Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:55 UTC+0.0080%/8h= +8.8% APRpaid last 24h +0.003%

Price spread now: Perpl against Hotstuff+0.086%7-day average — · you sell dearer than you buy

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

Long on Hotstuff Short on Perpl

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 · Perpl: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Perpl is 0.086% dearer against Hotstuff than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet).

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	31m 56s	$8K	$3K	50x
Short	Perpl BTC	85,669.5	0	get 0.0000% / 43m	36m 56s	$515K	$20.9M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.086%Rate

Funding earned: $16.8
Price spread: +0.086% → 0.000%: $8.59
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $6.59
Costs to cover: 0.188%
Break-even: 4.3 days

Slippage unknown: Hotstuff: no order-book sample; Perpl: 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 Perpl no order-book sample	—	—	—	—	—

Hotstuff and Perpl: 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 55 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	−0.0144%	1h	85,641	+0.053%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERPlong	−0.0080%	1h	85,596	long leg	$8K	$3K	50x
01 Exchange BTCUSD	−0.0064%	1h	85,654.9	+0.069%	$364K	$2.4M	50x	as long as short
Perpl BTCshort	0.0000%	43m	85,669.5	+0.086%	$515K	$20.9M	6.7x
dYdX BTC-USD	+0.0001%	1h	85,662	+0.077%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,669.3	+0.086%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	+0.111%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0034%	8h	85,640.3	+0.052%	$496.6M	$1.14B	200x	as long as short
KuCoin XBTUSDTM	+0.0035%	8h	85,619.8	+0.028%	$901.6M	$755.9M	125x	as long as short
ApeX Omni BTCUSDT	+0.0037%	1h	85,595.3	−0.001%	$140.0M	$320.4M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,672.7	+0.090%	$7.8M	$42.4M	25x	as long as short
BingX BTC-USDC	+0.0054%	8h	85,631.1	+0.041%	—	$15.4M	—	as long as short
Reya BTCRUSDPERP	+0.0056%	1h	85,669.1	+0.085%	$6.7M	$146.2M	40x	as long as short
HTX BTC-USDT	+0.0057%	8h	85,625	+0.034%	$2.27B	$953.1M	200x	as long as short
Nado BTC-PERP	+0.0065%	1h	85,625.4	+0.034%	$22.8M	$228.6M	50x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,639.8	+0.051%	$2.94B	$5.11B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,651.7	+0.065%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,644.5	+0.057%	$5.06B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,635.9	+0.047%	$9.32B	$24.48B	150x	as long as short
Gate BTC_USDT	+0.0091%	8h	85,636.2	+0.047%	$5.61B	$10.51B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,639.5	+0.051%	$169.5M	$986.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,652.8	+0.066%	$23.2M	$146.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,668	+0.084%	$8.4M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,625	+0.034%	$207K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,621.8	+0.030%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,689	+0.109%	$3.76B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,676.8	+0.094%	$40.7M	$569.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,655.8	+0.070%	$5.29B	$9.78B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,661	+0.076%	$2.54B	$12.42B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,658	+0.072%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,631.8	+0.042%	$7.2M	$98.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,622.8	+0.031%	$35.1M	$162.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,619.2	+0.027%	$156.3M	$559.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,580.7	−0.018%	$278.2M	$944.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,597.4	+0.002%	$214.9M	$168.6M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,612.6	+0.019%	$30.3M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,709.9	+0.133%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,671	+0.088%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,665.5	+0.081%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,662.5	+0.078%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,698.4	+0.120%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,655.6	+0.070%	$30.0M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,521.5	−0.087%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,646	+0.058%	$59.9M	$337.5M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,644.1	+0.056%	$153.1M	$480.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,587.5	−0.010%	$583.6M	$150.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,621.8	+0.030%	$43.9M	$228.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,636.9	+0.048%	—	$101.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,675.6	+0.093%	$131.1M	$5.19B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,599.8	+0.004%	$696K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,658.3	+0.073%	$188.7M	$965.5M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0151%	1h	85,687.7	+0.107%	$894.2M	$1.54B	50x	as long as short
Aftermath Perps BTCUSD	+0.0161%	1h	85,651	+0.064%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0191%	1h	85,669.9	+0.086%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	85,662	+0.077%	$10.0M	$770.8M	6.4x	as long as short