Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.043%

Price spread now: Hotstuff against HTX−0.027%7-day average — · you buy dearer than you sell

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

Long on HTX Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Hotstuff is 0.027% cheaper against HTX than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX BTC-USDT	86,403.6	0.0100	pay 0.0100% / 8h	59m 57s	$2.29B	$969.1M	200x
Short	Hotstuff BTC-PERP	86,380	−0.0080	pay 0.0010% / 1h	59m 57s	$9K	$3K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.027%Rate

Funding earned: −$37.8
Price spread: −0.027% → 0.000%: −$2.73
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$57.53
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 4 min ago; Hotstuff: 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, 4 min ago	0.01 bp	6.0 bp −$6	6.1 bp −$61	7.7 bp −$770	10.4 bp −$5,182
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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
Bluefin BTC-PERP	−0.0398%	1h	86,450.4	+0.054%	$140K	$663K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,366	−0.044%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERPshort	−0.0080%	1h	86,380	−0.027%	$9K	$3K	50x
01 Exchange BTCUSD	−0.0016%	1h	86,428.8	+0.029%	$357K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0008%	8h	86,410.6	+0.008%	$503.1M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,433.9	+0.035%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,419.7	+0.019%	$8.4M	$42.8M	25x	as long as short
KuCoin XBTUSDTM	+0.0007%	8h	86,414.6	+0.013%	$849.8M	$713.5M	125x	as long as short
dYdX BTC-USD	+0.0011%	1h	86,400.8	−0.003%	$17.0M	$21.1M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0020%	1h	86,448.2	+0.052%	$916.5M	$1.49B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0024%	1h	86,408.1	+0.005%	$6.7M	$145.1M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,403	−0.001%	$332K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0038%	8h	86,402.6	−0.001%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,413.4	+0.011%	$149.7M	$477.6M	150x	as long as short
Bitget BTCUSDT	+0.0049%	8h	86,415.8	+0.014%	$2.95B	$5.11B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,409.4	+0.007%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0066%	8h	86,418.9	+0.018%	$5.12B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0067%	8h	86,419.2	+0.018%	$9.42B	$24.50B	150x	as long as short
Aftermath Perps BTCUSD	+0.0076%	1h	86,393.4	−0.012%	$79K	$220K	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,413.4	+0.011%	$5.84B	$10.79B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,424.9	+0.025%	$170.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,434.6	+0.036%	$24.0M	$153.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,418	+0.017%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0098%	8h	86,419.9	+0.019%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,399	−0.005%	$204K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,432.6	+0.034%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,382.3	−0.025%	$21.8M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,485.6	+0.095%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,422.2	+0.021%	$40.8M	$517.9M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,422.4	+0.022%	$2.54B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,414	+0.012%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,446.6	+0.050%	$7.6M	$94.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,382.9	−0.024%	$571.1M	$18.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,410.4	+0.008%	$37.8M	$154.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,337.9	−0.076%	$155.6M	$568.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,361.4	−0.049%	$279.1M	$946.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,351.2	−0.061%	$216.7M	$173.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,372.8	−0.036%	$141.2M	$323.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,341	−0.072%	$30.6M	$204.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,452.4	+0.056%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,413	+0.011%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,420.6	+0.020%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,420.5	+0.020%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,450.5	+0.054%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,409.5	+0.007%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,417	+0.016%	$60.4M	$337.5M	40x	as long as short
HTX BTC-USDTlong	+0.0100%	8h	86,403.6	long leg	$2.29B	$969.1M	200x
Extended BTC-USD	+0.0104%	1h	86,398.5	−0.006%	$45.5M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,428.2	+0.028%	—	$99.0M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,390.8	−0.015%	$419K	$23.5M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,454.9	+0.059%	$132.2M	$5.68B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,441.9	+0.044%	$192.1M	$947.6M	100x	as long as short
Hibachi BTC/USDT-P	+0.0152%	1h	86,381.8	−0.025%	$718K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0187%	8h	86,375	−0.033%	$414.5M	$654.2M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0189% / S −0.0212%	1h	86,429	+0.029%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0200%	8h	86,421	+0.020%	$9.6M	$737.1M	6.4x	as long as short