Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0149%/8h= +16.3% APRpaid last 24h +0.046%

Price spread now: HTX against Hotstuff−0.038%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 HTX

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. HTX is 0.038% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.038% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 20 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	85,596	−0.0080	get 0.0010% / 1h	39m 50s	$8K	$3K	50x
Short	HTX BTC-USDT	85,563.7	0.0069	get 0.0069% / 8h	5h 39m	$2.27B	$932.5M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.038%Rate

Funding earned: $31.32
Price spread: −0.038% → 0.000%: −$3.77
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee HTX: 6 bp × 2 orders: −$12
Net: $10.55
Costs to cover: 0.170%
Break-even: 4.6 days

Slippage unknown: Hotstuff: no order-book sample; HTX: live order book, 4 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 HTX live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.0 bp −$695	9.9 bp −$4,954

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
Phoenix BTC	−0.0160%	1h	85,485	−0.130%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERPlong	−0.0080%	1h	85,596	long leg	$8K	$3K	50x
01 Exchange BTCUSD	−0.0048%	1h	85,579.9	−0.019%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,512.5	−0.098%	$414.8M	$661.8M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,549.1	−0.055%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,600.9	+0.006%	$36.7M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,591.1	−0.006%	$22.8M	$221.7M	50x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	85,563.6	−0.038%	$918.3M	$753.2M	125x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,576.3	−0.023%	$515.6M	$1.11B	200x	as long as short
BingX BTC-USDC	+0.0054%	8h	85,576.8	−0.022%	—	$17.1M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0067%	1h	85,576	−0.023%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,574.3	−0.025%	$2.95B	$5.02B	150x	as long as short
HTX BTC-USDTshort	+0.0069%	8h	85,563.7	−0.038%	$2.27B	$932.5M	200x
Phemex BTCUSDT	+0.0077%	8h	85,578.4	−0.021%	$148.3M	$478.5M	150x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.025%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,579.1	−0.020%	$2.5M	$1.7M	20x	as long as short
SunX BTC-USDT	+0.0083%	8h	85,551.4	−0.052%	$2.9M	$6.1M	100x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,581.9	−0.016%	$5.05B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,581.4	−0.017%	$9.33B	$23.91B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,562	−0.040%	$169.7M	$987.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,586.5	−0.011%	$23.9M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,591	−0.006%	$8.4M	$52.0M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0098%	1h	85,617.9	+0.026%	$893.1M	$1.52B	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,620.2	+0.028%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,546	−0.058%	$203K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,641	+0.053%	$3.77B	$4.93B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,608.8	+0.015%	$40.1M	$571.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,585.2	−0.013%	$5.34B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,580.1	−0.019%	$2.56B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,562	−0.040%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,542.6	−0.062%	$7.2M	$97.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	−0.039%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,587.5	−0.010%	$5.55B	$10.47B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,571.6	−0.029%	$35.1M	$171.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,503.7	−0.108%	$154.4M	$549.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,579.7	−0.019%	$278.9M	$926.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,591.1	−0.006%	$214.8M	$164.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,603.5	+0.009%	$140.0M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,631	+0.041%	$30.3M	$211.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,632.7	+0.043%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,572	−0.028%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,591.9	−0.005%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,586.9	−0.011%	$2.3M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,631.8	+0.042%	$197K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,587.6	−0.010%	$30.0M	$52.5M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,587	−0.011%	$59.9M	$336.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,556.2	−0.046%	$44.1M	$227.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,543.4	−0.061%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,608.9	+0.015%	$130.6M	$5.08B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,607.3	+0.013%	$8.3M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,600.6	+0.005%	$187.8M	$948.4M	100x	as long as short
Aftermath Perps BTCUSD	+0.0194%	1h	85,589.4	−0.008%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,675.7	+0.093%	$704K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,592	−0.005%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,614	+0.021%	$10.5M	$760.1M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,585	−0.013%	$522K	$19.5M	6.7x	as long as short