Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:48 UTC−0.0235%/8h= −25.7% APRpaid last 24h +0.031%

Price spread now: HTX against Perpl+0.051%7-day average −0.027% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Perpl Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.345%−$34 on $10k

Price spread, last 4 days (all we have)−0.168%−$17 · spread now +0.051%, 7d avg −0.027%

Together, before fees−0.513%+ Points / potential airdropPerpl: Active · farm board−$51 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.078% dearer against Perpl than usual: you sell high and buy low (spread +0.051% now, against its 7-day average of −0.027%): +$8 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 27 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl BTC	85,626.2	0.0335	pay 0.0030% / 43m	9m 03s	$498K	$18.8M	6.7x
Short	HTX BTC-USDT	85,670.2	0.0100	get 0.0100% / 8h	3h 55m	$2.27B	$946.3M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Perpl. 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 PerplbpFee HTXbpOrdersPrice spread, now +0.051%Rate

Funding earned: −$49.33
Price spread: +0.051% → −0.027%: $7.82
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee HTX: 6 bp × 2 orders: −$12
Net: −$67.3
Costs to cover: 0.258%
Break-even: never at this rate

Slippage unknown: Perpl: no order-book sample; HTX: live order book, 4 min ago. Net counts fees only.

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 Perpl no order-book sample	—	—	—	—	—
Sell HTX live order book, 4 min ago	0.01 bp	6.7 bp −$7	7.4 bp −$74	8.5 bp −$846	10.2 bp −$5,099

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0179%	1h	85,646	+0.023%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,653	+0.031%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0037%	8h	85,656.1	+0.035%	$923.7M	$754.1M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,677.2	+0.060%	$417.5M	$676.0M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,652.9	+0.031%	$366K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,635.6	+0.011%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,688.6	+0.073%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,662	+0.042%	$516.1M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0016%	1h	85,631	+0.006%	$24.9M	$222.6M	50x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,690	+0.075%	$340K	$26.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0063%	8h	85,677	+0.059%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0067%	8h	85,674.7	+0.057%	$148.7M	$489.4M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,672.2	+0.054%	$2.96B	$5.11B	150x	as long as short
Reya BTCRUSDPERP	+0.0090%	1h	85,661.7	+0.041%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,683.4	+0.067%	$172.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,688.4	+0.073%	$23.9M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,640	+0.016%	$8.7M	$54.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,662.8	+0.043%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,611	−0.018%	$202K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,696.1	+0.082%	$5.3M	$9.2M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,678.2	+0.061%	$40.5M	$582.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,687	+0.071%	$9.42B	$24.28B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,669.1	+0.050%	$5.19B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,679.5	+0.062%	$2.59B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,633	+0.008%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,635.8	+0.011%	$4.4M	$98.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	−0.162%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,700	+0.086%	$5.52B	$10.72B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,693.2	+0.078%	$5.07B	$5.63B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,676.5	+0.059%	$35.7M	$176.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,637.7	+0.013%	$153.8M	$564.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,615.1	−0.013%	$279.7M	$922.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,633.8	+0.009%	$214.9M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,629.8	+0.004%	$140.0M	$315.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,614	−0.014%	$30.2M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,698.4	+0.084%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,660	+0.039%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,675	+0.057%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,672.3	+0.054%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,717.5	+0.107%	$207K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,668.1	+0.049%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,623.2	−0.004%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,682	+0.065%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDTshort	+0.0100%	8h	85,670.2	+0.051%	$2.27B	$946.3M	200x
Extended BTC-USD	+0.0104%	1h	85,643.1	+0.020%	$44.8M	$231.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,671.8	+0.053%	—	$107.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,717.9	+0.107%	$117.4M	$5.22B	50x	as long as short
Hyperliquid BTC	+0.0110%	1h	85,777	+0.176%	$3.79B	$5.01B	40x	as long as short
Deribit BTC-PERPETUAL	+0.0111%	1h	85,716.4	+0.105%	$885.7M	$1.58B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,706.7	+0.094%	$187.8M	$956.2M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,668.3	+0.049%	$8.9M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,682.1	+0.065%	$13.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	85,670	+0.051%	$12.0M	$757.1M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0224%	1h	85,644.5	+0.021%	$78K	$220K	20x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,652.3	+0.030%	$703K	$7.9M	30x	as long as short
Perpl BTClong	+0.0335%	43m	85,626.2	long leg	$498K	$18.8M	6.7x