Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.031%

Price spread now: Hyperliquid against Arcus+0.137%7-day average +0.009% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$3as in the Price arb table

costs, in and out, $10k−$150.154% of the position

Long on Arcus Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.031%+$3 on $10k

Price spread, last 7 days−0.143%−$14 · spread now +0.137%, 7d avg +0.009%

Together, before fees−0.112%+ Points / potential airdropHyperliquid: Season 2 · farm board−$11 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.128% dearer against Arcus than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus BTC-USD	85,773.7	0.0100	pay 0.0013% / 1h	22m 19s	$6.8M	$97.4M	40x
Short	Hyperliquid BTC	85,891	0.0100	get 0.0013% / 1h	22m 19s	$3.75B	$4.97B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Arcus. 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 ArcusbpFee HyperliquidbpOrdersPrice spread, now +0.137%Rate

Funding earned: $0
Price spread: +0.137% → +0.009%: $12.77
Slippage, 4 orders: −$1.89
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$2.62
Costs to cover: 0.154%
Break-even: never at this rate

Slippage from Arcus: live order book, 2 min ago; Hyperliquid: live order book, 12 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 Arcus live order book, 2 min ago	0.01 bp	2.3 bp −$2	2.5 bp −$25	5.6 bp −$560	doesn't fit
Sell Hyperliquid live order book, 12 min ago	0.06 bp	4.8 bp −$5	5.4 bp −$54	6.2 bp −$622	doesn't fit

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	−0.0391%	1h	85,849.9	+0.089%	$197K	$722K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,678	−0.112%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,730	−0.051%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,804.4	+0.036%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,712.9	−0.071%	$417.1M	$665.0M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,735.4	−0.045%	$16.7M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,818.6	+0.052%	$36.7M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0007%	8h	85,798	+0.028%	$919.4M	$751.5M	125x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,800	+0.031%	$22.7M	$220.1M	50x	as long as short
Aster BTCUSDT	+0.0017%	8h	85,790.3	+0.019%	$516.9M	$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	+0.0055%	8h	85,810.1	+0.042%	—	$1.53B	—	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,809.8	+0.042%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0070%	1h	85,803.9	+0.035%	$6.7M	$146.5M	40x	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,781	+0.009%	$148.4M	$479.3M	150x	as long as short
HTX BTC-USDT	+0.0077%	8h	85,794.3	+0.024%	$2.27B	$935.0M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	+0.039%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,797.1	+0.027%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,789.9	+0.019%	$5.05B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,804.1	+0.035%	$9.36B	$23.87B	150x	as long as short
SunX BTC-USDT	+0.0089%	8h	85,698.1	−0.088%	$2.9M	$6.1M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,813.6	+0.047%	$170.2M	$993.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,796.2	+0.026%	$24.0M	$148.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,800	+0.031%	$8.4M	$52.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,818.7	+0.052%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,772	−0.002%	$198K	$7.8M	50x	as long as short
Hyperliquid BTCshort	+0.0100%	1h	85,891	+0.137%	$3.75B	$4.97B	40x
Pacifica BTC	+0.0100%	1h	85,809	+0.041%	$40.2M	$574.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,789.9	+0.019%	$5.34B	$9.56B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,783.9	+0.012%	$2.58B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,791	+0.020%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USDlong	+0.0100%	1h	85,773.7	long leg	$6.8M	$97.4M	40x
Gate BTC_USDT	+0.0100%	8h	85,814.5	+0.048%	$5.56B	$10.54B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,708.1	−0.076%	$35.1M	$172.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,642.5	−0.153%	$157.0M	$548.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,654	−0.140%	$279.8M	$920.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,636.8	−0.160%	$215.1M	$166.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,697	−0.089%	$140.2M	$315.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,705.2	−0.080%	$30.3M	$209.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,834.1	+0.070%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,800	+0.031%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,810.9	+0.043%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,799.6	+0.030%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,804.3	+0.036%	$30.1M	$51.0M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,809	+0.041%	$60.1M	$336.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,681.9	−0.107%	$628.9M	$439.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,787.1	+0.016%	$44.2M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,733.7	−0.047%	—	$106.0M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0107%	1h	85,848.9	+0.088%	$891.8M	$1.52B	50x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,853.9	+0.094%	$130.5M	$5.10B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,831.1	+0.067%	$8.4M	$42.1M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,831.4	+0.067%	$189.0M	$951.7M	100x	as long as short
Aftermath Perps BTCUSD	+0.0196%	1h	85,727.9	−0.053%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0179%	1h	85,815	+0.048%	$13.6M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,748.8	−0.029%	$703K	$7.8M	30x	as long as short
Kalshi KXBTCPERP	+0.0217%	8h	85,823	+0.057%	$10.5M	$757.5M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,826.2	+0.061%	$516K	$19.3M	6.7x	as long as short