Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0116%/8h= −12.7% APRpaid last 24h −0.037%

Price spread now: Hotstuff against Bitget−0.030%46s7-day average — · you buy dearer than you sell

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

Long on Bitget Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Hotstuff is 0.030% cheaper against Bitget than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget BTCUSDT	86,779.1	0.0036	pay 0.0036% / 8h	2h 17m	$2.96B	$5.08B	150x
Short	Hotstuff BTC-PERP	86,753	−0.0080	pay 0.0010% / 1h	17m 43s	$9K	$3K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Bitget. 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 BitgetbpFee HotstuffbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$24.36
Price spread: −0.030% → 0.000%: −$3.01
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$44.37
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 1 min ago; Hotstuff: 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 Bitget live order book, 1 min ago	0.01 bp	6.0 bp −$6	6.2 bp −$62	7.6 bp −$759	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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
Aftermath Perps BTCUSD	−0.0240%	1h	86,749.1	−0.035%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,772.5	−0.008%	$428K	$24.7M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,750	−0.034%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERPshort	−0.0080%	1h	86,753	−0.030%	$9K	$3K	50x
dYdX BTC-USD	−0.0063%	1h	86,773.8	−0.006%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,779	0.000%	$363K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,783.5	+0.005%	$932.6M	$1.45B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,774.1	−0.006%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,760	−0.022%	$849.6M	$707.3M	125x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,765.7	−0.015%	$506.7M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,742.6	−0.042%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0022%	8h	86,743.7	−0.041%	$150.1M	$471.7M	150x	as long as short
BingX BTC-USDT	+0.0028%	8h	86,780.1	+0.001%	—	$1.60B	—	as long as short
Bitget BTCUSDTlong	+0.0036%	8h	86,779.1	long leg	$2.96B	$5.08B	150x
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.161%	$315K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,752.9	−0.030%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,770.6	−0.010%	$5.20B	$5.70B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,794.7	+0.018%	$9.44B	$24.36B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,761.9	−0.020%	$9.2M	$41.7M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,780	+0.001%	$5.86B	$10.68B	200x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,775	−0.005%	$5.29B	$9.71B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0086%	8h	86,792	+0.015%	$2.56B	$12.75B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,810.5	+0.036%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,801.7	+0.026%	$24.2M	$154.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,752	−0.031%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,738	−0.047%	$202K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,804	+0.029%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,744.1	−0.040%	$21.7M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,842	+0.072%	$3.83B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,785.4	+0.007%	$41.0M	$494.9M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,756	−0.027%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,819.7	+0.047%	$7.5M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,792.1	+0.015%	$573.3M	$22.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,748.4	−0.035%	$38.1M	$148.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,754.4	−0.028%	$159.6M	$567.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,763.7	−0.018%	$280.3M	$952.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,756.8	−0.026%	$217.9M	$187.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,779.4	0.000%	$141.7M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,754.7	−0.028%	$30.8M	$204.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,813	+0.039%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,752	−0.031%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,751	−0.032%	$197K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,768.2	−0.013%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,776.1	−0.003%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,757.8	−0.025%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,752.7	−0.030%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,751	−0.032%	$60.6M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,747.8	−0.036%	$2.30B	$958.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,757.2	−0.025%	$46.4M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,776.2	−0.003%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,781.5	+0.003%	$188.0M	$933.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,796.3	+0.020%	$132.1M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0151%	8h	86,793	+0.016%	$9.7M	$727.1M	6.4x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,740.2	−0.045%	$415.7M	$655.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,766.5	−0.014%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,801.3	+0.026%	$710K	$7.4M	30x	as long as short