Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0056%/8h= −6.1% APRpaid last 24h −0.017%

Price spread now: Bitget against Ondo Perps+0.016%7-day average −0.004% · you sell dearer than you buy

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

Long on Ondo Perps Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.078%−$8 on $10k

Price spread, last 7 days+0.143%+$14 · spread now +0.016%, 7d avg −0.004%

Together, before fees+0.065%+ Points / potential airdropOndo Perps: Active · farm board+$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.020% dearer against Ondo Perps than usual: you sell high and buy low (spread +0.016% now, against its 7-day average of −0.004%): +$2 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 29 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps BTC-USD.P	86,351	0.0100	pay 0.0013% / 1h	26m 38s	$3.9M	$18.6M	25x
Short	Bitget BTCUSDT	86,364.7	0.0044	get 0.0044% / 8h	1h 26m	$2.94B	$5.10B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Ondo 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 Ondo PerpsbpFee BitgetbpOrdersPrice spread, now +0.016%Rate

Funding earned: −$11.76
Price spread: +0.016% → −0.004%: $2.02
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$26.74
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Bitget: live order book, 3 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bitget live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.2 bp −$720	doesn't fit

Ondo 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
Bluefin BTC-PERP	−0.0381%	1h	86,426.2	+0.087%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,388	+0.043%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,381	+0.035%	$9K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0058%	1h	86,468	+0.135%	$82K	$216K	20x	as long as short
Aster BTCUSDT	−0.0012%	8h	86,369.8	+0.022%	$504.1M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,390.4	+0.046%	$358K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	86,355.9	+0.006%	$850.7M	$710.9M	125x	as long as short
Perpl BTC	0.0000%	43m	86,386.6	+0.041%	$423K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,437.6	+0.100%	$921.3M	$1.48B	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	86,413.7	+0.073%	$17.0M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,426.7	+0.088%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,370.8	+0.023%	$8.5M	$43.1M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,397.3	+0.054%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.241%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,407.3	+0.065%	$149.1M	$476.1M	150x	as long as short
BingX BTC-USDC	+0.0034%	8h	86,347.5	−0.004%	—	$15.3M	—	as long as short
Bitget BTCUSDTshort	+0.0044%	8h	86,364.7	+0.016%	$2.94B	$5.10B	150x
MEXC BTC_USDT	+0.0060%	8h	86,371.4	+0.024%	$5.12B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,398.2	+0.055%	$9.41B	$24.39B	150x	as long as short
Hibachi BTC/USDT-P	+0.0064%	1h	86,436	+0.098%	$716K	$8.2M	30x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,408	+0.066%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0076%	8h	86,369.1	+0.021%	$5.85B	$10.70B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,398.1	+0.055%	$5.25B	$9.75B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,382.3	+0.036%	$170.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,403.8	+0.061%	$24.0M	$152.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,382	+0.036%	$8.4M	$52.3M	100x	as long as short
SoDEX BTC-USD	+0.0099%	1h	86,402	+0.059%	$60.4M	$337.2M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,350	−0.001%	$203K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,410.5	+0.069%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,379.8	+0.033%	$22.0M	$234.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,457	+0.123%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,410.8	+0.069%	$40.7M	$513.3M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,364.7	+0.016%	$2.54B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.Plong	+0.0100%	1h	86,351	long leg	$3.9M	$18.6M	25x
Arcus BTC-USD	+0.0100%	1h	86,439.3	+0.102%	$7.4M	$94.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,343.9	−0.008%	$570.6M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,386.8	+0.041%	$37.9M	$154.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,435.6	+0.098%	$155.8M	$566.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,370.9	+0.023%	$279.1M	$946.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,399.5	+0.056%	$216.9M	$174.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,399.7	+0.056%	$141.3M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,375.7	+0.029%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,433.5	+0.096%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,400	+0.057%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,408.9	+0.067%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,424	+0.085%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,410.3	+0.069%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,395.5	+0.052%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,377.5	+0.031%	$2.29B	$967.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,347.5	−0.004%	$45.7M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,396.6	+0.053%	—	$98.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,450.8	+0.116%	$132.2M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,434.5	+0.097%	$191.4M	$943.1M	100x	as long as short
BloFin BTC-USDT	+0.0181%	8h	86,399.4	+0.056%	$414.5M	$653.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0183% / S −0.0211%	1h	86,416.6	+0.076%	$15.3M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	86,413	+0.072%	$9.7M	$731.2M	6.4x	as long as short