Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.011%

Price spread now: HTX against Derive+0.027%184s7-day average −0.012% · you sell dearer than you buy

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

Long on Derive Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%$0 on $10k

Price spread, last 4 days (all we have)−0.022%−$2 · spread now +0.027%, 7d avg −0.012%

Together, before fees−0.017%−$2 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: HTX is 0.039% dearer against Derive than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.012%. The two prices were read 184 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	Derive BTC-PERP	85,216.4	0.0100	pay 0.0013% / 1h	36m 06s	$29.9M	$47.8M	15x
Short	HTX BTC-USDT	85,239.2	0.0100	get 0.0100% / 8h	1h 36m	$2.25B	$970.4M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Derive. 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 DerivebpFee HTXbpOrdersPrice spread, now +0.027%Rate

Funding earned: $0
Price spread: +0.027% → −0.012%: $3.9
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee HTX: 6 bp × 2 orders: −$12
Net: −$14.1
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; HTX: live order book, 3 min ago. 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 Derive no order-book sample	—	—	—	—	—
Sell HTX live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.1 bp −$707	10.2 bp −$5,095

Derive: 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
Phoenix BTC	−0.0082%	1h	85,242	+0.030%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,249	+0.038%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0046%	8h	85,232.2	+0.019%	$927.4M	$773.9M	125x	as long as short
BloFin BTC-USDT	−0.0028%	8h	85,236.1	+0.023%	$421.0M	$682.0M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,232.5	+0.019%	$512.2M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,277	+0.071%	$16.7M	$21.4M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,243.1	+0.031%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,244.1	+0.033%	$495K	$18.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,241.3	+0.029%	$36.4M	—	200x	as long as short
Nado BTC-PERP	+0.0045%	1h	85,233.6	+0.020%	$24.4M	$222.5M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0049%	1h	85,297.3	+0.095%	$139.5M	$314.5M	100x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,247	+0.036%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,239.7	+0.027%	—	$1.55B	—	as long as short
Deribit BTC-PERPETUAL	+0.0082%	1h	85,270	+0.063%	$862.3M	$1.64B	50x	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,237.7	+0.025%	$2.96B	$5.18B	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,246.2	+0.035%	$186.0M	$957.4M	100x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,237.7	+0.025%	$5.01B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0092%	8h	85,234.7	+0.022%	$9.42B	$24.97B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,245.4	+0.034%	$169.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,249.8	+0.039%	$23.5M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,227	+0.012%	$8.4M	$56.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,222.9	+0.008%	$2.4M	$6.7M	20x	as long as short
SoDEX BTC-USD	+0.0097%	1h	85,229	+0.015%	$59.6M	$336.9M	40x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,239.1	+0.027%	$5.13B	$9.99B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,206	−0.012%	$236K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,289.6	+0.086%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,313	+0.113%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,262.8	+0.055%	$40.2M	$604.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,243.8	+0.032%	$2.59B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,224	+0.009%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,233	+0.020%	$5.2M	$99.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,278.8	+0.073%	$682.9M	$449.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,240.6	+0.028%	$5.49B	$10.99B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,227.2	+0.013%	$36.9M	$179.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,253.8	+0.044%	$154.6M	$558.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,212.7	−0.004%	$279.2M	$949.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,291	+0.088%	$214.2M	$166.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,255.1	+0.045%	$30.0M	$203.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,289	+0.085%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,226	+0.011%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,227.6	+0.013%	$201K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,232.3	+0.019%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,269.9	+0.063%	$193K	$795K	40x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	85,216.4	long leg	$29.9M	$47.8M	15x
SunX BTC-USDT	+0.0100%	8h	85,213.2	−0.004%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDTshort	+0.0100%	8h	85,239.2	+0.027%	$2.25B	$970.4M	200x
Phemex BTCUSDT	+0.0100%	8h	85,250.6	+0.040%	$150.9M	$509.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,206.8	−0.011%	$44.8M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,241.4	+0.029%	—	$107.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,279.8	+0.074%	$117.3M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0127%	1h	85,213.4	−0.003%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,237.1	+0.024%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0186%	8h	85,258	+0.049%	$11.7M	$742.0M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,252.3	+0.042%	$8.7M	$42.9M	25x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,303.7	+0.103%	$684K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0262%	1h	85,279	+0.073%	$79K	$229K	20x	as long as short