Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.010%

Price spread now: HTX against Bullet−0.010%7-day average −0.018% · 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−$20as in the Price arb table

costs, in and out, $10k−$210.212% of the position

Long on Bullet Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.035%−$3 on $10k

Price spread, last 3 days (all we have)−0.042%−$4 · spread now −0.010%, 7d avg −0.018%

Together, before fees−0.076%−$8 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet BTC-USD	86,357	0.0100	pay 0.0013% / 1h	29m 37s	$192K	$3.3M	20x
Short	HTX BTC-USDT	86,348	0.0100	get 0.0100% / 8h	1h 29m	$2.29B	$967.7M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Bullet. 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 BulletbpFee HTXbpOrdersPrice spread, now −0.010%Rate

Funding earned: $0
Price spread: −0.010% → −0.018%: $0.77
Slippage, 4 orders: −$1.16
Fee Bullet: 4 bp × 2 orders: −$8
Fee HTX: 6 bp × 2 orders: −$12
Net: −$20.38
Costs to cover: 0.212%
Break-even: never at this rate

Slippage from Bullet: live order book, 5 min ago; HTX: live order book, 5 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 Bullet live order book, 5 min ago	0.23 bp	4.8 bp −$5	7.8 bp −$78	doesn't fit	doesn't fit
Sell HTX live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.2 bp −$722	10.2 bp −$5,114

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	−0.0469%	1h	86,381.1	+0.028%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,459	+0.118%	$2.2M	$11.8M	40x	as long as short
Aftermath Perps BTCUSD	−0.0083%	1h	86,518.4	+0.187%	$83K	$216K	20x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,341	−0.019%	$9K	$3K	50x	as long as short
Aster BTCUSDT	−0.0013%	8h	86,387.7	+0.036%	$504.1M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,415.8	+0.068%	$358K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,365.1	+0.009%	$850.5M	$710.0M	125x	as long as short
Perpl BTC	0.0000%	43m	86,368.6	+0.013%	$423K	$23.9M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,395.4	+0.045%	$921.6M	$1.48B	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	86,364.7	+0.009%	$16.9M	$21.1M	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	86,382.5	+0.030%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,405.3	+0.056%	$8.5M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,339.8	−0.020%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.234%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0034%	8h	86,370.4	+0.016%	$149.2M	$476.1M	150x	as long as short
BingX BTC-USDC	+0.0034%	8h	86,389.6	+0.038%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0043%	8h	86,405.2	+0.056%	$2.95B	$5.09B	150x	as long as short
Hibachi BTC/USDT-P	+0.0056%	1h	86,472.3	+0.133%	$724K	$8.2M	30x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,407	+0.058%	$5.13B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,398.4	+0.048%	$9.40B	$24.36B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,347.6	−0.011%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0074%	8h	86,399.9	+0.050%	$5.85B	$10.68B	200x	as long as short
Bybit BTCUSDT	+0.0089%	8h	86,399.9	+0.050%	$5.25B	$9.74B	150x	as long as short
SoDEX BTC-USD	+0.0089%	1h	86,365	+0.009%	$60.4M	$337.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,388.9	+0.037%	$171.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,397.6	+0.047%	$24.0M	$152.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,350	−0.008%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,386	+0.034%	$204K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,417.3	+0.070%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,341.9	−0.017%	$21.8M	$233.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,440	+0.096%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,422.4	+0.076%	$40.7M	$513.3M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,411.4	+0.063%	$2.53B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,402	+0.052%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,470.4	+0.131%	$7.4M	$94.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,343.9	−0.015%	$570.6M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,347.7	−0.011%	$38.2M	$154.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,435.6	+0.091%	$155.8M	$566.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,500.3	+0.166%	$279.4M	$945.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,543.9	+0.216%	$217.3M	$174.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,518.6	+0.187%	$141.4M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,432	+0.087%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,402.4	+0.053%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,342	−0.017%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	86,357	long leg	$192K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,371	+0.016%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,364.3	+0.008%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,362.2	+0.006%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDTshort	+0.0100%	8h	86,348	−0.010%	$2.29B	$967.7M	200x
Extended BTC-USD	+0.0104%	1h	86,390.7	+0.039%	$45.8M	$226.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,357.1	0.000%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,414.3	+0.066%	$131.8M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,396.6	+0.046%	$191.5M	$942.5M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,337.5	−0.023%	$413.9M	$651.2M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0182% / S −0.0213%	1h	86,377.9	+0.024%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	86,379	+0.025%	$9.7M	$730.3M	6.4x	as long as short