Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0083%/8h= +9.1% APRpaid last 24h +0.010%

Price spread now: HTX against SoDEX−0.019%7-day average −0.009% · 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−$200.201% of the position

Long on SoDEX Short on HTX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.008%−$1 on $10k

Price spread, last 4 days (all we have)−0.008%−$1 · spread now −0.019%, 7d avg −0.009%

Together, before fees−0.016%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.009%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX BTC-USD	85,801	−0.0017	get 0.0002% / 1h	8m 44s	$65.8M	$187.7M	40x
Short	HTX BTC-USDT	85,784.7	0.0066	get 0.0066% / 8h	5h 08m	$2.27B	$787.1M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against SoDEX. 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 SoDEXbpFee HTXbpOrdersPrice spread, now −0.019%Rate

Funding earned: $17.36
Price spread: −0.019% → −0.009%: −$0.97
Slippage, 4 orders: −$0.13
Fee SoDEX: 4 bp × 2 orders: −$8
Fee HTX: 6 bp × 2 orders: −$12
Net: −$3.74
Costs to cover: 0.201%
Break-even: 8.5 days

Slippage from SoDEX: live order book, 4 min ago; HTX: live order book, 4 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 SoDEX live order book, 4 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	5.1 bp −$509	43.2 bp −$21.6K
Sell HTX live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.1 bp −$614	8.9 bp −$4,470

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
Phoenix BTC	−0.0133%	1h	85,779	−0.026%	$2.1M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,154	+0.411%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0043%	8h	85,800.1	−0.001%	$421.5M	$548.9M	150x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,797.7	−0.004%	$367K	$1.9M	50x	as long as short
SoDEX BTC-USDlong	−0.0017%	1h	85,801	long leg	$65.8M	$187.7M	40x
Perpl BTC	0.0000%	43m	85,799.2	−0.002%	$466K	$13.4M	6.7x	as long as short
dYdX BTC-USD	0.0000%	1h	85,844.4	+0.051%	$16.8M	$13.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,798.4	−0.003%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	85,788	−0.015%	$320K	$30.2M	52x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,817.5	+0.019%	$510.9M	$846.7M	200x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0030%	1h	85,820.8	+0.023%	$191.9M	$751.2M	100x	as long as short
BingX BTC-USDT	+0.0040%	8h	85,830	+0.034%	—	$1.30B	—	as long as short
Popdex BTCUSDT	+0.0048%	1h	85,795	−0.007%	$8.6M	$45.5M	100x	as long as short
KuCoin XBTUSDTM	+0.0052%	8h	85,821.5	+0.024%	$940.1M	$635.7M	125x	as long as short
Bybit BTCUSDT	+0.0056%	8h	85,840.9	+0.046%	$5.13B	$8.04B	150x	as long as short
HTX BTC-USDTshort	+0.0066%	8h	85,784.7	−0.019%	$2.27B	$787.1M	200x
Gate BTC_USDT	+0.0070%	8h	85,832.9	+0.037%	$5.51B	$9.04B	200x	as long as short
Phemex BTCUSDT	+0.0071%	8h	85,810.8	+0.011%	$169.7M	$476.0M	150x	as long as short
Binance BTCUSDT	+0.0076%	8h	85,835.2	+0.040%	$9.40B	$20.28B	150x	as long as short
MEXC BTC_USDT	+0.0077%	8h	85,823.6	+0.026%	$5.15B	$4.91B	500x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,782.8	−0.021%	$2.4M	$6.8M	20x	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,827.1	+0.030%	$3.00B	$3.89B	150x	as long as short
GRVT BTC_USDT_Perp	+0.0091%	8h	85,780	−0.024%	$215.5M	$132.8M	50x	as long as short
Bullet BTC-USD	+0.0094%	1h	85,796.8	−0.005%	$212K	$3.2M	20x	as long as short
Lighter BTC	+0.0096%	1h	85,849.6	+0.057%	$173.1M	$874.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,844	+0.050%	$23.7M	$121.7M	50x	as long as short
Nado BTC-PERP	+0.0097%	1h	85,781.8	−0.022%	$23.0M	$190.6M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,763	−0.044%	$225K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,811.5	+0.012%	$5.9M	$7.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,819.1	+0.021%	$40.0M	$571.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,840.4	+0.046%	$2.62B	$9.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,770	−0.036%	$3.9M	$14.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,790.3	−0.012%	$4.9M	$91.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,846.4	+0.053%	$713.8M	$100.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,799.9	−0.001%	$38.0M	$194.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,758.6	−0.049%	$155.2M	$472.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,762.7	−0.045%	$289.2M	$737.2M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,763.4	−0.044%	$137.7M	$288.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,786.7	−0.017%	$30.2M	$226.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,839.4	+0.045%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,796	−0.006%	$11.0M	$11.9M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,799.3	−0.002%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,829.4	+0.033%	$143K	$607K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,781.6	−0.023%	$3.3M	$6.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,798.9	−0.002%	$47.0M	$192.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,789.6	−0.013%	—	$79.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,849.6	+0.057%	$112.5M	$4.94B	50x	as long as short
Hyperliquid BTC	+0.0147%	1h	85,917	+0.135%	$3.94B	$4.17B	40x	as long as short
Kalshi KXBTCPERP	+0.0157%	8h	85,808	+0.008%	$11.9M	$735.3M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0170%	1h	85,785	−0.019%	$6.6M	$129.1M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	85,806.2	+0.006%	$9.0M	$35.7M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0202%	1h	85,851.9	+0.059%	$820.4M	$1.50B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0250%	1h	85,780.6	−0.024%	$15.5M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	85,841.6	+0.047%	$690K	$6.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0368%	1h	85,818.8	+0.021%	$79K	$228K	20x	as long as short