Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h +0.035%

Price spread now: Deribit against HTX+0.071%7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$210.210% of the position

Long on HTX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 3 days (all we have)+0.003%$0 · spread now +0.071%, 7d avg +0.064%

Together, before fees+0.032%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.064%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX BTC-USDT	86,206.8	0.0100	pay 0.0100% / 8h	7h 17m	$2.29B	$958.6M	200x
Short	Deribit BTC-PERPETUAL	86,267.6	0.0151	get 0.0019% / 1h	17m 50s	$902.1M	$1.51B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.071%Rate

Funding earned: $10.71
Price spread: +0.071% → +0.064%: $0.61
Slippage, 4 orders: −$1.95
Fee HTX: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$9.63
Costs to cover: 0.210%
Break-even: 13.3 days

Slippage from HTX: live order book, 1 min ago; Deribit: live order book, 1 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, 1 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.5 bp −$749	11.1 bp −$5,552
Sell Deribit live order book, 1 min ago	0.93 bp	4.4 bp −$4	5.4 bp −$54	11.4 bp −$1,139	24.2 bp −$12.1K

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	−0.0129%	1h	86,359	+0.177%	$2.2M	$11.2M	40x	as long as short
Bluefin BTC-PERP	−0.0101%	1h	86,256.7	+0.058%	$144K	$667K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,160	−0.054%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,157.7	−0.057%	$363K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,188.4	−0.021%	$544K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,223.7	+0.020%	$36.8M	—	200x	as long as short
dYdX BTC-USD	+0.0023%	1h	86,139	−0.079%	$16.9M	$20.5M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	+0.175%	$343K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0029%	8h	86,233.2	+0.031%	$500.0M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0042%	8h	86,240.4	+0.039%	$831.0M	$718.0M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0047%	1h	86,171.7	−0.041%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDT	+0.0051%	8h	86,241.4	+0.040%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,157.3	−0.057%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0064%	8h	86,240.2	+0.039%	$2.97B	$5.05B	150x	as long as short
SoDEX BTC-USD	+0.0077%	1h	86,212	+0.006%	$60.4M	$338.2M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,214.2	+0.009%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0083%	8h	86,233.9	+0.031%	$9.40B	$24.33B	150x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,229.8	+0.027%	$5.09B	$5.74B	500x	as long as short
Gate BTC_USDT	+0.0087%	8h	86,241.3	+0.040%	$5.76B	$10.59B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,234.4	+0.032%	$169.9M	$989.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,239	+0.037%	$23.6M	$151.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,153	−0.062%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,129	−0.090%	$196K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,174.1	−0.038%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,149.6	−0.066%	$22.0M	$227.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,308	+0.117%	$3.78B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,160.4	−0.054%	$40.5M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,247.4	+0.047%	$5.25B	$9.67B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,248.3	+0.048%	$2.56B	$12.46B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,132	−0.087%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,169.9	−0.043%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.071%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,232.7	+0.030%	$35.6M	$160.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,271.9	+0.076%	$157.9M	$558.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,274.4	+0.078%	$278.7M	$950.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,277	+0.081%	$216.6M	$165.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,283.5	+0.089%	$141.3M	$321.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,247	+0.047%	$30.6M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,217.7	+0.013%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,176	−0.036%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,194.8	−0.014%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,212.5	+0.007%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,238.1	+0.036%	$30.3M	$56.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,215.4	+0.010%	$3.3M	$5.4M	100x	as long as short
HTX BTC-USDTlong	+0.0100%	8h	86,206.8	long leg	$2.29B	$958.6M	200x
Phemex BTCUSDT	+0.0100%	8h	86,247.6	+0.047%	$155.3M	$473.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,216	+0.011%	$46.1M	$222.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,212.7	+0.007%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,271.2	+0.075%	$132.3M	$5.33B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,266	+0.069%	$192.0M	$945.4M	100x	as long as short
Deribit BTC-PERPETUALshort	+0.0151%	1h	86,267.6	+0.071%	$902.1M	$1.51B	50x
Hibachi BTC/USDT-P	+0.0168%	1h	86,323	+0.135%	$714K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0170%	1h	86,331.8	+0.145%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,139.1	−0.079%	$415.1M	$640.9M	150x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	86,186	−0.024%	$10.6M	$765.7M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0221%	1h	86,206.3	−0.001%	$14.5M	—	200x	as long as short