Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0178%/8h= +19.5% APRpaid last 24h +0.054%

Price spread now: Orderly against Hotstuff−0.018%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 Orderly

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	Hotstuff BTC-PERP	86,660	−0.0080	get 0.0010% / 1h	51m 19s	$9K	$3K	50x
Short	Orderly PERP_BTC_USDC	86,644.2	0.0098	get 0.0098% / 8h	2h 51m	$2.5M	$8.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.018%Rate

Funding earned: $37.42
Price spread: −0.018% → 0.000%: −$1.82
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: $24.59
Costs to cover: 0.110%
Break-even: 2.4 days

Slippage unknown: Hotstuff: no order-book sample; Orderly: 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Hotstuff and Orderly: 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	−0.0335%	43m	86,679.3	+0.022%	$429K	$25.4M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0194%	1h	86,762.7	+0.118%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,701	+0.047%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0086%	1h	86,696.3	+0.042%	$18.1M	$19.9M	50x	as long as short
Hotstuff BTC-PERPlong	−0.0080%	1h	86,660	long leg	$9K	$3K	50x
KuCoin XBTUSDTM	−0.0002%	8h	86,626.9	−0.038%	$845.0M	$709.5M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,668.2	+0.009%	$361K	$2.5M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,662.2	+0.003%	$921.9M	$1.38B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,655.8	−0.005%	$36.7M	—	200x	as long as short
Aster BTCUSDT	+0.0014%	8h	86,611.7	−0.056%	$505.7M	$1.16B	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	+0.0020%	8h	86,624.5	−0.041%	—	$1.59B	—	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,630.3	−0.034%	$6.8M	$143.9M	40x	as long as short
Phemex BTCUSDT	+0.0025%	8h	86,615.5	−0.051%	$149.5M	$469.5M	150x	as long as short
Bitget BTCUSDT	+0.0026%	8h	86,624.2	−0.041%	$2.95B	$5.08B	150x	as long as short
MEXC BTC_USDT	+0.0047%	8h	86,627.8	−0.037%	$5.20B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0048%	8h	86,624.3	−0.041%	$9.44B	$24.35B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,633.9	−0.030%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.083%	$315K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0058%	8h	86,639.8	−0.023%	$2.58B	$12.72B	100x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,658.6	−0.002%	$9.0M	$42.1M	25x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,626.4	−0.039%	$5.85B	$10.56B	200x	as long as short
Bluefin BTC-PERP	+0.0067%	1h	86,650.4	−0.011%	$141K	$619K	40x	as long as short
Bybit BTCUSDT	+0.0077%	8h	86,624.4	−0.041%	$5.28B	$9.69B	150x	as long as short
Variational Omni BTC	+0.0088%	8h	86,792.9	+0.153%	$161.2M	$563.4M	—	as long as short
GRVT BTC_USDT_Perp	+0.0095%	8h	86,798	+0.159%	$217.8M	$191.2M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,632.7	−0.032%	$172.1M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,639.1	−0.024%	$24.1M	$152.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,642	−0.021%	$8.5M	$52.1M	100x	as long as short
SoDEX BTC-USD	+0.0096%	1h	86,613	−0.054%	$60.5M	$336.4M	40x	as long as short
Orderly PERP_BTC_USDCshort	+0.0098%	8h	86,644.2	−0.018%	$2.5M	$8.4M	100x
Paradex BTC-USD-PERP	+0.0100%	8h	86,676.4	+0.019%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,631	−0.033%	$201K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,642	−0.021%	$21.9M	$237.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,699	+0.045%	$3.85B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,668.3	+0.010%	$41.5M	$484.5M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,636	−0.028%	$3.9M	$18.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,718	+0.067%	$7.6M	$95.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,665	+0.006%	$572.2M	$23.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,662.8	+0.003%	$38.2M	$148.1M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,704.2	+0.051%	$280.1M	$946.6M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,714.1	+0.062%	$141.9M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,664	+0.005%	$30.8M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,707.4	+0.055%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,639	−0.024%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,626	−0.039%	$200K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,632.8	−0.031%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,641.8	−0.021%	$3.4M	$5.6M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,626.2	−0.039%	$2.30B	$956.4M	200x	as long as short
Kalshi KXBTCPERP	+0.0101%	8h	86,679	+0.022%	$8.9M	$725.3M	6.4x	as long as short
Extended BTC-USD	+0.0104%	1h	86,615.7	−0.051%	$46.3M	$228.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,659.8	0.000%	—	$97.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,657.9	−0.002%	$192.1M	$927.2M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,662.8	+0.003%	$131.9M	$5.92B	50x	as long as short
BloFin BTC-USDT	+0.0168%	8h	86,613.6	−0.054%	$418.1M	$642.2M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0200%	1h	86,648.7	−0.013%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	86,754.1	+0.109%	$599K	$7.2M	30x	as long as short