Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.007%

Price spread now: Bulk against HTX−0.010%7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$190.190% of the position

Long on HTX Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.041%+$4 on $10k

Price spread, last 3 days (all we have)+0.110%+$11 · spread now −0.010%, 7d avg +0.019%

Together, before fees+0.151%+$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 0.029% cheaper against HTX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX BTC-USDT	86,615.5	0.0100	pay 0.0100% / 8h	2h 40m	$2.30B	$956.8M	200x
Short	Bulk BTC-USD	86,606.9	0.0100	get 0.0013% / 1h	40m 13s	$571.9M	$22.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.010%Rate

Funding earned: $0
Price spread: −0.010% → +0.019%: −$2.86
Slippage, 4 orders: −$0.04
Fee HTX: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$21.9
Costs to cover: 0.190%
Break-even: never at this rate

Slippage from HTX: live order book, 4 min ago; Bulk: live order book, 4 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, 4 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.0 bp −$705	10.0 bp −$5,022
Sell Bulk live order book, 4 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$351	3.9 bp −$1,957

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	−0.0223%	43m	86,625.8	+0.012%	$429K	$25.1M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0218%	1h	86,616.9	+0.002%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,607	−0.010%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0101%	1h	86,656.5	+0.047%	$17.7M	$20.3M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,605	−0.012%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,610.8	−0.005%	$845.4M	$708.3M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,639.7	+0.028%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,651.7	+0.042%	$937.1M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,642.3	+0.031%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	86,611.3	−0.005%	$505.8M	$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
Reya BTCRUSDPERP	+0.0021%	1h	86,614.5	−0.001%	$6.7M	$144.2M	40x	as long as short
BingX BTC-USDT	+0.0022%	8h	86,618	+0.003%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0022%	8h	86,616.6	+0.001%	$149.7M	$470.7M	150x	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,615.1	0.000%	$2.95B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,615.8	0.000%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.135%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0050%	8h	86,622.6	+0.008%	$5.18B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0050%	8h	86,627.8	+0.014%	$9.44B	$24.30B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,626.4	+0.013%	$9.3M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0066%	8h	86,626.5	+0.013%	$2.57B	$12.70B	100x	as long as short
Gate BTC_USDT	+0.0067%	8h	86,617.9	+0.003%	$5.85B	$10.60B	200x	as long as short
Bybit BTCUSDT	+0.0078%	8h	86,617.2	+0.002%	$5.28B	$9.65B	150x	as long as short
Variational Omni BTC	+0.0091%	8h	86,619.6	+0.005%	$160.0M	$567.4M	—	as long as short
Lighter BTC	+0.0096%	1h	86,633.4	+0.021%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,642.2	+0.031%	$24.0M	$153.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,614	−0.002%	$8.5M	$52.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0098%	8h	86,570.8	−0.052%	$217.3M	$189.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,673.8	+0.067%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,608	−0.009%	$200K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,607.4	−0.009%	$21.8M	$235.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,694	+0.091%	$3.83B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,655.7	+0.046%	$41.0M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,620	+0.005%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,688.8	+0.085%	$7.4M	$93.7M	40x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	86,606.9	−0.010%	$571.9M	$22.8M	40x
Backpack BTC_USDC_PERP	+0.0100%	1h	86,623.5	+0.009%	$38.1M	$148.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,571.4	−0.051%	$279.7M	$948.9M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,564.8	−0.059%	$141.5M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,606.8	−0.010%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,678.4	+0.073%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,621	+0.006%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,619.3	+0.004%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,634.7	+0.022%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,641.9	+0.030%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,627.6	+0.014%	$30.0M	$61.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,620.8	+0.006%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,618	+0.003%	$60.5M	$336.4M	40x	as long as short
HTX BTC-USDTlong	+0.0100%	8h	86,615.5	long leg	$2.30B	$956.8M	200x
Extended BTC-USD	+0.0104%	1h	86,605	−0.012%	$46.4M	$229.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,651.4	+0.041%	—	$98.2M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,663.6	+0.056%	$190.5M	$930.1M	100x	as long as short
Kalshi KXBTCPERP	+0.0117%	8h	86,650	+0.040%	$9.0M	$723.5M	6.4x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,672.1	+0.065%	$132.2M	$5.87B	50x	as long as short
BloFin BTC-USDT	+0.0170%	8h	86,602	−0.016%	$419.0M	$646.7M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,638.5	+0.027%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,646.2	+0.035%	$600K	$7.2M	30x	as long as short