Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0927%/8h= +101.5% APRpaid last 24h +0.177%

Price spread now: HTX against Bluefin−0.032%7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$250.248% of the position

Long on Bluefin Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.233%+$23 on $10k

Price spread, last 3 days (all we have)+0.009%+$1 · spread now −0.032%, 7d avg +0.007%

Together, before fees+0.242%+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. HTX is 0.039% cheaper against Bluefin than usual: you would sell low and buy high (spread −0.032% now, against its 7-day average of +0.007%). If the spread goes back, that is −$4 on $10k: about 3 hours of funding at the current rate (+$28 a day). At the pace of the last 7 days (+0.233% in total) that is about 28 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.233% in total (about 12.1% 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	Bluefin BTC-PERP	86,494.4	−0.0827	get 0.0103% / 1h	18m 20s	$140K	$620K	40x
Short	HTX BTC-USDT	86,466.3	0.0100	get 0.0100% / 8h	1h 18m	$2.30B	$968.4M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Bluefin. 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 BluefinbpFee HTXbpOrdersPrice spread, now −0.032%Rate

Funding earned: $194.6
Price spread: −0.032% → +0.007%: −$3.93
Slippage, 4 orders: −$5.78
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: $165.89
Costs to cover: 0.248%
Break-even: 1.0 days

Slippage from Bluefin: live order book, 1 min ago; HTX: live order book, 6 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 Bluefin live order book, 1 min ago	1.10 bp	6.3 bp −$6	10.9 bp −$109	doesn't fit	doesn't fit
Sell HTX live order book, 6 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.0 bp −$698	9.1 bp −$4,542

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-PERPlong	−0.0827%	1h	86,494.4	long leg	$140K	$620K	40x
Phoenix BTC	−0.0159%	1h	86,503	+0.010%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,470	−0.028%	$9K	$3K	50x	as long as short
Aster BTCUSDT	−0.0010%	8h	86,467.3	−0.031%	$504.0M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,469.7	−0.029%	$358K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,476.2	−0.021%	$424K	$23.7M	6.7x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,464.2	−0.035%	$851.3M	$711.6M	125x	as long as short
dYdX BTC-USD	+0.0004%	1h	86,497.2	+0.003%	$17.0M	$21.1M	50x	as long as short
Aftermath Perps BTCUSD	+0.0005%	1h	86,525.7	+0.036%	$82K	$217K	20x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,496.8	+0.003%	$36.8M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0006%	1h	86,469.7	−0.029%	$8.5M	$43.0M	25x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,460.3	−0.039%	$6.7M	$145.0M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.075%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0035%	8h	86,482.4	−0.014%	$149.9M	$476.9M	150x	as long as short
BingX BTC-USDT	+0.0035%	8h	86,481.6	−0.015%	—	$1.59B	—	as long as short
Deribit BTC-PERPETUAL	+0.0044%	1h	86,517.8	+0.027%	$921.0M	$1.48B	50x	as long as short
Bitget BTCUSDT	+0.0046%	8h	86,479.4	−0.017%	$2.95B	$5.10B	150x	as long as short
MEXC BTC_USDT	+0.0064%	8h	86,470	−0.028%	$5.14B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,473	−0.025%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,470.9	−0.027%	$9.43B	$24.41B	150x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,478.2	−0.019%	$5.85B	$10.73B	200x	as long as short
Bybit BTCUSDT	+0.0092%	8h	86,466.3	−0.032%	$5.25B	$9.77B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,477.3	−0.020%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,488.3	−0.007%	$24.1M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,462	−0.037%	$8.5M	$52.4M	100x	as long as short
Hibachi BTC/USDT-P	+0.0096%	1h	86,517.3	+0.026%	$717K	$8.2M	30x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,446	−0.056%	$205K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,521.4	+0.031%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,457.6	−0.043%	$22.0M	$234.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,537	+0.049%	$3.80B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,509.1	+0.017%	$40.8M	$513.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,486.7	−0.009%	$2.54B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,480	−0.017%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,534.4	+0.046%	$7.4M	$94.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,498.7	+0.005%	$571.7M	$18.6M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,463.1	−0.036%	$37.8M	$155.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,498.8	+0.005%	$156.2M	$568.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,531.2	+0.043%	$279.7M	$948.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,518.2	+0.028%	$217.2M	$175.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,540.1	+0.053%	$141.5M	$323.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,483	−0.013%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,514.2	+0.023%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,462	−0.037%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,482	−0.014%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,487.5	−0.008%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,479.2	−0.018%	$30.4M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,454.2	−0.046%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,481	−0.015%	$60.4M	$337.2M	40x	as long as short
HTX BTC-USDTshort	+0.0100%	8h	86,466.3	−0.032%	$2.30B	$968.4M	200x
Extended BTC-USD	+0.0104%	1h	86,462.6	−0.037%	$45.5M	$226.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,493.6	−0.001%	—	$98.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,520.1	+0.030%	$131.8M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,504.3	+0.011%	$191.3M	$943.6M	100x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,473.9	−0.024%	$414.0M	$654.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0185% / S −0.0211%	1h	86,489.9	−0.005%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	86,498	+0.004%	$9.8M	$733.9M	6.4x	as long as short