Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.040%

Price spread now: HTX against Deribit−0.081%7-day average −0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$200.195% of the position

Long on Deribit Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.038%−$4 on $10k

Price spread, last 3 days (all we have)+0.011%+$1 · spread now −0.081%, 7d avg −0.065%

Together, before fees−0.027%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.065%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	86,400.7	0	get 0.0000% / 1h	30m 51s	$921.9M	$1.48B	50x
Short	HTX BTC-USDT	86,330.8	0.0100	get 0.0100% / 8h	1h 30m	$2.29B	$967.5M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Deribit. 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 DeribitbpFee HTXbpOrdersPrice spread, now −0.081%Rate

Funding earned: $21
Price spread: −0.081% → −0.065%: −$1.62
Slippage, 4 orders: −$0.53
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$0.15
Costs to cover: 0.195%
Break-even: 7.1 days

Slippage from Deribit: live order book, 3 min ago; HTX: live order book, 3 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 Deribit live order book, 3 min ago	0.03 bp	3.5 bp −$4	4.0 bp −$40	7.1 bp −$713	11.6 bp −$5,786
Sell HTX live order book, 3 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	−0.0500%	1h	86,397.1	−0.004%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,459	+0.067%	$2.2M	$11.8M	40x	as long as short
Aftermath Perps BTCUSD	−0.0092%	1h	86,549.1	+0.172%	$83K	$216K	20x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,440	+0.046%	$9K	$3K	50x	as long as short
Aster BTCUSDT	−0.0011%	8h	86,332.9	−0.078%	$503.8M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,456.2	+0.064%	$358K	$2.4M	50x	as long as short
dYdX BTC-USD	−0.0002%	1h	86,483.7	+0.096%	$17.1M	$20.7M	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,336.3	−0.075%	$850.7M	$709.2M	125x	as long as short
Perpl BTC	0.0000%	43m	86,456.1	+0.064%	$421K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUALlong	0.0000%	1h	86,400.7	long leg	$921.9M	$1.48B	50x

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	86,460.7	+0.069%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,447.8	+0.055%	$8.5M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,424.2	+0.027%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.183%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,360	−0.047%	$149.3M	$476.0M	150x	as long as short
BingX BTC-USDT	+0.0034%	8h	86,344.5	−0.065%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0043%	8h	86,343.7	−0.066%	$2.95B	$5.09B	150x	as long as short
Hibachi BTC/USDT-P	+0.0056%	1h	86,482.2	+0.094%	$724K	$8.2M	30x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,341.9	−0.068%	$9.40B	$24.35B	150x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,347.2	−0.062%	$5.12B	$5.67B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,359.9	−0.047%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0074%	8h	86,343.3	−0.066%	$5.85B	$10.67B	200x	as long as short
SoDEX BTC-USD	+0.0089%	1h	86,370	−0.036%	$60.4M	$337.2M	40x	as long as short
Bybit BTCUSDT	+0.0089%	8h	86,342.4	−0.067%	$5.25B	$9.73B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,366.9	−0.039%	$171.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,369.7	−0.036%	$24.0M	$152.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,443	+0.049%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,429	+0.033%	$200K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,486.1	+0.099%	$4.8M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,450.1	+0.057%	$21.9M	$233.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,423	+0.026%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,477.2	+0.089%	$41.0M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,339.9	−0.070%	$2.53B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,446	+0.052%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,517.7	+0.135%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.350%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,337	−0.074%	$38.2M	$153.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,541.3	+0.163%	$156.5M	$566.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,500.3	+0.115%	$279.4M	$945.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,543.9	+0.166%	$217.3M	$174.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,518.6	+0.136%	$141.4M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,455.4	+0.063%	$30.7M	$203.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,490.4	+0.104%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,444	+0.050%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,439.5	+0.045%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,380.6	−0.023%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,375.3	−0.029%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,422.7	+0.025%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDTshort	+0.0100%	8h	86,330.8	−0.081%	$2.29B	$967.5M	200x
Extended BTC-USD	+0.0104%	1h	86,329.4	−0.083%	$45.9M	$226.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,468.4	+0.078%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,407.9	+0.008%	$131.4M	$5.69B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,394.1	−0.008%	$190.3M	$939.6M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,337.5	−0.073%	$413.9M	$651.2M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0183% / S −0.0217%	1h	86,451.9	+0.059%	$15.4M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	86,435	+0.040%	$9.6M	$730.2M	6.4x	as long as short