Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC0.0000%/8hnext payment +$0.00 per $10,000 · paid last 24h −0.188%

Price spread now: Bluefin against Ondo Perps+0.050%7-day average −0.028% · you sell dearer than you buy

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

Long on Ondo Perps Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.317%−$32 on $10k

Price spread, last 3 days (all we have)−0.070%−$7 · spread now +0.050%, 7d avg −0.028%

Together, before fees−0.387%+ Points / potential airdropOndo Perps: Active · farm board−$39 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bluefin is 0.077% dearer against Ondo Perps than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps BTC-USD.P	85,981	0.0100	pay 0.0013% / 1h	53m 45s	$4.0M	$17.4M	25x
Short	Bluefin BTC-PERP	86,023.7	0.0100	get 0.0013% / 1h	53m 45s	$143K	$454K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now +0.050%Rate

Funding earned: $0
Price spread: +0.050% → −0.028%: $7.74
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$4.26
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Bluefin: live order book, 37 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 Bluefin live order book, 37 min ago	1.16 bp	6.2 bp −$6	10.9 bp −$109	doesn't fit	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 55 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
Perpl BTC	−0.0447%	43m	85,988.9	+0.009%	$405K	$25.8M	6.7x	as long as short
Phoenix BTC	−0.0132%	1h	85,995	+0.016%	$2.0M	$11.1M	40x	as long as short
BloFin BTC-USDT	−0.0089%	8h	85,977.5	−0.004%	$423.5M	$570.1M	150x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,008	+0.031%	$9K	$4K	50x	as long as short
Aftermath Perps BTCUSD	−0.0036%	1h	86,024.4	+0.050%	$87K	$158K	20x	as long as short
Kraken Futures PF_XBTUSD	−0.0030%	1h	86,016.8	+0.042%	$188.7M	$821.8M	100x	as long as short
Reya BTCRUSDPERP	−0.0012%	1h	85,989.6	+0.010%	$6.7M	$138.4M	40x	as long as short
dYdX BTC-USD	−0.0011%	1h	86,037.2	+0.065%	$17.2M	$17.7M	50x	as long as short
KuCoin XBTUSDTM	−0.0010%	8h	85,967.5	−0.016%	$814.8M	$624.5M	125x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,007.8	+0.031%	$310K	$2.3M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXBTCPERP	0.0000%	8h	86,017	+0.042%	$11.3M	$665.8M	6.4x	as long as short
Injective BTC/USDC PERP	0.0000%	1h	86,062	+0.094%	$309K	$27.0M	52x	as long as short
Bitget BTCUSDT	+0.0002%	8h	85,964.5	−0.019%	$2.97B	$4.69B	150x	as long as short
BingX BTC-USDT	+0.0002%	8h	85,975.9	−0.006%	—	$1.38B	—	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,012.9	+0.037%	$36.8M	—	200x	as long as short
SoDEX BTC-USD	+0.0005%	1h	85,976	−0.006%	$60.9M	$286.0M	40x	as long as short
Bulk BTC-USD	+0.0015%	1h	86,014.6	+0.039%	$565.1M	$114.8M	40x	as long as short
Aster BTCUSDT	+0.0017%	8h	85,966.1	−0.017%	$506.7M	$1.10B	200x	as long as short
RISEx BTC/USDC	+0.0027%	1h	85,991.3	+0.012%	$9.3M	$38.5M	25x	as long as short
Binance BTCUSDT	+0.0031%	8h	85,968.6	−0.014%	$9.51B	$22.25B	150x	as long as short
MEXC BTC_USDT	+0.0031%	8h	85,974.4	−0.008%	$5.19B	$5.10B	500x	as long as short
ApeX Omni BTCUSDT	+0.0031%	1h	86,004.3	+0.027%	$140.0M	$320.9M	100x	as long as short
Aevo BTC-PERP	+0.0032%	1h	85,974.9	−0.007%	$2.4M	$1.3M	20x	as long as short
Phemex BTCUSDT	+0.0035%	8h	85,978.2	−0.003%	$155.8M	$427.3M	150x	as long as short
HTX BTC-USDT	+0.0039%	8h	85,977.1	−0.005%	$2.29B	$856.0M	200x	as long as short
OKX BTC-USDT-SWAP	+0.0039%	8h	85,974.3	−0.008%	$2.68B	$11.62B	100x	as long as short
Gate BTC_USDT	+0.0057%	8h	85,974.1	−0.008%	$6.10B	$9.67B	200x	as long as short
Bybit BTCUSDT	+0.0067%	8h	85,975.5	−0.006%	$5.31B	$8.70B	150x	as long as short
Popdex BTCUSDT	+0.0072%	1h	85,962	−0.022%	$8.7M	$46.6M	100x	as long as short
Hibachi BTC/USDT-P	+0.0072%	1h	86,015.4	+0.040%	$745K	$6.5M	30x	as long as short
Variational Omni BTC	+0.0078%	8h	86,006.8	+0.030%	$166.9M	$508.0M	—	as long as short
Extended BTC-USD	+0.0088%	1h	85,968.1	−0.015%	$48.4M	$202.2M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0089%	8h	85,988.7	+0.009%	$2.4M	$7.4M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,988.2	+0.008%	$172.2M	$941.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,990.3	+0.011%	$24.6M	$138.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	86,001.4	+0.024%	$4.4M	$7.0M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,965	−0.019%	$209K	$5.9M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,960.1	−0.024%	$23.1M	$226.7M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,981.1	0.000%	$36.6M	$426.5M	50x	as long as short
Ondo Perps BTC-USD.Plong	+0.0100%	1h	85,981	long leg	$4.0M	$17.4M	25x
Arcus BTC-USD	+0.0100%	1h	85,982.9	+0.002%	$6.8M	$86.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,988	+0.008%	$38.0M	$136.7M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,025.3	+0.051%	$281.9M	$880.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,003.9	+0.027%	$30.7M	$211.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,016.1	+0.041%	—	$11.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,985	+0.005%	$11.0M	$12.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,979	−0.002%	$230K	$3.3M	20x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	86,023.7	+0.050%	$143K	$454K	40x
Derive BTC-PERP	+0.0100%	1h	85,994.8	+0.016%	$30.3M	$59.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,965	−0.019%	$3.4M	$5.6M	100x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,018.7	+0.044%	—	$83.7M	500x	as long as short
Hyperliquid BTC	+0.0138%	1h	86,068.6	+0.102%	$3.97B	$4.51B	40x	as long as short
Coinbase International BTC-PERP-INTX	+0.0168%	1h	86,041.9	+0.071%	$129.4M	$5.82B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0177%	1h	86,008.7	+0.032%	$13.7M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0222%	1h	86,054.1	+0.085%	$917.5M	$1.12B	50x	as long as short