Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0242%/8h= +26.5% APRpaid last 24h −0.024%

Price spread now: HTX against Aftermath Perps−0.155%7-day average −0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$310.307% of the position

Long on Aftermath Perps Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.074%−$7 on $10k

Price spread, last 3 days (all we have)+0.074%+$7 · spread now −0.155%, 7d avg −0.038%

Together, before fees+0.001%$0 on $10k · with fees, hour by hour

Funding pays, the price is against you. HTX is 0.116% cheaper against Aftermath Perps than usual: you would sell low and buy high (spread −0.155% now, against its 7-day average of −0.038%). If the spread goes back, that is −$12 on $10k: about 39 hours of funding at the current rate (+$7 a day). Mind the row above: over the last 3 days funding on this pair cost −0.074%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.074% in total (about -8.5% 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	Aftermath Perps BTCUSD	86,633.1	−0.0142	get 0.0018% / 1h	35m 37s	$83K	$216K	20x
Short	HTX BTC-USDT	86,499.2	0.0100	get 0.0100% / 8h	1h 35m	$2.30B	$964.4M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Aftermath Perps. 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 Aftermath PerpsbpFee HTXbpOrdersPrice spread, now −0.155%Rate

Funding earned: $50.75
Price spread: −0.155% → −0.038%: −$11.65
Slippage, 4 orders: −$9.75
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee HTX: 6 bp × 2 orders: −$12
Net: $8.36
Costs to cover: 0.307%
Break-even: 5.8 days

Slippage from Aftermath Perps: live order book, 48 min ago; HTX: live order book, 4 min ago.

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 Aftermath Perps live order book, 48 min ago	1.77 bp	12.5 bp −$12	19.0 bp −$190	doesn't fit	doesn't fit
Sell HTX live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.1 bp −$712	10.0 bp −$5,011

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	−0.0703%	1h	86,528.3	−0.121%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,627	−0.007%	$2.2M	$11.8M	40x	as long as short
Aftermath Perps BTCUSDlong	−0.0142%	1h	86,633.1	long leg	$83K	$216K	20x
Hotstuff BTC-PERP	−0.0080%	1h	86,572	−0.071%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0010%	1h	86,530.8	−0.118%	$17.3M	$20.5M	50x	as long as short
Aster BTCUSDT	−0.0009%	8h	86,517.7	−0.133%	$504.9M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,545.9	−0.101%	$359K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	86,504.9	−0.148%	$851.2M	$708.4M	125x	as long as short
Perpl BTC	0.0000%	43m	86,562.9	−0.081%	$418K	$23.9M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,531.9	−0.117%	$924.3M	$1.47B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,537.5	−0.110%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,531	−0.118%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,541	−0.106%	$6.7M	$144.8M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	−0.086%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0030%	8h	86,493.2	−0.161%	$149.7M	$475.1M	150x	as long as short
BingX BTC-USDT	+0.0034%	8h	86,523.4	−0.127%	—	$1.59B	—	as long as short
Hibachi BTC/USDT-P	+0.0040%	1h	86,622	−0.013%	$730K	$8.2M	30x	as long as short
Bitget BTCUSDT	+0.0043%	8h	86,549.5	−0.096%	$2.95B	$5.08B	150x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,513.6	−0.138%	$5.17B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,530.3	−0.119%	$9.42B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,503.5	−0.150%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0075%	8h	86,528.6	−0.121%	$5.85B	$10.65B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,531.8	−0.117%	$5.27B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,519.4	−0.131%	$171.6M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,536.1	−0.112%	$24.0M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,530	−0.119%	$8.5M	$52.1M	100x	as long as short
SoDEX BTC-USD	+0.0096%	1h	86,505	−0.148%	$60.5M	$337.1M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,512	−0.140%	$202K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,559.2	−0.085%	$4.7M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,513.5	−0.138%	$21.8M	$233.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,592	−0.047%	$3.81B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,546.8	−0.100%	$41.1M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,540.8	−0.107%	$2.54B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,540	−0.107%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,601.5	−0.036%	$7.4M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.081%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,488.3	−0.167%	$38.4M	$153.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,696.3	+0.073%	$156.8M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,594.3	−0.045%	$279.8M	$944.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,592.5	−0.047%	$217.3M	$173.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,642.9	+0.011%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,573.9	−0.068%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,581	−0.060%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,544	−0.103%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,515	−0.136%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,521.1	−0.129%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,515.6	−0.136%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,536.8	−0.111%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDTshort	+0.0100%	8h	86,499.2	−0.155%	$2.30B	$964.4M	200x
Extended BTC-USD	+0.0104%	1h	86,511.5	−0.140%	$46.4M	$225.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,577.3	−0.064%	—	$98.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,537.1	−0.111%	$131.6M	$5.71B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,531.6	−0.117%	$191.5M	$937.0M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,527.9	−0.121%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0182%	8h	86,570	−0.073%	$414.5M	$651.5M	150x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	86,571	−0.072%	$9.6M	$728.3M	6.4x	as long as short