Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.052%

Price spread now: Bybit against Hotstuff−0.006%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 Bybit

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

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	Hotstuff BTC-PERP	85,768	−0.0080	get 0.0010% / 1h	17m 59s	$8K	$3K	50x
Short	Bybit BTCUSDT	85,763.2	0.0100	get 0.0100% / 8h	5h 17m	$5.33B	$9.56B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.006%Rate

Funding earned: $37.8
Price spread: −0.006% → 0.000%: −$0.56
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $21.24
Costs to cover: 0.160%
Break-even: 3.1 days

Slippage unknown: Hotstuff: no order-book sample; Bybit: live order book, 1 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 Bybit live order book, 1 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	6.1 bp −$606	7.2 bp −$3,587

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	−0.0863%	1h	85,757.7	−0.012%	$196K	$722K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,789	+0.024%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERPlong	−0.0080%	1h	85,768	long leg	$8K	$3K	50x
01 Exchange BTCUSD	−0.0040%	1h	85,737	−0.036%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,764.8	−0.004%	$416.5M	$665.3M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,796.5	+0.033%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,730.5	−0.044%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	85,740.7	−0.032%	$918.4M	$751.3M	125x	as long as short
Nado BTC-PERP	+0.0010%	1h	85,737.8	−0.035%	$22.7M	$219.7M	50x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,748.9	−0.022%	$516.7M	$1.10B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0055%	8h	85,745.8	−0.026%	—	$1.53B	—	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,772	+0.005%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0071%	1h	85,718.6	−0.058%	$6.7M	$146.5M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0078%	1h	85,756.1	−0.014%	$891.6M	$1.53B	50x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	+0.045%	$341K	$26.9M	52x	as long as short
Phemex BTCUSDT	+0.0079%	8h	85,737.6	−0.035%	$148.4M	$479.7M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,705.9	−0.072%	$2.5M	$1.7M	20x	as long as short
HTX BTC-USDT	+0.0083%	8h	85,725	−0.050%	$2.27B	$935.6M	200x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,764.8	−0.004%	$5.06B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,755.2	−0.015%	$9.36B	$23.87B	150x	as long as short
SunX BTC-USDT	+0.0093%	8h	85,727.5	−0.047%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0095%	1h	85,720	−0.056%	$60.0M	$336.1M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,743.6	−0.028%	$170.3M	$995.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,753.1	−0.017%	$24.0M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,731	−0.043%	$8.4M	$52.2M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,793.7	+0.030%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,716	−0.061%	$199K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,820	+0.061%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,774.6	+0.008%	$40.2M	$577.3M	50x	as long as short
Bybit BTCUSDTshort	+0.0100%	8h	85,763.2	−0.006%	$5.33B	$9.56B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,774.3	+0.007%	$2.58B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,741	−0.031%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,715.7	−0.061%	$6.7M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,747.2	−0.024%	$5.56B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,724.8	−0.050%	$35.2M	$173.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,772.2	+0.005%	$155.9M	$551.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,770.5	+0.003%	$280.2M	$921.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,717.9	−0.058%	$215.3M	$166.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,808.4	+0.047%	$140.4M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,748.2	−0.023%	$30.3M	$209.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,785.3	+0.020%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,729	−0.045%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,727.8	−0.047%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,708.1	−0.070%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,713	−0.064%	$30.0M	$50.9M	15x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,681.9	−0.100%	$628.9M	$439.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,750.2	−0.021%	$44.2M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,779.1	+0.013%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,757	−0.013%	$130.4M	$5.09B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,767.3	−0.001%	$8.4M	$42.1M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,756.4	−0.014%	$188.8M	$951.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0200%	1h	85,755	−0.015%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,783.5	+0.018%	$703K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,725.6	−0.049%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,760	−0.009%	$10.5M	$758.1M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,788.2	+0.024%	$509K	$19.2M	6.7x	as long as short