Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0259%/8h= −28.4% APRpaid last 24h −0.007%

Price spread now: Phoenix against HTX−0.088%72s7-day average +0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$190.192% of the position

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.037%−$4 on $10k

Price spread, last 3 days (all we have)+0.104%+$10 · spread now −0.088%, 7d avg +0.044%

Together, before fees+0.067%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Phoenix is 0.133% cheaper against HTX than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.044%). Swap the legs. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.037% in total (about -1.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX BTC-USDT	86,679.7	0.0100	pay 0.0100% / 8h	1h 39m	$2.30B	$963.9M	200x
Short	Phoenix BTC	86,603	−0.0159	pay 0.0020% / 1h	39m 34s	$2.2M	$11.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.088%Rate

Funding earned: −$54.39
Price spread: −0.088% → +0.044%: −$13.3
Slippage, 4 orders: −$0.22
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$86.91
Costs to cover: 0.192%
Break-even: never at this rate

Slippage from HTX: live order book, 5 min ago; Phoenix: live order book, 4 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	6.0 bp −$60	6.9 bp −$691	9.8 bp −$4,898
Sell Phoenix live order book, 4 min ago	0.06 bp	3.7 bp −$4	4.5 bp −$45	9.2 bp −$915	doesn't fit

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	−0.0943%	1h	86,703.5	+0.027%	$141K	$618K	40x	as long as short
Aftermath Perps BTCUSD	−0.0167%	1h	86,646.7	−0.038%	$83K	$206K	20x	as long as short
Phoenix BTCshort	−0.0159%	1h	86,603	−0.088%	$2.2M	$11.8M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,631	−0.056%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0011%	1h	86,679.3	−0.001%	$17.5M	$20.3M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,651	−0.033%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0007%	8h	86,652.3	−0.032%	$505.8M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,695.7	+0.018%	$419K	$24.0M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,716	+0.042%	$925.8M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	86,619	−0.070%	$852.0M	$707.6M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,705.9	+0.030%	$36.9M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,632.4	−0.055%	$8.6M	$43.2M	25x	as long as short
Phemex BTCUSDT	+0.0021%	8h	86,685.6	+0.007%	$150.1M	$473.4M	150x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,677.8	−0.002%	$6.7M	$144.8M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	−0.139%	$315K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0032%	8h	86,630.7	−0.057%	—	$1.59B	—	as long as short
Hibachi BTC/USDT-P	+0.0032%	1h	86,712.1	+0.037%	$733K	$8.2M	30x	as long as short
Bitget BTCUSDT	+0.0042%	8h	86,629.7	−0.058%	$2.96B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0061%	8h	86,634	−0.053%	$5.19B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,634.7	−0.052%	$9.43B	$24.30B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,673.2	−0.008%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,625.3	−0.063%	$5.85B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,630.8	−0.056%	$5.28B	$9.69B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,647.3	−0.037%	$172.1M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,675.5	−0.005%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,630	−0.057%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,616	−0.073%	$206K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,695.7	+0.018%	$4.8M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,679.3	−0.001%	$21.9M	$233.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,731	+0.059%	$3.82B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,680.1	0.000%	$41.1M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,633	−0.054%	$2.55B	$12.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,632	−0.055%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,701.4	+0.025%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.027%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,678.9	−0.001%	$38.4M	$153.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,696.3	+0.019%	$156.8M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,606.7	−0.084%	$279.8M	$943.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,610.1	−0.080%	$217.3M	$177.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,623.7	−0.065%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,664	−0.018%	$30.7M	$203.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,734.1	+0.063%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,687	+0.008%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,688.9	+0.011%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,692.1	+0.014%	$2.5M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,681.8	+0.002%	$30.1M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,676.7	−0.003%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,681	+0.001%	$60.6M	$337.0M	40x	as long as short
HTX BTC-USDTlong	+0.0100%	8h	86,679.7	long leg	$2.30B	$963.9M	200x
Extended BTC-USD	+0.0104%	1h	86,611.5	−0.079%	$46.3M	$225.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,694.6	+0.017%	—	$98.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,722.5	+0.049%	$131.7M	$5.73B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,715.1	+0.041%	$191.8M	$936.9M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,701.6	+0.025%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0181%	8h	86,665.7	−0.016%	$415.5M	$652.4M	150x	as long as short
Kalshi KXBTCPERP	+0.0193%	8h	86,710	+0.035%	$9.6M	$727.2M	6.4x	as long as short