Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0116%/8h= −12.7% APRpaid last 24h 0.000%

Price spread now: Popdex against HTX−0.004%7-day average +0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

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

Long on HTX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.032%+$3 on $10k

Price spread, last 4 days (all we have)+0.106%+$11 · spread now −0.004%, 7d avg +0.018%

Together, before fees+0.139%+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Popdex is 0.022% cheaper against HTX than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.018%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX BTC-USDT	86,167.3	0.0100	pay 0.0100% / 8h	5h 58m	$2.28B	$808.3M	200x
Short	Popdex BTCUSDT	86,164	−0.0016	pay 0.0002% / 1h	58m 52s	$8.8M	$45.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.004%Rate

Funding earned: −$24.36
Price spread: −0.004% → +0.018%: −$2.21
Slippage, 4 orders: −$0.75
Fee HTX: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$45.72
Costs to cover: 0.192%
Break-even: never at this rate

Slippage from HTX: live order book, 3 min ago; Popdex: live order book, 3 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, 3 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.4 bp −$636	8.6 bp −$4,321
Sell Popdex live order book, 3 min ago	0.06 bp	3.3 bp −$3	3.3 bp −$33	3.4 bp −$339	4.6 bp −$2,307

BTC on 55 exchanges

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
Hotstuff BTC-PERP	−0.0080%	1h	86,197	+0.034%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,172.5	+0.006%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,167.3	0.000%	$421.9M	$567.7M	150x	as long as short
Popdex BTCUSDTshort	−0.0016%	1h	86,164	−0.004%	$8.8M	$45.6M	100x
SoDEX BTC-USD	−0.0013%	1h	86,182	+0.017%	$65.8M	$188.0M	40x	as long as short
ApeX Omni BTCUSDT	−0.0012%	1h	86,140.2	−0.031%	$138.1M	$295.2M	100x	as long as short
dYdX BTC-USD	0.0000%	1h	86,211.4	+0.051%	$16.9M	$14.5M	50x	as long as short
Perpl BTC	0.0000%	43m	86,197.3	+0.035%	$483K	$13.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,166	−0.002%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,214	+0.054%	$301K	$26.1M	52x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0029%	8h	86,194.9	+0.032%	—	$16.4M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,193.7	+0.031%	$191.6M	$777.6M	100x	as long as short
Aster BTCUSDT	+0.0033%	8h	86,212.6	+0.053%	$513.8M	$882.8M	200x	as long as short
Bybit BTCUSDT	+0.0037%	8h	86,226.3	+0.068%	$5.15B	$8.18B	150x	as long as short
KuCoin XBTUSDTM	+0.0052%	8h	86,218.6	+0.060%	$943.9M	$639.7M	125x	as long as short
Phoenix BTC	+0.0053%	1h	86,176	+0.010%	$2.0M	$7.3M	40x	as long as short
Gate BTC_USDT	+0.0073%	8h	86,230.8	+0.074%	$5.53B	$8.86B	200x	as long as short
Phemex BTCUSDT	+0.0086%	8h	86,177.5	+0.012%	$170.7M	$480.3M	150x	as long as short
Lighter BTC	+0.0096%	1h	86,199.3	+0.037%	$173.8M	$850.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,193.6	+0.031%	$23.6M	$118.3M	50x	as long as short
Bitget BTCUSDT	+0.0096%	8h	86,211.7	+0.052%	$2.99B	$4.01B	150x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,167.9	+0.001%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,155	−0.014%	$219K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,233.2	+0.076%	$6.0M	$7.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,210.3	+0.050%	$23.4M	$197.5M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,239.9	+0.084%	$40.5M	$570.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,217.9	+0.059%	$9.47B	$20.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,223.7	+0.065%	$2.62B	$9.60B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,192	+0.029%	$4.0M	$15.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,207.6	+0.047%	$4.2M	$90.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,033.4	−0.155%	$714.5M	$139.4M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,226.3	+0.068%	$5.18B	$4.81B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,173.4	+0.007%	$38.7M	$195.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,112.6	−0.063%	$157.8M	$476.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,094.9	−0.084%	$289.8M	$841.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,135.4	−0.037%	$216.3M	$132.2M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,222.4	+0.064%	$30.3M	$222.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,234.8	+0.078%	—	$9.3M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,182	+0.017%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,189	+0.025%	$204K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,186.7	+0.023%	$2.7M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,238.2	+0.082%	$195K	$565K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,177.9	+0.012%	$3.3M	$7.0M	100x	as long as short
HTX BTC-USDTlong	+0.0100%	8h	86,167.3	long leg	$2.28B	$808.3M	200x
Extended BTC-USD	+0.0104%	1h	86,187.5	+0.023%	$46.9M	$204.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,188.3	+0.024%	—	$81.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,225	+0.067%	$112.4M	$5.00B	50x	as long as short
Hyperliquid BTC	+0.0132%	1h	86,271	+0.120%	$3.97B	$4.40B	40x	as long as short
Kalshi KXBTCPERP	+0.0161%	8h	86,222	+0.063%	$11.8M	$731.2M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0162%	1h	86,164	−0.004%	$6.6M	$131.2M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,190.7	+0.027%	$8.9M	$37.4M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0209% / S −0.0248%	1h	86,194.1	+0.031%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0233%	1h	86,240	+0.084%	$822.6M	$1.52B	50x	as long as short
Hibachi BTC/USDT-P	+0.0336%	1h	86,284.2	+0.136%	$718K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0435%	1h	86,179.1	+0.014%	$81K	$244K	20x	as long as short