Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.021%

Price spread now: BloFin against Hotstuff−0.024%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 BloFin

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. BloFin is 0.024% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.024% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 32 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff BTC-PERP	85,300	−0.0080	get 0.0010% / 1h	1m 53s	$8K	$3K	50x
Short	BloFin BTC-USDT	85,279.7	−0.0020	pay 0.0020% / 8h	1m 53s	$421.7M	$684.9M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.024%Rate

Funding earned: $12.6
Price spread: −0.024% → 0.000%: −$2.38
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$6.78
Costs to cover: 0.170%
Break-even: 10.8 days

Slippage unknown: Hotstuff: no order-book sample; BloFin: live order book, 7 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 BloFin live order book, 7 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	6.7 bp −$671	doesn't fit

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
Hotstuff BTC-PERPlong	−0.0080%	1h	85,300	long leg	$8K	$3K	50x
Phoenix BTC	−0.0034%	1h	85,306	+0.007%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDTshort	−0.0020%	8h	85,279.7	−0.024%	$421.7M	$684.9M	150x
KuCoin XBTUSDTM	−0.0005%	8h	85,252.1	−0.056%	$928.3M	$777.0M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,292.3	−0.009%	$345K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,270.6	−0.034%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0017%	8h	85,256.3	−0.051%	$502.1M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0021%	1h	85,277.8	−0.026%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,275.5	−0.029%	$186.1M	$953.6M	100x	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,301	+0.001%	$311K	$26.1M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0067%	8h	85,227.8	−0.085%	—	$17.4M	—	as long as short
Bybit BTCUSDT	+0.0087%	8h	85,259.9	−0.047%	$5.08B	$10.03B	150x	as long as short
ApeX Omni BTCUSDT	+0.0092%	1h	85,259	−0.048%	$138.0M	$312.7M	100x	as long as short
Nado BTC-PERP	+0.0095%	1h	85,303.6	+0.004%	$24.0M	$219.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,278.4	−0.025%	$169.4M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,275.1	−0.029%	$23.6M	$149.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,283	−0.020%	$8.4M	$57.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,256.6	−0.051%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,263	−0.043%	$265K	$8.7M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0100%	1h	85,297.8	−0.003%	$829.9M	$1.67B	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,351.8	+0.061%	$5.7M	$9.5M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,317.5	+0.021%	$40.0M	$605.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,255.7	−0.052%	$9.39B	$25.18B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,251.1	−0.057%	$2.60B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,306	+0.007%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,307.3	+0.009%	$4.6M	$97.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,256	−0.052%	$695.2M	$190.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,249.5	−0.059%	$5.46B	$11.19B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,249.2	−0.060%	$5.03B	$5.78B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,250.1	−0.058%	$2.97B	$5.20B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,257.6	−0.050%	$36.7M	$191.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,262.8	−0.044%	$155.2M	$549.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,243.5	−0.066%	$282.7M	$958.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,269.1	−0.036%	$214.0M	$159.3M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,287	−0.015%	$30.1M	$215.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,366	+0.077%	—	$9.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,300	0.000%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,268.2	−0.037%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,260.7	−0.046%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,311.1	+0.013%	$193K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,317.2	+0.020%	$28.8M	$46.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,285.1	−0.017%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,260	−0.047%	$59.7M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,265.4	−0.041%	$2.25B	$974.0M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,260	−0.047%	$158.7M	$516.1M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,230	−0.082%	$45.7M	$241.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,283.6	−0.019%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,304.1	+0.005%	$111.5M	$5.46B	50x	as long as short
Hyperliquid BTC	+0.0128%	1h	85,337	+0.043%	$3.79B	$5.11B	40x	as long as short
Reya BTCRUSDPERP	+0.0145%	1h	85,254.4	−0.053%	$6.6M	$141.1M	40x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,310	+0.012%	$12.0M	$737.3M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,262.9	−0.043%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,310.6	+0.012%	$8.8M	$42.9M	25x	as long as short
Aftermath Perps BTCUSD	+0.0288%	1h	85,284.8	−0.018%	$81K	$250K	20x	as long as short
Hibachi BTC/USDT-P	+0.0304%	1h	85,322.2	+0.026%	$682K	$7.8M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,305.4	+0.006%	$465K	$18.4M	6.7x	as long as short