Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0070%/8h= +7.7% APRpaid last 24h +0.017%

Price spread now: Derive against Gate+0.145%68s7-day average 0.000% · you sell dearer than you buy

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

Long on Gate Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 4 days (all we have)−0.187%−$19 · spread now +0.145%, 7d avg 0.000%

Together, before fees−0.166%−$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Derive is 0.145% dearer against Gate than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of 0.000%. The two prices were read 68 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate BTC_USDT	85,364.3	0.0100	pay 0.0100% / 8h	7h 56m	$5.46B	$9.82B	200x
Short	Derive BTC-PERP	85,488.3	0.0170	get 0.0021% / 1h	56m 03s	$28.8M	$49.6M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now +0.145%Rate

Funding earned: $14.74
Price spread: +0.145% → 0.000%: $14.53
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Derive: 3 bp × 2 orders: −$6
Net: $8.27
Costs to cover: 0.210%
Break-even: 3.1 days

Slippage unknown: Gate: live order book, 3 min ago; Derive: no order-book sample. 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 Gate live order book, 3 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	8.8 bp −$878	11.3 bp −$5,645
Sell Derive no order-book sample	—	—	—	—	—

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
Hotstuff BTC-PERP	−0.0080%	1h	85,396	+0.037%	$8K	$2K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,441	+0.090%	$2.3M	$10.4M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,412.1	+0.056%	$425.2M	$685.6M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,412	+0.056%	$307K	$22.9M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,406.7	+0.050%	$344K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	85,367.6	+0.004%	$927.8M	$776.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,379.5	+0.018%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0023%	8h	85,353.4	−0.013%	$501.8M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0032%	1h	85,413.1	+0.057%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,374.8	+0.012%	$186.3M	$953.7M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0076%	1h	85,405.1	+0.048%	$829.6M	$1.67B	50x	as long as short
BingX BTC-USDC	+0.0080%	8h	85,345.9	−0.022%	—	$17.5M	—	as long as short
Lighter BTC	+0.0096%	1h	85,376.6	+0.014%	$169.5M	$936.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,379.9	+0.018%	$23.6M	$133.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,396	+0.037%	$8.7M	$58.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,373	+0.010%	$2.4M	$6.7M	20x	as long as short
Phemex BTCUSDT	+0.0097%	8h	85,374.1	+0.012%	$159.6M	$517.1M	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,377	+0.015%	$263K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,449.4	+0.100%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,411.5	+0.055%	$24.1M	$220.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,434.4	+0.082%	$40.2M	$604.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,338.2	−0.031%	$9.40B	$25.19B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,335.9	−0.033%	$5.08B	$10.04B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,320.5	−0.051%	$2.60B	$12.23B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,401	+0.043%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,417.1	+0.062%	$4.6M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,382	+0.021%	$697.9M	$180.4M	40x	as long as short
Gate BTC_USDTlong	+0.0100%	8h	85,364.3	long leg	$5.46B	$9.82B	200x
MEXC BTC_USDT	+0.0100%	8h	85,369.7	+0.006%	$5.02B	$5.71B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,306	−0.068%	$2.97B	$5.18B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,359.4	−0.006%	$37.5M	$193.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,265.8	−0.115%	$155.3M	$548.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,309.9	−0.064%	$282.9M	$958.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,349.1	−0.018%	$214.2M	$159.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,343.3	−0.025%	$138.1M	$312.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,422.2	+0.068%	$30.1M	$216.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,475.5	+0.130%	—	$9.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,270	−0.110%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,386.7	+0.026%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,377.5	+0.016%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,414	+0.058%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,363.3	−0.001%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,366	+0.002%	$59.8M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,385.3	+0.025%	$2.26B	$975.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,345.5	−0.022%	$45.7M	$241.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,422.9	+0.069%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,407	+0.050%	$111.4M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0146%	1h	85,371.2	+0.008%	$6.6M	$140.6M	40x	as long as short
Derive BTC-PERPshort	+0.0170%	1h	85,488.3	+0.145%	$28.8M	$49.6M	15x
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,377.8	+0.016%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0179%	8h	85,419	+0.064%	$11.5M	$739.7M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,425.1	+0.071%	$8.9M	$42.9M	25x	as long as short
Hyperliquid BTC	+0.0243%	1h	85,454	+0.105%	$3.79B	$5.12B	40x	as long as short
Aftermath Perps BTCUSD	+0.0282%	1h	85,361.6	−0.003%	$81K	$248K	20x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	85,450.2	+0.101%	$687K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,426.1	+0.072%	$471K	$18.4M	6.7x	as long as short