Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0161%/8h= −17.6% APRpaid last 24h −0.033%

Price spread now: Hotstuff against Gate−0.011%7-day average — · you buy dearer than you sell

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

Long on Gate Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate BTC_USDT	86,348.3	0.0081	pay 0.0081% / 8h	1h 01m	$5.84B	$10.79B	200x
Short	Hotstuff BTC-PERP	86,339	−0.0080	pay 0.0010% / 1h	1m 23s	$9K	$3K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Gate. 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 GatebpFee HotstuffbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$33.81
Price spread: −0.011% → 0.000%: −$1.08
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$54.89
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 3 min ago; Hotstuff: no order-book sample. 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 Gate live order book, 3 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	9.2 bp −$920	14.2 bp −$7,089
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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
Bluefin BTC-PERP	−0.0417%	1h	86,381.3	+0.038%	$140K	$663K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,366	+0.020%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERPshort	−0.0080%	1h	86,339	−0.011%	$9K	$3K	50x
01 Exchange BTCUSD	−0.0016%	1h	86,352	+0.004%	$357K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0008%	8h	86,348.3	0.000%	$502.8M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,366.5	+0.021%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,348.8	+0.001%	$8.4M	$42.8M	25x	as long as short
KuCoin XBTUSDTM	+0.0007%	8h	86,341.1	−0.008%	$848.9M	$713.4M	125x	as long as short
dYdX BTC-USD	+0.0010%	1h	86,352	+0.004%	$16.9M	$21.1M	50x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,335.7	−0.015%	$6.7M	$145.1M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0024%	1h	86,403	+0.063%	$332K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0038%	8h	86,353.1	+0.006%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0043%	8h	86,356.7	+0.010%	$149.7M	$477.5M	150x	as long as short
Bitget BTCUSDT	+0.0049%	8h	86,353	+0.005%	$2.95B	$5.11B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,341.2	−0.008%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0066%	8h	86,346	−0.003%	$5.12B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0067%	8h	86,353.3	+0.006%	$9.41B	$24.49B	150x	as long as short
Aftermath Perps BTCUSD	+0.0073%	1h	86,382.5	+0.040%	$79K	$220K	20x	as long as short
Gate BTC_USDTlong	+0.0081%	8h	86,348.3	long leg	$5.84B	$10.79B	200x
Deribit BTC-PERPETUAL	+0.0083%	1h	86,392.5	+0.051%	$916.6M	$1.49B	50x	as long as short
Lighter BTC	+0.0096%	1h	86,358.7	+0.012%	$170.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,364.5	+0.019%	$24.0M	$153.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,348	0.000%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0098%	8h	86,353.7	+0.006%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,321	−0.032%	$204K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,389.9	+0.048%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,352.1	+0.004%	$21.8M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,416	+0.078%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,378.1	+0.035%	$40.7M	$517.9M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,353.2	+0.006%	$2.54B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,359	+0.012%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,390	+0.048%	$7.6M	$94.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,320.9	−0.032%	$570.7M	$18.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,347.9	0.000%	$37.8M	$154.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,349.5	+0.001%	$155.5M	$568.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,361.4	+0.015%	$279.1M	$946.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,351.2	+0.003%	$216.7M	$173.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,372.8	+0.028%	$141.2M	$323.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,350.7	+0.003%	$30.6M	$204.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,396.4	+0.056%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,343	−0.006%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,348.3	0.000%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,355.2	+0.008%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,383.6	+0.041%	$30.5M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,362.9	+0.017%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,356	+0.009%	$60.4M	$337.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,353.2	+0.006%	$2.29B	$968.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,322.7	−0.030%	$45.5M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,361.9	+0.016%	—	$98.9M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,365.6	+0.020%	$418K	$23.5M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,395.5	+0.055%	$131.9M	$5.67B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,377.7	+0.034%	$191.6M	$946.6M	100x	as long as short
Hibachi BTC/USDT-P	+0.0152%	1h	86,397.6	+0.057%	$718K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0186%	8h	86,343.9	−0.005%	$414.3M	$654.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0188% / S −0.0212%	1h	86,360.3	+0.014%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	86,383	+0.040%	$9.6M	$736.6M	6.4x	as long as short