Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.007%

Price spread now: HTX against Lighter RH−0.028%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$130.134% of the position

Long on Lighter RH Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.060%−$6 on $10k

Price spread, last 4 days (all we have)−0.045%−$5 · spread now −0.028%, 7d avg −0.033%

Together, before fees−0.105%+ Points / potential airdropLighter RH: Points live · farm board−$11 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH BTC	85,500.2	0.0096	pay 0.0012% / 1h	26m 59s	$24.0M	$148.6M	50x
Short	HTX BTC-USDT	85,476.1	0.0100	get 0.0100% / 8h	3h 26m	$2.26B	$948.6M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Lighter RH. 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 Lighter RHbpFee HTXbpOrdersPrice spread, now −0.028%Rate

Funding earned: $0.84
Price spread: −0.028% → −0.033%: $0.52
Slippage, 4 orders: −$1.4
Fee Lighter RH: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$12.04
Costs to cover: 0.134%
Break-even: 107.3 days

Slippage from Lighter RH: live order book, 2 min ago; HTX: 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 Lighter RH live order book, 2 min ago	0.50 bp	0.5 bp $0	0.7 bp −$7	3.0 bp −$297	27.3 bp −$13.6K
Sell HTX live order book, 2 min ago	0.01 bp	6.0 bp −$6	6.1 bp −$61	7.6 bp −$757	9.7 bp −$4,856

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	−0.0140%	1h	85,526	+0.030%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,511	+0.013%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0041%	8h	85,474.4	−0.030%	$918.4M	$756.9M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,495.6	−0.005%	$419.0M	$675.7M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,510.1	+0.012%	$365K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,516.7	+0.019%	$503K	$18.7M	6.7x	as long as short
Aster BTCUSDT	+0.0001%	8h	85,472.9	−0.032%	$514.7M	$1.10B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,503.3	+0.004%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0004%	1h	85,494.4	−0.007%	$24.6M	$223.2M	50x	as long as short
dYdX BTC-USD	+0.0032%	1h	85,528.6	+0.033%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,514	+0.016%	$339K	$26.9M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0054%	1h	85,530.2	+0.035%	$884.6M	$1.59B	50x	as long as short
BingX BTC-USDC	+0.0065%	8h	85,469.5	−0.036%	—	$17.1M	—	as long as short
SoDEX BTC-USD	+0.0068%	1h	85,481	−0.022%	$59.9M	$335.9M	40x	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,482.7	−0.020%	$148.3M	$495.5M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,475.4	−0.029%	$2.95B	$5.12B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,499.5	−0.001%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTClong	+0.0096%	1h	85,500.2	long leg	$24.0M	$148.6M	50x
Popdex BTCUSDT	+0.0096%	1h	85,495	−0.006%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,471.5	−0.034%	$2.7M	$2.0M	20x	as long as short
Reya BTCRUSDPERP	+0.0100%	1h	85,494.7	−0.006%	$6.6M	$147.1M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,483	−0.020%	$210K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,547.2	+0.055%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,569	+0.080%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,540.2	+0.047%	$40.1M	$588.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,471.1	−0.034%	$9.41B	$24.41B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,469.7	−0.036%	$5.18B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,482.8	−0.020%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,487	−0.015%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,497.6	−0.003%	$4.7M	$100.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,517.4	+0.020%	$680.3M	$725.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,485.2	−0.018%	$5.54B	$10.81B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,481.4	−0.022%	$5.07B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,471	−0.034%	$36.2M	$179.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,584.9	+0.099%	$154.4M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,513.5	+0.016%	$279.3M	$928.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,538.4	+0.045%	$215.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,591	+0.106%	$139.9M	$315.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,549	+0.057%	$30.2M	$207.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,558.4	+0.068%	—	$11.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,495	−0.006%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,489.2	−0.013%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,482.7	−0.020%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,525.5	+0.030%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,477.4	−0.027%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,477.1	−0.027%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDTshort	+0.0100%	8h	85,476.1	−0.028%	$2.26B	$948.6M	200x
Extended BTC-USD	+0.0104%	1h	85,452.4	−0.056%	$45.0M	$233.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,521.2	+0.025%	—	$107.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,519	+0.022%	$117.4M	$5.25B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,506	+0.007%	$187.6M	$954.6M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,532.7	+0.038%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0149%	1h	85,504.4	+0.005%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0197%	8h	85,527	+0.031%	$11.7M	$754.4M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0247%	1h	85,544.6	+0.052%	$78K	$221K	20x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,568	+0.079%	$697K	$7.9M	30x	as long as short