Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.003%

Price spread now: SoDEX against HTX+0.028%7-day average +0.010% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on HTX Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.008%+$1 on $10k

Price spread, last 3 days (all we have)0.000%$0 · spread now +0.028%, 7d avg +0.010%

Together, before fees+0.008%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.010%, 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	86,244.1	0.0100	pay 0.0100% / 8h	7h 12m	$2.29B	$959.2M	200x
Short	SoDEX BTC-USD	86,268	0.0080	get 0.0010% / 1h	12m 35s	$60.4M	$338.2M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.028%Rate

Funding earned: −$4.16
Price spread: +0.028% → +0.010%: $1.8
Slippage, 4 orders: −$0.13
Fee HTX: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$22.49
Costs to cover: 0.201%
Break-even: never at this rate

Slippage from HTX: live order book, 2 min ago; SoDEX: live order book, 2 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, 2 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.2 bp −$625	10.3 bp −$5,145
Sell SoDEX live order book, 2 min ago	0.06 bp	4.1 bp −$4	4.2 bp −$42	5.6 bp −$557	44.1 bp −$22.1K

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
Phoenix BTC	−0.0129%	1h	86,372	+0.148%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,228	−0.019%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,205.4	−0.045%	$363K	$2.3M	50x	as long as short
Bluefin BTC-PERP	−0.0017%	1h	86,306.6	+0.072%	$144K	$667K	40x	as long as short
Perpl BTC	0.0000%	43m	86,304.7	+0.070%	$570K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,294.3	+0.058%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,365	+0.140%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0026%	1h	86,269.4	+0.029%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0033%	8h	86,249.2	+0.006%	$500.0M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0044%	8h	86,222.4	−0.025%	$829.6M	$716.6M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0048%	1h	86,257.1	+0.015%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0051%	8h	86,227.4	−0.019%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,209.9	−0.040%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0065%	8h	86,239.5	−0.005%	$2.97B	$5.04B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,265.3	+0.025%	$2.5M	$1.8M	20x	as long as short
SoDEX BTC-USDshort	+0.0080%	1h	86,268	+0.028%	$60.4M	$338.2M	40x
MEXC BTC_USDT	+0.0084%	8h	86,226.2	−0.021%	$5.11B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	86,222.9	−0.025%	$9.39B	$24.22B	150x	as long as short
Gate BTC_USDT	+0.0087%	8h	86,242.2	−0.002%	$5.77B	$10.62B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,234.2	−0.011%	$170.3M	$992.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,238.1	−0.007%	$23.6M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,215	−0.034%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,180	−0.074%	$199K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,259.2	+0.018%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,290.1	+0.053%	$22.0M	$226.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,320	+0.088%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,261.8	+0.021%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,234.2	−0.011%	$5.25B	$9.64B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,240.3	−0.004%	$2.56B	$12.44B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,207	−0.043%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,223.8	−0.024%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.114%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,235.8	−0.010%	$35.6M	$161.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,226.1	−0.021%	$156.7M	$559.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,254.8	+0.012%	$278.6M	$953.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,292.2	+0.056%	$216.6M	$165.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,290.3	+0.054%	$141.4M	$320.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,313.4	+0.080%	$30.6M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,323.9	+0.092%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,263	+0.022%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,274	+0.035%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,272	+0.032%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,293.7	+0.057%	$30.3M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,243.3	−0.001%	$3.3M	$5.4M	100x	as long as short
HTX BTC-USDTlong	+0.0100%	8h	86,244.1	long leg	$2.29B	$959.2M	200x
Phemex BTCUSDT	+0.0100%	8h	86,267.1	+0.027%	$155.4M	$472.9M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,220.1	−0.028%	$45.9M	$222.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,362.5	+0.137%	—	$99.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,292	+0.056%	$132.3M	$5.30B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,283.2	+0.045%	$191.8M	$947.3M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,317.2	+0.085%	$713K	$7.9M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0167%	1h	86,322.7	+0.091%	$902.3M	$1.51B	50x	as long as short
Aftermath Perps BTCUSD	+0.0168%	1h	86,309.4	+0.076%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,271.5	+0.032%	$415.8M	$641.8M	150x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	86,307	+0.073%	$10.4M	$766.0M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,287.8	+0.051%	$14.5M	—	200x	as long as short