Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0145%/8h= +15.9% APRpaid last 24h +0.034%

Price spread now: BingX against Hotstuff−0.043%7-day average — · you buy dearer than you sell

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

Long on Hotstuff Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 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

Funding pays, the price is against you. BingX is 0.043% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.043% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 24 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff BTC-PERP	85,392	−0.0080	get 0.0010% / 1h	42m 47s	$8K	$3K	50x
Short	BingX BTC-USDT	85,355.2	0.0065	get 0.0065% / 8h	2h 42m	—	$1.55B	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Hotstuff. 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 HotstuffbpFee BingXbpOrdersPrice spread, now −0.043%Rate

Funding earned: $30.53
Price spread: −0.043% → 0.000%: −$4.31
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee BingX: 5 bp × 2 orders: −$10
Net: $11.22
Costs to cover: 0.150%
Break-even: 4.4 days

Slippage unknown: Hotstuff: no order-book sample; BingX: live order book, 6 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 Hotstuff no order-book sample	—	—	—	—	—
Sell BingX live order book, 6 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$502	5.0 bp −$2,509

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
Perpl BTC	−0.0112%	43m	85,340.5	−0.060%	$531K	$18.8M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,377	−0.018%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERPlong	−0.0080%	1h	85,392	long leg	$8K	$3K	50x
KuCoin XBTUSDTM	−0.0054%	8h	85,315.2	−0.090%	$919.4M	$761.1M	125x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,287	−0.123%	$419.9M	$678.3M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,313.7	−0.092%	$381K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0014%	8h	85,313.9	−0.091%	$513.2M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,357.5	−0.040%	$16.7M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,320.6	−0.084%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0010%	1h	85,309.4	−0.097%	$24.5M	$223.1M	50x	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	+0.0023%	1h	85,449	+0.067%	$339K	$26.8M	52x	as long as short
SoDEX BTC-USD	+0.0041%	1h	85,300	−0.108%	$59.8M	$335.8M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,319.4	−0.085%	$187.7M	$955.2M	100x	as long as short
Bullet BTC-USD	+0.0065%	1h	85,300.1	−0.108%	$203K	$3.3M	20x	as long as short
BingX BTC-USDTshort	+0.0065%	8h	85,355.2	−0.043%	—	$1.55B	—
Phemex BTCUSDT	+0.0073%	8h	85,305.1	−0.102%	$149.4M	$501.7M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,291.8	−0.117%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0082%	8h	85,349.4	−0.050%	$2.95B	$5.15B	150x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,319.7	−0.085%	$9.43B	$24.74B	150x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,315.1	−0.090%	$5.07B	$5.67B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,334.9	−0.067%	$171.6M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,335.8	−0.066%	$23.8M	$147.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,309	−0.097%	$8.4M	$55.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,338.4	−0.063%	$116.7M	$5.31B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,288	−0.122%	$237K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,370.5	−0.025%	$5.6M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,422	+0.035%	$3.77B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,359.1	−0.039%	$40.1M	$595.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,319.9	−0.084%	$5.17B	$9.90B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,323.1	−0.081%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,320	−0.084%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,319.2	−0.085%	$4.7M	$99.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,361.7	−0.035%	$5.51B	$10.82B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,297.7	−0.110%	$36.5M	$174.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,345	−0.055%	$154.3M	$564.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,396.2	+0.005%	$279.4M	$939.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,382.3	−0.011%	$214.6M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,392.3	0.000%	$139.6M	$315.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,363.4	−0.034%	$30.1M	$206.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,380.3	−0.014%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,310	−0.096%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,304.2	−0.103%	$2.3M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,344.5	−0.056%	$206K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,284.3	−0.126%	$30.0M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,294.1	−0.115%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,306.2	−0.100%	$2.26B	$952.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,429	+0.043%	$679.8M	$655.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,303.7	−0.103%	$45.7M	$236.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,327.5	−0.076%	—	$106.8M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0108%	1h	85,345.2	−0.055%	$872.3M	$1.60B	50x	as long as short
Reya BTCRUSDPERP	+0.0111%	1h	85,298.4	−0.110%	$6.6M	$147.3M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,317.2	−0.088%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0179%	8h	85,358	−0.040%	$11.4M	$749.0M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,425.8	+0.040%	$695K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0236%	1h	85,405.7	+0.016%	$79K	$226K	20x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,339.5	−0.062%	$8.7M	$43.1M	25x	as long as short