Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h +0.004%

Price spread now: Kraken Futures against HTX+0.023%7-day average +0.032% · 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−$24as in the Price arb table

costs, in and out, $10k−$230.226% of the position

Long on HTX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.045%+$4 on $10k

Price spread, last 4 days (all we have)+0.031%+$3 · spread now +0.023%, 7d avg +0.032%

Together, before fees+0.076%+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.032%, so right now this pair is about funding alone: −$1 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	85,346.8	0.0100	pay 0.0100% / 8h	2h 19m	$2.26B	$941.4M	200x
Short	Kraken Futures PF_XBTUSD	85,366.1	0.0056	get 0.0007% / 1h	19m 12s	$187.7M	$954.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.023%Rate

Funding earned: −$9.22
Price spread: +0.023% → +0.032%: −$0.92
Slippage, 4 orders: −$0.64
Fee HTX: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$32.79
Costs to cover: 0.226%
Break-even: never at this rate

Slippage from HTX: live order book, 5 min ago; Kraken Futures: 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	7.7 bp −$769	10.2 bp −$5,075
Sell Kraken Futures live order book, 5 min ago	0.12 bp	5.4 bp −$5	5.8 bp −$58	7.0 bp −$696	9.3 bp −$4,649

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	−0.0112%	43m	85,327.8	−0.022%	$527K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,308	−0.045%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,339	−0.009%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,350	+0.004%	$923.1M	$765.1M	125x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,351	+0.005%	$420.0M	$681.5M	150x	as long as short
Aster BTCUSDT	−0.0015%	8h	85,355.7	+0.010%	$512.9M	$1.09B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,341.2	−0.007%	$354K	$2.4M	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,297	−0.058%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,362.6	+0.019%	$36.5M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	−0.143%	$338K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0037%	1h	85,317	−0.035%	$24.8M	$222.4M	50x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0056%	1h	85,366.1	+0.023%	$187.7M	$954.1M	100x
BingX BTC-USDT	+0.0067%	8h	85,371.8	+0.029%	—	$1.56B	—	as long as short
Phemex BTCUSDT	+0.0073%	8h	85,355	+0.010%	$147.6M	$505.2M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,352.6	+0.007%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,374.2	+0.032%	$5.04B	$5.74B	500x	as long as short
Bitget BTCUSDT	+0.0086%	8h	85,371.3	+0.029%	$2.96B	$5.16B	150x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,364.6	+0.021%	$9.43B	$24.84B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,366	+0.022%	$171.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,365.5	+0.022%	$23.7M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,333	−0.016%	$8.3M	$55.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,383.4	+0.043%	$117.1M	$5.41B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,305	−0.049%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,380.2	+0.039%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,445	+0.115%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,350.1	+0.004%	$40.0M	$597.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,356.7	+0.012%	$5.15B	$9.95B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,374.8	+0.033%	$2.58B	$12.20B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,323	−0.028%	$3.8M	$17.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,331.9	−0.017%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,163.7	−0.215%	$678.5M	$565.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,370	+0.027%	$5.51B	$11.01B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,361.8	+0.018%	$36.4M	$176.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,218.8	−0.150%	$154.2M	$561.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,241.6	−0.123%	$279.4M	$948.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,107.4	−0.281%	$213.8M	$166.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,093.4	−0.297%	$139.1M	$315.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,285.1	−0.072%	$30.1M	$207.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,398.7	+0.061%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,350	+0.004%	$11.0M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,359	+0.014%	$205K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,360.3	+0.016%	$2.6M	$9.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,408.2	+0.072%	$228K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,333.4	−0.016%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,283	−0.075%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,359	+0.014%	$59.8M	$336.2M	40x	as long as short
HTX BTC-USDTlong	+0.0100%	8h	85,346.8	long leg	$2.26B	$941.4M	200x
Extended BTC-USD	+0.0104%	1h	85,335.3	−0.013%	$45.0M	$239.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,364	+0.020%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0117%	1h	85,343.9	−0.003%	$6.6M	$147.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0131%	1h	85,394.7	+0.056%	$866.9M	$1.61B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,359.3	+0.015%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0188%	8h	85,356	+0.011%	$11.6M	$743.2M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0223%	1h	85,243	−0.122%	$78K	$227K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,319.8	−0.032%	$688K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,353	+0.007%	$8.7M	$43.2M	25x	as long as short