Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:22 UTC+0.0347%/8h= +37.9% APRpaid last 24h −0.050%

Price spread now: Perpl against Vest−0.069%7-day average +0.008% · you buy dearer than you sell

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

Long on Vest Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.093%+$9 on $10k

Price spread, last 7 days+0.187%+$19 · spread now −0.069%, 7d avg +0.008%

Together, before fees+0.279%+ Points / potential airdropVest: Active · Perpl: Active · farm board+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. Perpl is 0.078% cheaper against Vest than usual: you would sell low and buy high (spread −0.069% now, against its 7-day average of +0.008%). If the spread goes back, that is −$8 on $10k: about 18 hours of funding at the current rate (+$10 a day). At the pace of the last 3 days (+0.093% in total) that is about 2.8 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.093% in total (about 10.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest BTC-PERP	85,781.6	0.0100	pay 0.0013% / 1h	8m 08s	—	$11.8M	50x
Short	Perpl BTC	85,722.4	0.0447	get 0.0040% / 43m	39m 08s	$501K	$19.2M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Vest. 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 VestbpFee PerplbpOrdersPrice spread, now −0.069%Rate

Funding earned: $72.77
Price spread: −0.069% → +0.008%: −$7.75
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $49.21
Costs to cover: 0.158%
Break-even: 2.3 days

Slippage unknown: Vest: no order-book sample; Perpl: 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 Vest no order-book sample	—	—	—	—	—
Sell Perpl no order-book sample	—	—	—	—	—

Vest and 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
Bluefin BTC-PERP	−0.0535%	1h	85,773.6	−0.009%	$197K	$722K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,805	+0.027%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,730	−0.060%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,731.1	−0.059%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0032%	8h	85,764.5	−0.020%	$415.9M	$666.1M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,713.3	−0.080%	$16.7M	$21.2M	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	85,712	−0.081%	$919.5M	$751.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,755.1	−0.031%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0015%	1h	85,728.9	−0.062%	$22.6M	$219.5M	50x	as long as short
Aster BTCUSDT	+0.0020%	8h	85,718	−0.074%	$516.5M	$1.10B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0057%	8h	85,713.6	−0.079%	—	$1.53B	—	as long as short
Bitget BTCUSDT	+0.0072%	8h	85,697.1	−0.099%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0073%	1h	85,716.3	−0.076%	$6.7M	$146.5M	40x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	+0.030%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,727.3	−0.063%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,730.2	−0.060%	$5.07B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,697.9	−0.098%	$9.35B	$23.91B	150x	as long as short
Phemex BTCUSDT	+0.0090%	8h	85,729.2	−0.061%	$149.2M	$480.4M	150x	as long as short
HTX BTC-USDT	+0.0092%	8h	85,730.4	−0.060%	$2.27B	$936.9M	200x	as long as short
SoDEX BTC-USD	+0.0094%	1h	85,727	−0.064%	$60.0M	$336.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,738.5	−0.050%	$174.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,743	−0.045%	$23.9M	$149.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,729	−0.061%	$8.4M	$52.3M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,780.9	−0.001%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,699	−0.096%	$197K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,793	+0.013%	$3.75B	$4.96B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,764	−0.021%	$40.2M	$576.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,711.7	−0.082%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,713.9	−0.079%	$2.58B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,700	−0.095%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,706.8	−0.087%	$6.8M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,800.8	+0.022%	$635.6M	$478.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,730.1	−0.060%	$5.55B	$10.57B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,706.4	−0.088%	$35.2M	$173.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,777.2	−0.005%	$157.4M	$555.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,754.5	−0.032%	$280.1M	$916.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,809.7	+0.033%	$215.5M	$165.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,774.1	−0.009%	$140.3M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,831.8	+0.058%	$30.3M	$208.9M	40x	as long as short
Vest BTC-PERPlong	+0.0100%	1h	85,781.6	long leg	—	$11.8M	50x
Polymarket Perps BTC-USD	+0.0100%	1h	85,724	−0.067%	$11.1M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,730.5	−0.060%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,733.9	−0.056%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,729.6	−0.061%	$30.0M	$51.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,702.6	−0.092%	$2.9M	$6.1M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,709.2	−0.084%	$44.3M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,732.7	−0.057%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,768	−0.016%	$123.8M	$5.11B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,758.3	−0.027%	$8.4M	$42.3M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0135%	1h	85,777.2	−0.005%	$891.5M	$1.53B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,760	−0.025%	$189.3M	$953.0M	100x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,853.1	+0.083%	$704K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,739.6	−0.049%	$13.6M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0205%	1h	85,785.6	+0.005%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0220%	8h	85,764	−0.021%	$10.6M	$758.6M	6.4x	as long as short
Perpl BTCshort	+0.0447%	43m	85,722.4	−0.069%	$501K	$19.2M	6.7x