Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.017%

Price spread now: HTX against Coinbase International−0.046%7-day average −0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$220.220% of the position

Long on Coinbase International Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.032%−$3 on $10k

Price spread, last 4 days (all we have)−0.029%−$3 · spread now −0.046%, 7d avg −0.057%

Together, before fees−0.061%−$6 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	85,541	0.0104	pay 0.0013% / 1h	18m 38s	$114.2M	$5.50B	50x
Short	HTX BTC-USDT	85,501.6	0.0100	get 0.0100% / 8h	1h 18m	$2.26B	$966.6M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Coinbase International. 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 Coinbase InternationalbpFee HTXbpOrdersPrice spread, now −0.046%Rate

Funding earned: −$0.84
Price spread: −0.046% → −0.057%: $1.12
Slippage, 4 orders: −$0.02
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$21.74
Costs to cover: 0.220%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 6 min ago; HTX: live order book, 6 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 Coinbase International live order book, 6 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$508	10.2 bp −$5,112
Sell HTX live order book, 6 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.8 bp −$678	9.8 bp −$4,885

BTC on 55 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	−0.0082%	1h	85,504	−0.043%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,513	−0.033%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0039%	8h	85,523.5	−0.020%	$929.3M	$774.9M	125x	as long as short
BloFin BTC-USDT	−0.0025%	8h	85,504.7	−0.042%	$420.7M	$682.8M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,515.5	−0.030%	$513.6M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,532.7	−0.010%	$349K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,515.7	−0.030%	$490K	$18.4M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,517.7	−0.027%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,512.3	−0.034%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0039%	1h	85,511.4	−0.035%	$24.3M	$222.6M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex BTCUSDT	+0.0048%	1h	85,522	−0.022%	$8.4M	$56.6M	100x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.344%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0072%	8h	85,525.8	−0.018%	—	$1.57B	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,518.5	−0.026%	$186.3M	$960.0M	100x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,526.9	−0.016%	$2.97B	$5.18B	150x	as long as short
MEXC BTC_USDT	+0.0095%	8h	85,527.1	−0.016%	$5.03B	$5.77B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,533.2	−0.009%	$170.3M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,537.8	−0.004%	$23.6M	$148.3M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,500.4	−0.047%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,521.6	−0.023%	$9.43B	$24.98B	150x	as long as short
Bybit BTCUSDT	+0.0099%	8h	85,518.8	−0.026%	$5.15B	$10.00B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,507	−0.040%	$242K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,577.3	+0.042%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,603	+0.072%	$3.75B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,551.3	+0.012%	$40.1M	$603.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,527.2	−0.016%	$2.60B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,535	−0.007%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,509.7	−0.037%	$5.1M	$97.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.5	−0.049%	$686.3M	$379.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,529.1	−0.014%	$5.57B	$11.06B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,492.5	−0.057%	$37.3M	$179.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,463.4	−0.091%	$155.5M	$557.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,436.9	−0.122%	$279.9M	$951.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,445.2	−0.112%	$214.5M	$164.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,499.2	−0.049%	$139.8M	$313.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,485	−0.065%	$30.1M	$205.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,590.7	+0.058%	—	$10.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,533	−0.009%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,519	−0.026%	$201K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,504.9	−0.042%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,546	+0.006%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,500.4	−0.047%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,503	−0.044%	$59.8M	$336.8M	40x	as long as short
HTX BTC-USDTshort	+0.0100%	8h	85,501.6	−0.046%	$2.26B	$966.6M	200x
Phemex BTCUSDT	+0.0100%	8h	85,506.9	−0.040%	$154.0M	$511.7M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,505.8	−0.041%	$44.9M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,533.7	−0.009%	—	$105.6M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0104%	1h	85,541	long leg	$114.2M	$5.50B	50x
Deribit BTC-PERPETUAL	+0.0113%	1h	85,547.9	+0.008%	$861.3M	$1.63B	50x	as long as short
Reya BTCRUSDPERP	+0.0131%	1h	85,517.7	−0.027%	$6.6M	$147.7M	40x	as long as short
Kalshi KXBTCPERP	+0.0184%	8h	85,542	+0.001%	$11.9M	$742.2M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,548	+0.008%	$8.8M	$42.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,522.2	−0.022%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,559.9	+0.022%	$685K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0249%	1h	85,480.5	−0.071%	$79K	$230K	20x	as long as short