Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.007%

Price spread now: Derive against Ondo Perps−0.035%7-day average −0.005% · you buy dearer than you sell

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

Long on Ondo Perps Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.089%−$9 on $10k

Price spread, last 3 days (all we have)−0.019%−$2 · spread now −0.035%, 7d avg −0.005%

Together, before fees−0.108%+ Points / potential airdropOndo Perps: Active · farm board−$11 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: Derive is 0.030% cheaper against Ondo Perps than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps BTC-USD.P	86,424	0.0100	pay 0.0013% / 1h	55m 09s	$3.9M	$18.0M	25x
Short	Derive BTC-PERP	86,393.6	0.0100	get 0.0013% / 1h	55m 09s	$30.5M	$62.7M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.035%Rate

Funding earned: $0
Price spread: −0.035% → −0.005%: −$2.99
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Derive: 3 bp × 2 orders: −$6
Net: −$13.99
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Derive no order-book sample	—	—	—	—	—

Ondo Perps and 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
Bluefin BTC-PERP	−0.0536%	1h	86,401.4	−0.026%	$140K	$664K	40x	as long as short
ApeX Omni BTCUSDT	−0.0120%	1h	86,477.3	+0.062%	$141.6M	$323.3M	100x	as long as short
Phoenix BTC	−0.0118%	1h	86,544	+0.139%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,401	−0.027%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,387	−0.043%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,433.8	+0.011%	$416K	$22.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,395.6	−0.033%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0007%	1h	86,458.7	+0.040%	$16.9M	$21.2M	50x	as long as short
Aster BTCUSDT	+0.0015%	8h	86,371.1	−0.061%	$501.0M	$1.15B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.222%	$333K	$26.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT BTC_USDT_Perp	+0.0026%	8h	86,468.8	+0.052%	$217.1M	$171.1M	50x	as long as short
KuCoin XBTUSDTM	+0.0029%	8h	86,372.6	−0.059%	$833.4M	$727.4M	125x	as long as short
Reya BTCRUSDPERP	+0.0040%	1h	86,372.9	−0.059%	$6.7M	$145.7M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0045%	1h	86,391.5	−0.038%	$906.8M	$1.50B	50x	as long as short
BingX BTC-USDC	+0.0046%	8h	86,380.8	−0.050%	—	$15.4M	—	as long as short
SoDEX BTC-USD	+0.0047%	1h	86,353	−0.082%	$60.4M	$338.1M	40x	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,383.9	−0.046%	$8.3M	$42.9M	25x	as long as short
Bitget BTCUSDT	+0.0059%	8h	86,396.1	−0.032%	$2.96B	$5.11B	150x	as long as short
Binance BTCUSDT	+0.0076%	8h	86,366.6	−0.066%	$9.43B	$24.53B	150x	as long as short
MEXC BTC_USDT	+0.0076%	8h	86,358.8	−0.075%	$5.14B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,444.5	+0.024%	$2.5M	$1.4M	20x	as long as short
HTX BTC-USDT	+0.0085%	8h	86,351.9	−0.083%	$2.29B	$969.3M	200x	as long as short
Popdex BTCUSDT	+0.0088%	1h	86,381	−0.050%	$8.4M	$52.3M	100x	as long as short
Lighter BTC	+0.0096%	1h	86,371.4	−0.061%	$170.0M	$980.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,374.5	−0.057%	$23.7M	$148.6M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,363	−0.071%	$198K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,418.2	−0.007%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,407.6	−0.019%	$22.1M	$233.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,454	+0.035%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,426	+0.002%	$40.7M	$540.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,381.5	−0.049%	$5.26B	$9.77B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,406.4	−0.020%	$2.55B	$12.70B	100x	as long as short
Ondo Perps BTC-USD.Plong	+0.0100%	1h	86,424	long leg	$3.9M	$18.0M	25x
Arcus BTC-USD	+0.0100%	1h	86,420.7	−0.004%	$7.3M	$96.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,523.6	+0.115%	$572.9M	$12.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,402	−0.025%	$5.85B	$10.43B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,380.9	−0.050%	$37.7M	$156.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,440	+0.018%	$157.9M	$568.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,483.7	+0.069%	$279.3M	$947.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,422.6	−0.002%	$30.7M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,437	+0.015%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,377	−0.054%	$11.0M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,377	−0.054%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,368.5	−0.064%	$2.5M	$9.3M	100x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	86,393.6	−0.035%	$30.5M	$62.7M	15x
SunX BTC-USDT	+0.0100%	8h	86,395.6	−0.033%	$3.4M	$5.3M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,373	−0.059%	$152.8M	$479.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,333.8	−0.104%	$45.8M	$224.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,425.1	+0.001%	—	$100.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,405	−0.022%	$132.7M	$5.60B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,390	−0.039%	$192.8M	$952.8M	100x	as long as short
Aftermath Perps BTCUSD	+0.0166%	1h	86,518.1	+0.109%	$78K	$218K	20x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,443.7	+0.023%	$715K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0196%	8h	86,351.5	−0.084%	$414.8M	$657.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0222%	1h	86,388.5	−0.041%	$14.8M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	86,419	−0.006%	$9.2M	$758.2M	6.4x	as long as short