Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0171%/8h= +18.7% APRpaid last 24h +0.037%

Price spread now: Phemex against Hotstuff−0.067%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 Phemex

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. Phemex is 0.067% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.067% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 31 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff BTC-PERP	85,569	−0.0080	get 0.0010% / 1h	41m 08s	$8K	$3K	50x
Short	Phemex BTCUSDT	85,511.7	0.0091	get 0.0091% / 8h	5h 41m	$148.2M	$478.5M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.067%Rate

Funding earned: $35.91
Price spread: −0.067% → 0.000%: −$6.7
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: $12.21
Costs to cover: 0.170%
Break-even: 4.6 days

Slippage unknown: Hotstuff: no order-book sample; Phemex: live order book, 3 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 Phemex live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.5 bp −$746	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
Phoenix BTC	−0.0160%	1h	85,485	−0.098%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERPlong	−0.0080%	1h	85,569	long leg	$8K	$3K	50x
01 Exchange BTCUSD	−0.0048%	1h	85,540.4	−0.033%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,512.5	−0.066%	$414.8M	$661.8M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,593.3	+0.028%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,527.1	−0.049%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0010%	1h	85,533.6	−0.041%	$22.7M	$221.7M	50x	as long as short
KuCoin XBTUSDTM	+0.0013%	8h	85,495.6	−0.086%	$917.9M	$749.7M	125x	as long as short
Aster BTCUSDT	+0.0021%	8h	85,543.9	−0.029%	$515.5M	$1.11B	200x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,509.2	−0.070%	—	$17.0M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0055%	1h	85,539.9	−0.034%	$893.3M	$1.52B	50x	as long as short
Reya BTCRUSDPERP	+0.0066%	1h	85,516.5	−0.061%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,550.6	−0.022%	$2.95B	$5.02B	150x	as long as short
HTX BTC-USDT	+0.0071%	8h	85,501.8	−0.079%	$2.26B	$933.1M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.056%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,494.2	−0.087%	$2.4M	$1.7M	20x	as long as short
SunX BTC-USDT	+0.0084%	8h	85,517.4	−0.060%	$2.9M	$6.1M	100x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,531.9	−0.043%	$5.04B	$5.60B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,518.9	−0.059%	$9.32B	$23.91B	150x	as long as short
Phemex BTCUSDTshort	+0.0091%	8h	85,511.7	−0.067%	$148.2M	$478.5M	150x
Lighter BTC	+0.0096%	1h	85,500.9	−0.080%	$169.4M	$987.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,519	−0.058%	$23.9M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,541	−0.033%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,583.3	+0.017%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,515	−0.063%	$203K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,589	+0.023%	$3.77B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,579.6	+0.012%	$40.1M	$571.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,541.9	−0.032%	$5.33B	$9.59B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,551.2	−0.021%	$2.56B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,536	−0.039%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,514.3	−0.064%	$7.2M	$97.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	−0.007%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,528	−0.048%	$5.54B	$10.46B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,634.3	+0.076%	$35.1M	$171.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,485	−0.098%	$154.0M	$550.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,579.7	+0.012%	$278.9M	$926.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,591.1	+0.026%	$214.8M	$164.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,603.5	+0.040%	$140.0M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,631	+0.072%	$30.3M	$211.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,610	+0.048%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,528	−0.048%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,525	−0.051%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,500.4	−0.080%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,540.9	−0.033%	$196K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,497.1	−0.084%	$29.9M	$52.5M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,500	−0.081%	$59.9M	$336.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,467.4	−0.119%	$44.1M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,664.8	+0.112%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,548.4	−0.024%	$130.8M	$5.08B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,565.1	−0.005%	$8.3M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0139%	1h	85,531.3	−0.044%	$187.6M	$948.0M	100x	as long as short
Aftermath Perps BTCUSD	+0.0195%	1h	85,571.8	+0.003%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,675.7	+0.125%	$704K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,525.7	−0.051%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,576	+0.008%	$10.6M	$760.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,587	+0.021%	$522K	$19.5M	6.7x	as long as short