Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0036%/8h= −4.0% APRpaid last 24h −0.022%

Price spread now: dYdX against HTX−0.005%7-day average +0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$300.296% of the position

Long on HTX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.091%−$9 on $10k

Price spread, last 3 days (all we have)+0.050%+$5 · spread now −0.005%, 7d avg +0.027%

Together, before fees−0.041%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and dYdX is 0.032% cheaper against HTX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.027%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX BTC-USDT	86,564.1	0.0100	pay 0.0100% / 8h	4m 00s	$2.30B	$968.5M	200x
Short	dYdX BTC-USD	86,559.6	0.0064	get 0.0008% / 1h	4m 00s	$17.0M	$21.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.005%Rate

Funding earned: −$7.63
Price spread: −0.005% → +0.027%: −$3.24
Slippage, 4 orders: −$7.65
Fee HTX: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$40.51
Costs to cover: 0.296%
Break-even: never at this rate

Slippage from HTX: live order book, 5 min ago; dYdX: 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	6.1 bp −$61	7.4 bp −$743	10.1 bp −$5,069
Sell dYdX live order book, 5 min ago	1.33 bp	11.3 bp −$11	15.8 bp −$158	18.3 bp −$1,834	26.7 bp −$13.3K

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	−0.0118%	1h	86,444	−0.139%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,513	−0.059%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.253%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,571.7	+0.009%	$8.3M	$42.7M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,581.3	+0.020%	$360K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,550.9	−0.015%	$412K	$22.4M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,592.6	+0.033%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	86,576.5	+0.014%	$502.2M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0024%	8h	86,575.9	+0.014%	$835.0M	$728.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0037%	1h	86,575.5	+0.013%	$6.7M	$145.6M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0044%	8h	86,578.5	+0.017%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0054%	8h	86,572.9	+0.010%	$151.9M	$478.9M	150x	as long as short
Bitget BTCUSDT	+0.0056%	8h	86,577.4	+0.015%	$2.97B	$5.12B	150x	as long as short
dYdX BTC-USDshort	+0.0064%	1h	86,559.6	−0.005%	$17.0M	$21.2M	50x
Aevo BTC-PERP	+0.0072%	1h	86,567.9	+0.004%	$2.5M	$1.4M	20x	as long as short
MEXC BTC_USDT	+0.0075%	8h	86,573	+0.010%	$5.16B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0075%	8h	86,581.7	+0.020%	$9.45B	$24.54B	150x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,570.1	+0.007%	$5.85B	$10.82B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,582.1	+0.021%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,584	+0.023%	$23.8M	$153.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,578	+0.016%	$8.5M	$52.3M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,581.1	+0.020%	$5.27B	$9.79B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,540	−0.028%	$195K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,592.1	+0.032%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,531.5	−0.038%	$21.7M	$233.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,651	+0.100%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,580.7	+0.019%	$41.1M	$538.1M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,587.9	+0.027%	$2.55B	$12.75B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,568	+0.005%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,588.6	+0.028%	$7.3M	$96.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,577.1	+0.015%	$38.1M	$155.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,474	−0.104%	$157.6M	$567.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,494.6	−0.080%	$279.4M	$947.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,461.1	−0.119%	$217.1M	$172.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,505.5	−0.068%	$141.8M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,504	−0.069%	$30.7M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,604.7	+0.047%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,582	+0.021%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,577.4	+0.015%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,570.7	+0.008%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,616.8	+0.061%	$141K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,605.7	+0.048%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,543	−0.024%	$3.4M	$5.3M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,565	+0.001%	$60.5M	$338.0M	40x	as long as short
HTX BTC-USDTlong	+0.0100%	8h	86,564.1	long leg	$2.30B	$968.5M	200x
Bulk BTC-USD	+0.0100%	1h	86,452.9	−0.128%	$572.2M	$12.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,559.9	−0.005%	$45.8M	$225.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,545.6	−0.021%	—	$100.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,600	+0.042%	$193.6M	$953.0M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,617.2	+0.061%	$132.2M	$5.64B	50x	as long as short
Aftermath Perps BTCUSD	+0.0160%	1h	86,521.6	−0.049%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,531.8	−0.037%	$717K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0195%	8h	86,487.6	−0.088%	$415.0M	$659.1M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0225%	1h	86,583	+0.022%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,577	+0.015%	$10.4M	$754.5M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0254%	1h	86,619.9	+0.065%	$912.9M	$1.49B	50x	as long as short