Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: HTX against Bulk−0.003%7-day average −0.016% · 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−$18as in the Price arb table

costs, in and out, $10k−$190.190% of the position

Long on Bulk Short on HTX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.039%−$4 on $10k

Price spread, last 4 days (all we have)−0.057%−$6 · spread now −0.003%, 7d avg −0.016%

Together, before fees−0.096%−$10 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	85,429	0.0100	pay 0.0013% / 1h	50m 18s	$679.8M	$655.7M	40x
Short	HTX BTC-USDT	85,426.3	0.0100	get 0.0100% / 8h	2h 50m	$2.26B	$952.3M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Bulk. 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 BulkbpFee HTXbpOrdersPrice spread, now −0.003%Rate

Funding earned: $0
Price spread: −0.003% → −0.016%: $1.27
Slippage, 4 orders: −$0.04
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$17.77
Costs to cover: 0.190%
Break-even: never at this rate

Slippage from Bulk: 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 Bulk live order book, 4 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.6 bp −$365	4.7 bp −$2,350
Sell HTX live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.4 bp −$642	10.0 bp −$4,987

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	−0.0111%	1h	85,404	−0.029%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,484	+0.064%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,461.7	+0.038%	$921.3M	$760.6M	125x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,478.3	+0.058%	$381K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,477.4	+0.057%	$421.3M	$677.4M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,428.7	0.000%	$514.0M	$1.10B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,452.6	+0.028%	$16.8M	$21.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,475.6	+0.055%	$533K	$18.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,475.8	+0.055%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0012%	1h	85,464.9	+0.042%	$24.7M	$223.7M	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	+0.0023%	1h	85,449	+0.023%	$339K	$26.8M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,442.4	+0.016%	$187.7M	$954.6M	100x	as long as short
ApeX Omni BTCUSDT	+0.0060%	1h	85,397.6	−0.037%	$139.6M	$315.6M	100x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,449.2	+0.024%	—	$17.3M	—	as long as short
Bullet BTC-USD	+0.0068%	1h	85,460	+0.036%	$204K	$3.3M	20x	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,438.9	+0.012%	$149.5M	$500.4M	150x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,448.2	+0.022%	$2.95B	$5.15B	150x	as long as short
SoDEX BTC-USD	+0.0087%	1h	85,418	−0.013%	$59.9M	$335.9M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,440.2	+0.013%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,427.8	−0.001%	$5.08B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,429.4	0.000%	$9.44B	$24.71B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,442.1	+0.015%	$171.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,438	+0.011%	$23.9M	$147.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,477	+0.056%	$8.4M	$55.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,460	+0.036%	$117.2M	$5.31B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,451	+0.026%	$239K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,524.7	+0.112%	$5.6M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,555	+0.147%	$3.79B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,505.2	+0.089%	$40.1M	$593.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,427.7	−0.002%	$5.18B	$9.89B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,436.7	+0.009%	$2.59B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,466	+0.043%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,475.7	+0.055%	$4.7M	$99.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,471	+0.049%	$5.55B	$10.80B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,463.5	+0.040%	$36.6M	$175.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453.4	+0.029%	$154.3M	$564.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,371.3	−0.068%	$279.2M	$937.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,404.6	−0.029%	$214.6M	$169.0M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,465.9	+0.043%	$30.1M	$206.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,533.4	+0.122%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,470	+0.048%	$11.1M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,443.8	+0.017%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,490.5	+0.072%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,427.2	−0.002%	$30.0M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,448.1	+0.022%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDTshort	+0.0100%	8h	85,426.3	−0.003%	$2.26B	$952.3M	200x
Bulk BTC-USDlong	+0.0100%	1h	85,429	long leg	$679.8M	$655.7M	40x
Extended BTC-USD	+0.0104%	1h	85,416.1	−0.015%	$45.8M	$236.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,479.8	+0.059%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0109%	1h	85,464.3	+0.041%	$6.6M	$147.3M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0149%	1h	85,476.2	+0.055%	$872.2M	$1.60B	50x	as long as short
Kalshi KXBTCPERP	+0.0174%	8h	85,501	+0.084%	$11.4M	$750.1M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,473.9	+0.053%	$13.0M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0237%	1h	85,451.1	+0.026%	$78K	$225K	20x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,486.9	+0.068%	$695K	$7.9M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,503.5	+0.087%	$8.8M	$43.1M	25x	as long as short