Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:36 UTC−0.0435%/8h= −47.6% APRpaid last 24h −0.020%

Price spread now: Perpl against HTX+0.145%7-day average +0.028% · you sell dearer than you buy

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

Long on HTX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.373%+$37 on $10k

Price spread, last 3 days (all we have)+0.056%+$6 · spread now +0.145%, 7d avg +0.028%

Together, before fees+0.429%+ Points / potential airdropPerpl: Active · farm board+$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.118% dearer against HTX than usual: you sell high and buy low (spread +0.145% now, against its 7-day average of +0.028%): +$12 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 22 hours. Mind the row above: over the last 7 days funding on this pair paid +0.373%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX BTC-USDT	86,776.1	0.0100	pay 0.0100% / 8h	2h 58m	$2.31B	$955.8M	200x
Short	Perpl BTC	86,902.3	−0.0335	pay 0.0030% / 43m	2m 21s	$419K	$25.5M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.145%Rate

Funding earned: −$91.33
Price spread: +0.145% → +0.028%: $11.77
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$105.36
Costs to cover: 0.258%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 1 min ago; Perpl: 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, 1 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.8 bp −$677	10.6 bp −$5,307
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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
Perpl BTCshort	−0.0335%	43m	86,902.3	+0.145%	$419K	$25.5M	6.7x
Aftermath Perps BTCUSD	−0.0178%	1h	86,926.8	+0.174%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0123%	1h	86,928	+0.175%	$2.2M	$11.7M	40x	as long as short
dYdX BTC-USD	−0.0108%	1h	86,918.8	+0.164%	$18.1M	$20.0M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,889	+0.130%	$9K	$3K	50x	as long as short
Bluefin BTC-PERP	−0.0001%	1h	86,773.7	−0.003%	$160K	$575K	40x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,866.4	+0.104%	$838.4M	$708.9M	125x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,822.5	+0.053%	$924.2M	$1.38B	50x	as long as short
SoDEX BTC-USD	+0.0002%	1h	86,776	0.000%	$60.6M	$336.5M	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,841.5	+0.075%	$36.7M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange BTCUSD	+0.0008%	1h	86,886.4	+0.127%	$367K	$2.5M	50x	as long as short
Phemex BTCUSDT	+0.0015%	8h	86,773.5	−0.003%	$149.0M	$468.5M	150x	as long as short
BingX BTC-USDT	+0.0019%	8h	86,811.7	+0.041%	—	$1.59B	—	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,839.8	+0.073%	$6.8M	$143.6M	40x	as long as short
Aster BTCUSDT	+0.0022%	8h	86,834.8	+0.068%	$506.8M	$1.17B	200x	as long as short
Bitget BTCUSDT	+0.0024%	8h	86,780.1	+0.005%	$2.96B	$5.12B	150x	as long as short
ApeX Omni BTCUSDT	+0.0043%	1h	86,961.7	+0.214%	$142.1M	$322.3M	100x	as long as short
Binance BTCUSDT	+0.0047%	8h	86,777.6	+0.002%	$9.46B	$24.41B	150x	as long as short
MEXC BTC_USDT	+0.0047%	8h	86,840.9	+0.075%	$5.21B	$5.59B	500x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,789.6	+0.016%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,984	+0.240%	$316K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0053%	8h	86,781.7	+0.006%	$2.59B	$12.77B	100x	as long as short
Gate BTC_USDT	+0.0061%	8h	86,842.8	+0.077%	$5.87B	$10.51B	200x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,887.5	+0.128%	$9.3M	$42.2M	25x	as long as short
Bybit BTCUSDT	+0.0076%	8h	86,799.9	+0.027%	$5.31B	$9.74B	150x	as long as short
Variational Omni BTC	+0.0087%	8h	87,051.5	+0.317%	$161.3M	$562.4M	—	as long as short
Popdex BTCUSDT	+0.0088%	1h	86,864	+0.101%	$8.5M	$52.2M	100x	as long as short
Lighter BTC	+0.0096%	1h	86,791.4	+0.018%	$172.7M	$998.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,795.2	+0.022%	$24.2M	$152.3M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	86,958.8	+0.211%	$218.3M	$188.5M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0096%	8h	86,810.6	+0.040%	$2.5M	$8.4M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,925.6	+0.172%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,865	+0.102%	$190K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,880.7	+0.120%	$23.2M	$238.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,926	+0.173%	$3.87B	$5.13B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,925.8	+0.172%	$41.7M	$484.5M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,895	+0.137%	$4.0M	$18.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,959.9	+0.212%	$7.6M	$95.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,919.5	+0.165%	$573.8M	$23.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,897.9	+0.140%	$38.5M	$147.6M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,942.3	+0.191%	$280.8M	$944.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,944	+0.193%	$30.9M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,932.6	+0.180%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,862	+0.099%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,821.2	+0.052%	$202K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,789.2	+0.015%	$30.1M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,836.6	+0.070%	$3.4M	$5.6M	100x	as long as short
HTX BTC-USDTlong	+0.0100%	8h	86,776.1	long leg	$2.31B	$955.8M	200x
Extended BTC-USD	+0.0104%	1h	86,770.2	−0.007%	$46.3M	$230.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,912.5	+0.157%	—	$98.1M	500x	as long as short
Kalshi KXBTCPERP	+0.0105%	8h	86,879	+0.119%	$8.8M	$728.8M	6.4x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,810.7	+0.040%	$195.0M	$928.0M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,831.4	+0.064%	$132.3M	$5.98B	50x	as long as short
BloFin BTC-USDT	+0.0167%	8h	86,893.9	+0.136%	$420.5M	$644.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0200%	1h	86,837.3	+0.071%	$15.5M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	86,974	+0.228%	$753K	$7.0M	30x	as long as short