Funding arb · Price arb /

NET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0668%/8h= −73.2% APRpaid last 24h −0.005%

Price spread now: tradeXYZ against HTX−0.040%7-day average −0.124% · you buy dearer than you sell

Net, funding: paid 7d − costs−$678as in the Funding arb table

Net, price: spread back to 7d avg − costs−$711as in the Price arb table

costs, in and out, $10k−$7197.192% of the position

Long on HTX Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.412%+$41 on $10k

Price spread, last 4 days (all we have)−0.162%−$16 · spread now −0.040%, 7d avg −0.124%

Together, before fees+0.251%+ Points / potential airdroptradeXYZ: Active · farm board+$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. tradeXYZ is 0.084% dearer against HTX than usual: you sell high and buy low (spread −0.040% now, against its 7-day average of −0.124%): +$8 on $10k if it goes back. Holding the pair costs −$20 a day in funding at the current rate, which eats that in about 10 hours. Mind the row above: over the last 7 days funding on this pair paid +0.412%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.412% in total (about 21.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX NET-USDT	352.56	0	get 0.0000% / 8h	4h 46m	$9K	$355K	20x
Short	tradeXYZ xyz:NET	352.42	−0.0668	pay 0.0084% / 1h	46m 43s	$383K	$193K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.040%Rate

Funding earned: −$140.29
Price spread: −0.040% → −0.124%: $8.42
Slippage, 4 orders: −$689.15
Fee HTX: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$851.03
Costs to cover: 7.192%
Break-even: never at this rate

Slippage from HTX: live order book, 59 min ago; tradeXYZ: live order book, 53 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, 59 min ago	40.66 bp	295.9 bp −$296	doesn't fit	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 53 min ago	12.35 bp	50.0 bp −$50	76.1 bp −$761	doesn't fit	doesn't fit

NET on 10 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
Paragon para:NET	−0.0679%	1h	353.15	+0.167%	$202K	$55K	10x	as long as short
tradeXYZ xyz:NETshort	−0.0668%	1h	352.42	−0.040%	$383K	$193K	10x
Binance NETUSDT	0.0000%	8h	352.31	−0.071%	$366K	$809K	20x	as long as short
Bybit NETUSDT	0.0000%	8h	351.87	−0.196%	$389K	$109K	25x	as long as short
OKX NET-USDT-SWAP	0.0000%	8h	352.21	−0.099%	$174K	$96K	20x	as long as short
Gate NET_USDT	0.0000%	8h	352.00	−0.159%	$39K	$4K	20x	as long as short
Bitget NETUSDT	0.0000%	8h	352.36	−0.057%	$223K	$628K	20x	as long as short
HTX NET-USDTlong	0.0000%	8h	352.56	long leg	$9K	$355K	20x
Phoenix NET	+0.0068%	1h	353.21	+0.184%	$166	$71K	10x	as long as short
edgeX NETUSDC	+0.0421%	4h	352.20	−0.102%	$37K	$336K	10x	as long as short