Futures arbitrage calculator
Profit, ROE and the liquidation price of a perpetual at the exchange's live price, your fee and the maintenance margin rate we read from the exchanges daily. The second tab sizes a position from your risk, the third works out a two-leg arbitrage trade.
Loading prices…
The liquidation price is for isolated margin, by the formula Binance, Bybit, OKX and others publish: margin plus the unrealised result falls to the maintenance margin. Fees and funding charged on the way move it slightly; the exchanges' own calculators leave them out too.
Result
Pick a coin and an exchange, or type an entry price.
How it counts
The price result = quantity × (exit price − entry price) for a long, the reverse for a short. The taker fee is charged on the position's value at entry and at exit. Each funding period = position value × rate: with a positive rate longs pay and shorts receive. ROE is the net profit over the margin.
Margin = position value / leverage. Liquidation comes when margin plus the unrealised result falls to the maintenance margin: position value × maintenance rate − the tier's deduction. For a long the liquidation price = (value − margin − deduction) / (quantity × (1 − rate)); for a short = (value + margin + deduction) / (quantity × (1 + rate)).
We read each perpetual's first-tier maintenance rate and maximum leverage from the exchanges daily: Binance, Bybit, OKX, Bitget, Gate, MEXC, KuCoin and Hyperliquid. A large position falls into the next tier at a higher rate; the calculator warns you.
Example: a long of 10 ETH at $1,000 with $1,000 of margin (10× leverage) at a 0.4% maintenance rate. The liquidation price is $903.6145, about 9.6% below the entry.
Related pages
- Futures — futures routes now: basis and funding between exchanges, profit after fees
- Futures basis — spot–futures basis by exchange and coin
- Funding — funding rates on every exchange
- Calculator — the spot arbitrage calculator, with the transfer between exchanges
FAQ
- How do you calculate a futures liquidation price?
- For isolated margin, a long's liquidation price = (position value − margin − deduction) / (quantity × (1 − maintenance margin rate)); a short's has the signs reversed. The calculator fills in the chosen exchange's first-tier rate.
- How does leverage affect liquidation?
- The higher the leverage, the smaller the margin and the closer the liquidation: the price must move about 1 / leverage less the maintenance rate against the position. At 10× and a 0.5% rate that is about 9.5%, at 50× about 1.5%.
- How is ROE calculated on futures?
- ROE is the net profit after fees and funding divided by the position's margin. At 10× leverage a 1% price move gives about 10% ROE before fees.
- How do you calculate position size from risk?
- Size = the loss you accept / (distance to the stop + entry and exit fees per coin). The Position size tab does this and shows the minimum leverage.
- Why can the exchange's liquidation price differ?
- Exchanges work from the mark price, put large positions on higher margin tiers and charge fees and funding to the margin. The difference is usually small, but it matters for a position near liquidation.