Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:20 UTC+0.0308%/8h= +33.8% APRpaid last 24h +0.036%

Price spread now: Bybit against Perpl+0.011%7-day average −0.017% · you sell dearer than you buy

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

Long on Perpl Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.351%−$35 on $10k

Price spread, last 7 days−0.101%−$10 · spread now +0.011%, 7d avg −0.017%

Together, before fees−0.452%+ Points / potential airdropPerpl: Active · farm board−$45 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Bybit is 0.028% dearer against Perpl than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.017%. Mind the row above: over the last 7 days funding on this pair cost −0.351%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl BTC	86,760.2	−0.0223	get 0.0020% / 43m	8m 44s	$429K	$24.8M	6.7x
Short	Bybit BTCUSDT	86,769.9	0.0085	get 0.0085% / 8h	2h 21m	$5.29B	$9.71B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Perpl. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 PerplbpFee BybitbpOrdersPrice spread, now +0.011%Rate

Funding earned: $64.74
Price spread: +0.011% → −0.017%: $2.83
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $42.77
Costs to cover: 0.248%
Break-even: 2.4 days

Slippage unknown: Perpl: no order-book sample; Bybit: live order book, 2 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 Perpl no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	6.2 bp −$621	6.5 bp −$3,264

Perpl: 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
Aftermath Perps BTCUSD	−0.0237%	1h	86,727.8	−0.037%	$85K	$188K	20x	as long as short
Perpl BTClong	−0.0223%	43m	86,760.2	long leg	$429K	$24.8M	6.7x
Phoenix BTC	−0.0103%	1h	86,781	+0.024%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,726	−0.039%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0067%	1h	86,773.8	+0.016%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,771.2	+0.013%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,803.7	+0.050%	$933.2M	$1.45B	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,770.7	+0.012%	$849.3M	$707.2M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,789.9	+0.034%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0009%	8h	86,760.8	+0.001%	$506.7M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,768	+0.009%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0022%	8h	86,768.7	+0.010%	$150.3M	$471.6M	150x	as long as short
BingX BTC-USDT	+0.0026%	8h	86,770.5	+0.012%	—	$1.60B	—	as long as short
Bitget BTCUSDT	+0.0035%	8h	86,766.9	+0.008%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.140%	$315K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,768.3	+0.009%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0058%	8h	86,772.3	+0.014%	$5.19B	$5.70B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,773.2	+0.015%	$9.45B	$24.35B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,775	+0.017%	$9.2M	$41.9M	25x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,776.2	+0.018%	$5.86B	$10.67B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0082%	8h	86,777.5	+0.020%	$2.56B	$12.75B	100x	as long as short
Bybit BTCUSDTshort	+0.0085%	8h	86,769.9	+0.011%	$5.29B	$9.71B	150x
Lighter BTC	+0.0096%	1h	86,782.7	+0.026%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,789.7	+0.034%	$24.1M	$153.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,744	−0.019%	$8.5M	$52.3M	100x	as long as short
Variational Omni BTC	+0.0097%	8h	86,726.9	−0.038%	$159.3M	$566.6M	—	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,760	0.000%	$202K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,821.9	+0.071%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,739.8	−0.024%	$21.8M	$235.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,842	+0.094%	$3.82B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,805.1	+0.052%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,785	+0.029%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,837.3	+0.089%	$7.5M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,792.1	+0.037%	$573.3M	$22.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,768	+0.009%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,653.8	−0.123%	$280.0M	$950.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,676.9	−0.096%	$217.6M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,687.3	−0.084%	$141.5M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,775.2	+0.017%	$30.8M	$204.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,820.4	+0.069%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,768	+0.009%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,770.8	+0.012%	$197K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,784.9	+0.028%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,798.1	+0.044%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,777	+0.019%	$30.1M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,770.9	+0.012%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,769	+0.010%	$60.6M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,762	+0.002%	$2.30B	$958.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,758.7	−0.002%	$46.3M	$228.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,789.7	+0.034%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,802.9	+0.049%	$188.4M	$933.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,812.6	+0.060%	$132.1M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0139%	8h	86,784	+0.027%	$9.6M	$726.9M	6.4x	as long as short
BloFin BTC-USDT	+0.0177%	8h	86,733.1	−0.031%	$417.1M	$654.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,785.8	+0.029%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,784	+0.027%	$698K	$7.1M	30x	as long as short