Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0085%/8h= +9.3% APRpaid last 24h +0.026%

Price spread now: GMX against HTX+0.045%7-day average +0.056% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on HTX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.095%+$10 on $10k

Price spread, last 3 days (all we have)+0.062%+$6 · spread now +0.045%, 7d avg +0.056%

Together, before fees+0.157%+$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.056%, so right now this pair is about funding alone: +$3 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	86,549.1	0.0100	pay 0.0100% / 8h	2h 36m	$2.30B	$957.0M	200x
Short	GMX BTC/USD [WBTC.b-USDC]	86,587.8	L +0.0178% / S −0.0185%	get 0.0023% / 1h	36m 17s	$14.9M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.045%Rate

Funding earned: $17.86
Price spread: +0.045% → +0.056%: −$1.11
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$7.24
Costs to cover: 0.240%
Break-even: 9.8 days

Slippage unknown: HTX: live order book, 3 min ago; GMX: no order-book sample. 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 HTX live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.4 bp −$640	9.1 bp −$4,563
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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
Aftermath Perps BTCUSD	−0.0225%	1h	86,599.3	+0.058%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,625.6	+0.088%	$428K	$25.0M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,539	−0.012%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0091%	1h	86,632.9	+0.097%	$17.6M	$20.5M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,514	−0.041%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,611	+0.072%	$361K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	86,595.1	+0.053%	$844.2M	$706.4M	125x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,584.4	+0.041%	$935.8M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,577	+0.032%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	86,571.6	+0.026%	$505.5M	$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	86,577.1	+0.032%	$6.7M	$144.3M	40x	as long as short
BingX BTC-USDT	+0.0022%	8h	86,554.3	+0.006%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0028%	8h	86,547.5	−0.002%	$2.94B	$5.07B	150x	as long as short
Phemex BTCUSDT	+0.0029%	8h	86,553.4	+0.005%	$149.5M	$471.0M	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,552.6	+0.004%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.211%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0050%	8h	86,563.7	+0.017%	$5.18B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0051%	8h	86,563.6	+0.017%	$9.43B	$24.30B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,593.5	+0.051%	$9.2M	$42.0M	25x	as long as short
Gate BTC_USDT	+0.0069%	8h	86,574.1	+0.029%	$5.86B	$10.62B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0070%	8h	86,573	+0.028%	$2.56B	$12.69B	100x	as long as short
Bybit BTCUSDT	+0.0079%	8h	86,565.2	+0.019%	$5.27B	$9.66B	150x	as long as short
Variational Omni BTC	+0.0091%	8h	86,619.6	+0.081%	$160.0M	$567.4M	—	as long as short
Lighter BTC	+0.0096%	1h	86,571.3	+0.026%	$172.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,573.3	+0.028%	$24.0M	$153.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,583	+0.039%	$8.5M	$52.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,652	+0.119%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,578	+0.033%	$195K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,587.4	+0.044%	$21.6M	$235.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,654	+0.121%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,624.1	+0.087%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,629	+0.092%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,653.9	+0.121%	$7.5M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	+0.067%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,650.3	+0.117%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,571.5	+0.026%	$279.6M	$949.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,620.3	+0.082%	$217.5M	$188.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,631.1	+0.095%	$141.6M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,635.6	+0.100%	$30.8M	$205.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,651.5	+0.118%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,584	+0.040%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,583.7	+0.040%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,572.1	+0.027%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,577.3	+0.033%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,559.9	+0.012%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,591.9	+0.049%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,553	+0.005%	$60.4M	$336.4M	40x	as long as short
HTX BTC-USDTlong	+0.0100%	8h	86,549.1	long leg	$2.30B	$957.0M	200x
Extended BTC-USD	+0.0104%	1h	86,541.5	−0.009%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,602.3	+0.061%	—	$98.3M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,588.8	+0.046%	$189.1M	$930.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,601.8	+0.061%	$131.7M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0123%	8h	86,613	+0.074%	$8.9M	$723.3M	6.4x	as long as short
BloFin BTC-USDT	+0.0170%	8h	86,675.1	+0.146%	$417.6M	$650.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]short	L +0.0178% / S −0.0185%	1h	86,587.8	+0.045%	$14.9M	—	200x
Hibachi BTC/USDT-P	+0.0224%	1h	86,686.3	+0.159%	$615K	$7.1M	30x	as long as short