Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0182%/8h= −20.0% APRpaid last 24h −0.034%

Price spread now: BloFin against Jupiter Perps+0.112%232s7-day average −0.013% · you sell dearer than you buy

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

Long on Jupiter Perps Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.080%−$8 on $10k

Price spread, last 3 days (all we have)−0.141%−$14 · spread now +0.112%, 7d avg −0.013%

Together, before fees−0.221%−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.125% dearer against Jupiter Perps than usual: you sell high and buy low (spread +0.112% now, against its 7-day average of −0.013%): +$13 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.3 days. At the pace of the last 3 days (−0.080% in total) that is about 5.0 days. The two prices were read 232 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	Jupiter Perps WBTC-PERP	85,756.9	L +0.0104% / S +0.0056%	pay 0.0013% / 1h	45m 28s	—	$101.4M	500x
Short	BloFin BTC-USDT	85,853	−0.0078	pay 0.0078% / 8h	6h 45m	$415.8M	$658.2M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Jupiter Perps. 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 Jupiter PerpsbpFee BloFinbpOrdersPrice spread, now +0.112%Rate

Funding earned: −$38.28
Price spread: +0.112% → −0.013%: $12.51
Slippage, 4 orders: no order book: not counted
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$49.77
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Jupiter Perps: no order-book sample; BloFin: 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 Jupiter Perps no order-book sample	—	—	—	—	—
Sell BloFin live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.7 bp −$668	8.1 bp −$4,043

Jupiter Perps: 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	−0.0144%	1h	85,767	+0.012%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,763	+0.007%	$8K	$3K	50x	as long as short
BloFin BTC-USDTshort	−0.0078%	8h	85,853	+0.112%	$415.8M	$658.2M	150x
01 Exchange BTCUSD	−0.0056%	1h	85,744	−0.015%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,764.3	+0.009%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,781.7	+0.029%	$513K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,727.9	−0.034%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	+0.062%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0037%	8h	85,762.6	+0.007%	$497.4M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0041%	8h	85,736.5	−0.024%	$894.0M	$757.2M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,756.5	0.000%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDT	+0.0053%	8h	85,723	−0.039%	—	$1.59B	—	as long as short
Reya BTCRUSDPERP	+0.0053%	1h	85,716.8	−0.047%	$6.7M	$146.1M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,721.3	−0.041%	$2.95B	$5.13B	150x	as long as short
ApeX Omni BTCUSDT	+0.0076%	1h	85,808.2	+0.060%	$140.3M	$320.9M	100x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,768.4	+0.014%	$2.5M	$1.8M	20x	as long as short
HTX BTC-USDT	+0.0081%	8h	85,766.7	+0.011%	$2.27B	$968.9M	200x	as long as short
Nado BTC-PERP	+0.0082%	1h	85,741.1	−0.018%	$22.8M	$229.1M	50x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,721.3	−0.041%	$5.10B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,718.9	−0.044%	$9.33B	$24.58B	150x	as long as short
Gate BTC_USDT	+0.0091%	8h	85,725.1	−0.037%	$5.66B	$10.38B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,757.7	+0.001%	$169.9M	$978.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,761.1	+0.005%	$23.3M	$145.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,745	−0.014%	$8.4M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,731	−0.030%	$210K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,785.2	+0.033%	$3.8M	$8.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,797	+0.047%	$3.77B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,782.5	+0.030%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,728	−0.034%	$5.27B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,724.8	−0.037%	$2.55B	$12.52B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,765	+0.009%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,735.8	−0.025%	$7.3M	$98.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,761.6	+0.006%	$35.1M	$163.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,783.2	+0.031%	$155.9M	$552.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,787.3	+0.036%	$278.0M	$944.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,857.1	+0.117%	$215.7M	$163.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,797.7	+0.048%	$30.4M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,799.5	+0.050%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,740	−0.020%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,724	−0.038%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,709	−0.056%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,813.1	+0.066%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,785.6	+0.033%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,776.6	+0.023%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,768	+0.013%	$60.0M	$338.0M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,776.5	+0.023%	$154.0M	$477.9M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,804.9	+0.056%	$582.3M	$118.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,725.3	−0.037%	$45.0M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERPlong	L +0.0104% / S +0.0056%	1h	85,756.9	long leg	—	$101.4M	500x
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,807.8	+0.059%	$131.6M	$5.26B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0119%	1h	85,810.3	+0.062%	$895.5M	$1.54B	50x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	85,807.1	+0.059%	$707K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,797.7	+0.048%	$189.0M	$970.4M	100x	as long as short
Aftermath Perps BTCUSD	+0.0151%	1h	85,814.1	+0.067%	$77K	$217K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,778.6	+0.025%	$13.8M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	85,816	+0.069%	$9.9M	$769.2M	6.4x	as long as short