Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: Bybit against Ondo Perps−0.045%57s7-day average −0.007% · you buy dearer than you sell

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

Long on Ondo Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.064%−$6 on $10k

Price spread, last 7 days+0.272%+$27 · spread now −0.045%, 7d avg −0.007%

Together, before fees+0.208%+ Points / potential airdropOndo Perps: Active · farm board+$21 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: Bybit is 0.039% cheaper against Ondo Perps than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.007%. The two prices were read 57 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	Ondo Perps BTC-USD.P	85,569	0.0100	pay 0.0013% / 1h	0m 40s	$3.9M	$17.9M	25x
Short	Bybit BTCUSDT	85,530.3	0.0100	get 0.0100% / 8h	6h 00m	$5.32B	$9.62B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.045%Rate

Funding earned: $0
Price spread: −0.045% → −0.007%: −$3.86
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$19.86
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Bybit: 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.6 bp −$561	7.3 bp −$3,655

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
Phoenix BTC	−0.0144%	1h	85,616	+0.055%	$2.1M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,601	+0.037%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,553.7	−0.018%	$362K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,582.9	+0.016%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,569.3	0.000%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,661	+0.108%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0022%	8h	85,526.4	−0.050%	$515.6M	$1.12B	200x	as long as short
KuCoin XBTUSDTM	+0.0023%	8h	85,513.2	−0.065%	$901.5M	$748.9M	125x	as long as short
Nado BTC-PERP	+0.0032%	1h	85,552.1	−0.020%	$22.6M	$225.2M	50x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,585	+0.019%	$8.4M	$42.2M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0056%	8h	85,518	−0.060%	—	$17.0M	—	as long as short
HTX BTC-USDT	+0.0058%	8h	85,555.5	−0.016%	$2.27B	$933.0M	200x	as long as short
Reya BTCRUSDPERP	+0.0062%	1h	85,547.8	−0.025%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,526.1	−0.050%	$2.94B	$5.03B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,548.3	−0.024%	$2.5M	$1.7M	20x	as long as short
SunX BTC-USDT	+0.0080%	8h	85,564.8	−0.005%	$2.9M	$6.5M	100x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,528.1	−0.048%	$5.07B	$5.77B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,527.4	−0.049%	$9.32B	$23.95B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,530.8	−0.045%	$170.2M	$997.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,539.4	−0.035%	$23.9M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,553	−0.019%	$8.4M	$51.6M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,575.4	+0.007%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,534	−0.041%	$204K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,594.5	+0.030%	$3.76B	$4.92B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,565.3	−0.004%	$40.2M	$569.5M	50x	as long as short
Bybit BTCUSDTshort	+0.0100%	8h	85,530.3	−0.045%	$5.32B	$9.62B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,525.1	−0.051%	$2.56B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.Plong	+0.0100%	1h	85,569	long leg	$3.9M	$17.9M	25x
Arcus BTC-USD	+0.0100%	1h	85,530.7	−0.045%	$7.1M	$96.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,540.2	−0.034%	$5.58B	$10.61B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,545.5	−0.027%	$35.0M	$168.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,545	−0.028%	$154.0M	$554.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,613.3	+0.052%	$278.5M	$939.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,624	+0.064%	$214.9M	$162.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,624.5	+0.065%	$140.0M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,623.8	+0.064%	$30.3M	$210.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,620.5	+0.060%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,549	−0.023%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,559	−0.012%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,557.2	−0.014%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,594.9	+0.030%	$197K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,554.5	−0.017%	$30.0M	$52.7M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,551	−0.021%	$59.9M	$336.4M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,554.3	−0.017%	$150.2M	$479.7M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,593.2	+0.028%	$605.0M	$283.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,507.8	−0.071%	$44.1M	$227.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,569.3	0.000%	—	$101.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,592	+0.027%	$130.7M	$5.08B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,575.6	+0.008%	$187.0M	$952.2M	100x	as long as short
Aftermath Perps BTCUSD	+0.0183%	1h	85,619	+0.058%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	85,631.9	+0.074%	$682K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0186%	1h	85,565.7	−0.004%	$13.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0211%	1h	85,603.3	+0.040%	$894.9M	$1.52B	50x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,586	+0.020%	$10.2M	$765.3M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,605.3	+0.042%	$511K	$19.9M	6.7x	as long as short