Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.007%

Price spread now: Backpack against HTX−0.008%7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$220.223% of the position

Long on HTX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.104%−$10 on $10k

Price spread, last 4 days (all we have)+0.011%+$1 · spread now −0.008%, 7d avg −0.013%

Together, before fees−0.093%−$9 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX BTC-USDT	85,432.3	0.0100	pay 0.0100% / 8h	1h 08m	$2.26B	$962.7M	200x
Short	Backpack BTC_USDC_PERP	85,425.7	0.0100	get 0.0013% / 1h	8m 51s	$37.5M	$180.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against HTX. 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 HTXbpFee BackpackbpOrdersPrice spread, now −0.008%Rate

Funding earned: $0
Price spread: −0.008% → −0.013%: $0.54
Slippage, 4 orders: −$0.26
Fee HTX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$21.72
Costs to cover: 0.223%
Break-even: never at this rate

Slippage from HTX: live order book, 5 min ago; Backpack: live order book, 5 min ago.

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 HTX live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.1 bp −$614	8.6 bp −$4,324
Sell Backpack live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.5 bp −$646	42.3 bp −$21.1K

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	−0.0082%	1h	85,478	+0.053%	$2.3M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,417	−0.018%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0035%	8h	85,423.4	−0.010%	$929.3M	$772.7M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,430.5	−0.002%	$420.9M	$679.8M	150x	as long as short
Aster BTCUSDT	−0.0004%	8h	85,411.1	−0.025%	$512.7M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,450.9	+0.022%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,443.6	+0.013%	$490K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,430.8	−0.002%	$16.7M	$21.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,434	+0.002%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0045%	1h	85,420	−0.014%	$24.1M	$220.0M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.217%	$338K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0073%	8h	85,399.6	−0.038%	—	$17.4M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,451.6	+0.023%	$186.2M	$952.3M	100x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,404.5	−0.033%	$2.97B	$5.15B	150x	as long as short
Bybit BTCUSDT	+0.0095%	8h	85,414.5	−0.021%	$5.14B	$9.96B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,446.8	+0.017%	$169.7M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,445	+0.015%	$23.6M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,450	+0.021%	$8.5M	$57.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,454.6	+0.026%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,418.3	−0.016%	$5.04B	$5.78B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,419.2	−0.015%	$9.42B	$24.86B	150x	as long as short
SoDEX BTC-USD	+0.0099%	1h	85,438	+0.007%	$59.8M	$336.7M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,418	−0.017%	$245K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,479.4	+0.055%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,491	+0.069%	$3.75B	$5.05B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,449.5	+0.020%	$40.4M	$603.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,419.1	−0.015%	$2.60B	$12.19B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,416	−0.019%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,411.4	−0.024%	$5.1M	$96.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,423.4	−0.010%	$5.56B	$11.08B	200x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	85,425.7	−0.008%	$37.5M	$180.7M	75x
Variational Omni BTC	+0.0100%	8h	85,384.3	−0.056%	$156.3M	$556.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,427.5	−0.006%	$279.9M	$952.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,402.7	−0.035%	$214.4M	$163.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,408.7	−0.028%	$139.6M	$313.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,436	+0.004%	$30.1M	$207.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,483.6	+0.060%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,442	+0.011%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,444.4	+0.014%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,436.3	+0.005%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,481.5	+0.058%	$194K	$795K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,419.8	−0.015%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDTlong	+0.0100%	8h	85,432.3	long leg	$2.26B	$962.7M	200x
Phemex BTCUSDT	+0.0100%	8h	85,440.9	+0.010%	$156.0M	$512.3M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,413.1	−0.022%	$689.0M	$342.5M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0103%	1h	85,481.4	+0.057%	$854.4M	$1.64B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,394.7	−0.044%	$45.2M	$240.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,434.4	+0.002%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,471.1	+0.045%	$112.9M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0133%	1h	85,428.9	−0.004%	$6.6M	$147.7M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0150%	1h	85,433.2	+0.001%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0177%	8h	85,454	+0.025%	$11.8M	$739.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,444.4	+0.014%	$8.8M	$42.6M	25x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	85,453.3	+0.025%	$685K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0264%	1h	85,468.2	+0.042%	$79K	$241K	20x	as long as short