Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC+0.0511%/8h= +55.9% APRpaid last 24h −0.017%

Price spread now: Perpl against 01 Exchange+0.047%7-day average +0.019% · you sell dearer than you buy

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

Long on 01 Exchange Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.154%+$15 on $10k

Price spread, last 7 days+0.065%+$6 · spread now +0.047%, 7d avg +0.019%

Together, before fees+0.219%+ Points / potential airdropPerpl: Active · farm board+$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Perpl is 0.028% dearer against 01 Exchange than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.019%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.154% in total (about 16.2% 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	01 Exchange BTCUSD	85,698.4	−0.0064	get 0.0008% / 1h	21m 04s	$364K	$2.3M	50x
Short	Perpl BTC	85,739	0.0447	get 0.0040% / 43m	26m 04s	$513K	$20.6M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against 01 Exchange. 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 01 ExchangebpFee PerplbpOrdersPrice spread, now +0.047%Rate

Funding earned: $107.21
Price spread: +0.047% → +0.019%: $2.79
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $89.2
Costs to cover: 0.208%
Break-even: 1.2 days

Slippage unknown: 01 Exchange: live order book, 3 min ago; 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 01 Exchange live order book, 3 min ago	0.01 bp	4.0 bp −$4	10.1 bp −$101	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

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 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	85,785	+0.101%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,717	+0.022%	$8K	$3K	50x	as long as short
01 Exchange BTCUSDlong	−0.0064%	1h	85,698.4	long leg	$364K	$2.3M	50x
dYdX BTC-USD	+0.0002%	1h	85,743.4	+0.052%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,713.9	+0.018%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.009%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0031%	8h	85,678.4	−0.023%	$901.6M	$754.3M	125x	as long as short
Aster BTCUSDT	+0.0038%	8h	85,700.7	+0.003%	$516.2M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,729.6	+0.036%	$8.2M	$42.0M	25x	as long as short
Nado BTC-PERP	+0.0051%	1h	85,710.1	+0.014%	$22.6M	$227.4M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0056%	8h	85,680.6	−0.021%	—	$1.56B	—	as long as short
Reya BTCRUSDPERP	+0.0058%	1h	85,714.6	+0.019%	$6.7M	$146.3M	40x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,638.6	−0.070%	$2.94B	$5.08B	150x	as long as short
HTX BTC-USDT	+0.0080%	8h	85,675	−0.027%	$2.27B	$947.4M	200x	as long as short
MEXC BTC_USDT	+0.0093%	8h	85,677.3	−0.025%	$5.06B	$5.73B	500x	as long as short
ApeX Omni BTCUSDT	+0.0094%	1h	85,762.3	+0.075%	$140.2M	$318.2M	100x	as long as short
Binance BTCUSDT	+0.0095%	8h	85,668.2	−0.035%	$9.33B	$24.29B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0095%	1h	85,730.5	+0.037%	$894.7M	$1.54B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,694.4	−0.005%	$170.3M	$991.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,706	+0.009%	$23.5M	$147.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,711	+0.015%	$8.4M	$51.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,691.6	−0.008%	$2.5M	$1.8M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,682	−0.019%	$202K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,681.6	−0.020%	$3.8M	$8.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,731	+0.038%	$3.76B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,745	+0.054%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,660.4	−0.044%	$5.30B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,652.9	−0.053%	$2.54B	$12.34B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,707	+0.010%	$3.9M	$18.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,677.9	−0.024%	$7.2M	$97.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,744.8	+0.054%	$590.5M	$195.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,682.3	−0.019%	$5.59B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,667	−0.037%	$35.3M	$164.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,688	−0.012%	$156.6M	$555.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,744.1	+0.053%	$278.8M	$940.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,761.2	+0.073%	$215.2M	$166.3M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,792	+0.109%	$30.3M	$208.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,786	+0.102%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,718	+0.023%	$11.0M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,708	+0.011%	$187K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,695.3	−0.004%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,730	+0.037%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,698.3	0.000%	$30.0M	$56.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,671	−0.032%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,693	−0.006%	$60.0M	$337.2M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,678.5	−0.023%	$154.0M	$480.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,669.6	−0.034%	$44.1M	$227.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,710.6	+0.014%	—	$101.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,715.9	+0.020%	$131.3M	$5.15B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,824.4	+0.147%	$697K	$7.8M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,708.8	+0.012%	$188.3M	$963.0M	100x	as long as short
Aftermath Perps BTCUSD	+0.0168%	1h	85,749.8	+0.060%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0189%	1h	85,714.5	+0.019%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,741	+0.050%	$10.0M	$769.9M	6.4x	as long as short
Perpl BTCshort	+0.0447%	43m	85,739	+0.047%	$513K	$20.6M	6.7x