	$850.7M	$709.5M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0022%	1h	86,556.3	−0.006%	$6.7M	$144.5M	40x	as long as short
BingX BTC-USDC	+0.0029%	8h	86,546.8	−0.017%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0033%	8h	86,559.8	−0.002%	$149.5M	$472.1M	150x	as long as short
Bitget BTCUSDT	+0.0037%	8h	86,557	−0.005%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.241%	$316K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,553	−0.009%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0057%	8h	86,558.1	−0.003%	$5.19B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0058%	8h	86,558	−0.004%	$9.42B	$24.39B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,586.2	+0.029%	$8.9M	$42.7M	25x	as long as short
Gate BTC_USDTlong	+0.0081%	8h	86,561.1	long leg	$5.84B	$10.71B	200x
Bybit BTCUSDT	+0.0083%	8h	86,561.8	+0.001%	$5.27B	$9.73B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,560	−0.001%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,573	+0.014%	$24.1M	$154.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,560	−0.001%	$8.5M	$52.3M	100x	as long as short
OKX BTC-USDT-SWAP	+0.0096%	8h	86,567.4	+0.007%	$2.55B	$12.72B	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,549	−0.014%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,610.9	+0.058%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,558.5	−0.003%	$21.7M	$234.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,626	+0.075%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,594.1	+0.038%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,574	+0.015%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,633.5	+0.084%	$7.4M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.140%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,554.8	−0.007%	$38.5M	$151.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,546.2	−0.017%	$159.9M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,621.5	+0.070%	$279.7M	$941.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,613.4	+0.060%	$217.6M	$186.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,593.8	+0.038%	$141.7M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,556	−0.006%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,612.3	+0.059%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,560	−0.001%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,559	−0.002%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,564.2	+0.004%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	86,579.4	+0.021%	$140K	$619K	40x
Derive BTC-PERP	+0.0100%	1h	86,557.6	−0.004%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,562.4	+0.002%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,549	−0.014%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,553.2	−0.009%	$2.30B	$960.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,548.5	−0.015%	$46.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,584.8	+0.027%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,584.8	+0.027%	$186.9M	$934.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,598	+0.043%	$131.8M	$5.82B	50x	as long as short
Kalshi KXBTCPERP	+0.0172%	8h	86,597	+0.041%	$9.5M	$727.4M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,594.8	+0.039%	$780K	$7.9M	30x	as long as short
BloFin BTC-USDT	+0.0178%	8h	86,558.6	−0.003%	$416.4M	$655.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,573	+0.014%	$15.0M	—	200x	as long as short