Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0135%/8h= +14.8% APRpaid last 24h +0.011%

Price spread now: HTX against Injective−0.074%65s7-day average −0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as 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−$170.167% of the position

Long on Injective Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.030%−$3 on $10k

Price spread, last 3 days (all we have)+0.066%+$7 · spread now −0.074%, 7d avg −0.032%

Together, before fees+0.036%+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. HTX is 0.042% cheaper against Injective than usual: you would sell low and buy high (spread −0.074% now, against its 7-day average of −0.032%). If the spread goes back, that is −$4 on $10k: about 25 hours of funding at the current rate (+$4 a day). The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	86,601	−0.0035	get 0.0004% / 1h	51m 26s	$333K	$26.8M	52x
Short	HTX BTC-USDT	86,536.6	0.0100	get 0.0100% / 8h	51m 26s	$2.30B	$969.5M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Injective. 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 InjectivebpFee HTXbpOrdersPrice spread, now −0.074%Rate

Funding earned: $28.3
Price spread: −0.074% → −0.032%: −$4.25
Slippage, 4 orders: −$4.68
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee HTX: 6 bp × 2 orders: −$12
Net: $7.35
Costs to cover: 0.167%
Break-even: 5.2 days

Slippage from Injective: live order book, 3 min ago; HTX: 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 Injective live order book, 3 min ago	1.56 bp	1.9 bp −$2	11.4 bp −$114	doesn't fit	doesn't fit
Sell HTX live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.1 bp −$61	7.6 bp −$765	10.0 bp −$5,020

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	−0.0118%	1h	86,543	−0.067%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,565	−0.042%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERPlong	−0.0035%	1h	86,601	long leg	$333K	$26.8M	52x
RISEx BTC/USDC	−0.0024%	1h	86,547.5	−0.062%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,556.1	−0.052%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0003%	8h	86,542.2	−0.068%	$502.4M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,578	−0.027%	$916.8M	$1.49B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,558.5	−0.049%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0010%	8h	86,535.4	−0.076%	$849.0M	$713.9M	125x	as long as short
Reya BTCRUSDPERP	+0.0024%	1h	86,533.6	−0.078%	$6.7M	$145.3M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0041%	8h	86,540.2	−0.070%	—	$1.59B	—	as long as short
dYdX BTC-USD	+0.0045%	1h	86,591.4	−0.011%	$17.0M	$21.1M	50x	as long as short
Phemex BTCUSDT	+0.0046%	8h	86,545.1	−0.065%	$149.8M	$478.7M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,531.6	−0.080%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,536.2	−0.075%	$5.14B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,534.2	−0.077%	$9.43B	$24.54B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,537.6	−0.073%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,539	−0.072%	$5.88B	$10.71B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,581	−0.023%	$170.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,593	−0.009%	$24.1M	$151.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,537	−0.074%	$8.5M	$52.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0097%	1h	86,536.1	−0.075%	$79K	$220K	20x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,539.6	−0.071%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,522	−0.091%	$199K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,586.7	−0.017%	$4.8M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,559.1	−0.048%	$21.8M	$234.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,618	+0.020%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,592.1	−0.010%	$41.2M	$521.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,538	−0.073%	$2.55B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,555	−0.053%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,575.9	−0.029%	$7.6M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,382.9	−0.252%	$571.1M	$18.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,541.9	−0.068%	$37.8M	$154.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,463.3	−0.159%	$155.7M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,512.3	−0.102%	$279.6M	$945.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,538.5	−0.072%	$217.2M	$173.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,585.9	−0.017%	$141.5M	$323.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,534.4	−0.077%	$30.7M	$204.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,593.7	−0.008%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,538	−0.073%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,538	−0.073%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,542.3	−0.068%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,572.8	−0.033%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,577.2	−0.027%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,541.5	−0.069%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,543	−0.067%	$60.5M	$337.6M	40x	as long as short
HTX BTC-USDTshort	+0.0100%	8h	86,536.6	−0.074%	$2.30B	$969.5M	200x
Extended BTC-USD	+0.0104%	1h	86,525.7	−0.087%	$45.4M	$227.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,557.8	−0.050%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,578.5	−0.026%	$191.9M	$949.4M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,589.7	−0.013%	$417K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,592	−0.010%	$132.8M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,592.1	−0.010%	$718K	$8.0M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0191% / S −0.0213%	1h	86,554.2	−0.054%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0191%	8h	86,574.8	−0.030%	$414.3M	$658.4M	150x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	86,584	−0.020%	$9.8M	$739.9M	6.4x	as long as short