Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0076%/8h= +8.3% APRpaid last 24h +0.021%

Price spread now: HTX against gTrade (Gains Network)−0.039%7-day average −0.027% · 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−$21as in the Price arb table

costs, in and out, $10k−$200.200% of the position

Long on gTrade (Gains Network)Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.055%+$5 on $10k

Price spread, last 3 days (all we have)−0.030%−$3 · spread now −0.039%, 7d avg −0.027%

Together, before fees+0.025%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.027%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) BTC/USD	86,378.8	L +0.0005% / S −0.0004%	pay 0.0001% / 1h	33m 49s	$36.9M	—	200x
Short	HTX BTC-USDT	86,345.2	0.0081	get 0.0081% / 8h	7h 33m	$2.29B	$964.6M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee HTXbpOrdersPrice spread, now −0.039%Rate

Funding earned: $15.98
Price spread: −0.039% → −0.027%: −$1.15
Slippage, 4 orders: −$1.05
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$5.21
Costs to cover: 0.200%
Break-even: 9.3 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), just now; 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 gTrade (Gains Network) virtual book (oracle venue), just now	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$447	6.4 bp −$3,183
Sell HTX live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.7 bp −$674	9.4 bp −$4,719

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	−0.0592%	1h	86,398.7	+0.023%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,435	+0.065%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,372	−0.008%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,366.3	−0.014%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,349.8	−0.034%	$497K	$21.6M	6.7x	as long as short
gTrade (Gains Network) BTC/USDlong	L +0.0005% / S −0.0004%	1h	86,378.8	long leg	$36.9M	—	200x
Aster BTCUSDT	+0.0020%	8h	86,366.9	−0.014%	$500.9M	$1.14B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,430	+0.059%	$333K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0027%	1h	86,393.1	+0.017%	$16.9M	$20.5M	50x	as long as short
KuCoin XBTUSDTM	+0.0039%	8h	86,353.6	−0.029%	$830.1M	$721.5M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0044%	1h	86,359.1	−0.023%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0050%	8h	86,366.2	−0.015%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,364.7	−0.016%	$8.3M	$42.5M	25x	as long as short
Bitget BTCUSDT	+0.0062%	8h	86,361.2	−0.020%	$2.97B	$5.04B	150x	as long as short
Phemex BTCUSDT	+0.0068%	8h	86,368.5	−0.012%	$153.9M	$473.9M	150x	as long as short
MEXC BTC_USDT	+0.0077%	8h	86,377.3	−0.002%	$5.12B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0077%	8h	86,376.7	−0.002%	$9.40B	$24.30B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,352.1	−0.031%	$2.5M	$1.7M	20x	as long as short
HTX BTC-USDTshort	+0.0081%	8h	86,345.2	−0.039%	$2.29B	$964.6M	200x
Lighter BTC	+0.0096%	1h	86,387.3	+0.010%	$170.5M	$985.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,378.9	0.000%	$23.7M	$149.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,360	−0.022%	$8.4M	$52.0M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	86,368	−0.013%	$60.4M	$338.2M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,335	−0.051%	$202K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,374.8	−0.005%	$4.3M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,343.7	−0.041%	$22.0M	$228.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,435	+0.065%	$3.79B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,406.1	+0.032%	$40.7M	$551.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,386.6	+0.009%	$5.25B	$9.67B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,383.7	+0.006%	$2.56B	$12.49B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,362	−0.019%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,386.1	+0.008%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,348	−0.036%	$573.1M	$19.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,350.2	−0.033%	$5.81B	$10.53B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,368	−0.013%	$37.6M	$156.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,400.1	+0.025%	$158.2M	$561.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,397.1	+0.021%	$279.1M	$950.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,397.9	+0.022%	$217.0M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,397.4	+0.022%	$141.7M	$321.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,338	−0.047%	$30.6M	$209.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,400.2	+0.025%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,360	−0.022%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,360.7	−0.021%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,365.6	−0.015%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,397.6	+0.022%	$30.5M	$58.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,355	−0.028%	$3.4M	$5.2M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,333.4	−0.053%	$45.9M	$222.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,375.6	−0.004%	—	$98.7M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0104%	1h	86,413.3	+0.040%	$903.1M	$1.51B	50x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,413.3	+0.040%	$132.1M	$5.42B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,402.9	+0.028%	$192.2M	$941.5M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,449.8	+0.082%	$711K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	86,403.2	+0.028%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0198%	8h	86,325.6	−0.062%	$415.6M	$646.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0218%	1h	86,374.6	−0.005%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	86,387	+0.009%	$10.0M	$762.2M	6.4x	as long as short