Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.033%

Price spread now: Hotstuff against edgeX−0.081%58s7-day average — · you buy dearer than you sell

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

Long on edgeX Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropedgeX: Active · Hotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Hotstuff is 0.081% cheaper against edgeX than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX BTCUSDC	85,613.3	0.0100	pay 0.0050% / 4h	2h 00m	$278.5M	$939.4M	100x
Short	Hotstuff BTC-PERP	85,544	−0.0080	pay 0.0010% / 1h	0m 15s	$8K	$3K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against edgeX. 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 edgeXbpFee HotstuffbpOrdersPrice spread, now −0.081%Rate

Funding earned: −$37.8
Price spread: −0.081% → 0.000%: −$8.09
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$59.89
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 4 min ago; Hotstuff: no order-book sample. 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 edgeX live order book, 4 min ago	0.02 bp	4.5 bp −$5	4.5 bp −$45	4.6 bp −$462	5.8 bp −$2,899
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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 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	−0.0144%	1h	85,616	+0.003%	$2.1M	$10.5M	40x	as long as short
Hotstuff BTC-PERPshort	−0.0080%	1h	85,544	−0.081%	$8K	$3K	50x
01 Exchange BTCUSD	−0.0064%	1h	85,525.9	−0.102%	$362K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,582.9	−0.036%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,526	−0.102%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,661	+0.056%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0022%	8h	85,515.6	−0.114%	$515.5M	$1.12B	200x	as long as short
KuCoin XBTUSDTM	+0.0023%	8h	85,500.2	−0.132%	$901.3M	$748.9M	125x	as long as short
Nado BTC-PERP	+0.0031%	1h	85,534.9	−0.091%	$22.6M	$224.9M	50x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,554.4	−0.069%	$8.4M	$42.2M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0055%	8h	85,507.4	−0.124%	—	$17.0M	—	as long as short
HTX BTC-USDT	+0.0056%	8h	85,507.8	−0.123%	$2.27B	$932.8M	200x	as long as short
Reya BTCRUSDPERP	+0.0062%	1h	85,504.5	−0.127%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,510	−0.121%	$2.94B	$5.02B	150x	as long as short
SunX BTC-USDT	+0.0077%	8h	85,507.9	−0.123%	$2.9M	$6.5M	100x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,507.4	−0.124%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,510.8	−0.120%	$5.07B	$5.77B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,510	−0.121%	$9.32B	$23.93B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,515.6	−0.114%	$170.2M	$997.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,518.2	−0.111%	$23.9M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,527	−0.101%	$8.4M	$51.6M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,575.4	−0.044%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,505	−0.126%	$204K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,593.6	−0.023%	$3.76B	$4.92B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,565.3	−0.056%	$40.2M	$569.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,513.6	−0.116%	$5.32B	$9.61B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,519.9	−0.109%	$2.56B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,539	−0.087%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,500	−0.132%	$7.1M	$96.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,522.1	−0.107%	$5.58B	$10.62B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,506.8	−0.124%	$35.0M	$168.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,545	−0.080%	$154.0M	$554.0M	—	as long as short
edgeX BTCUSDClong	+0.0100%	4h	85,613.3	long leg	$278.5M	$939.4M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	85,624	+0.013%	$214.9M	$162.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,624.5	+0.013%	$140.0M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,623.8	+0.012%	$30.3M	$210.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,588	−0.030%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,521	−0.108%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,517.3	−0.112%	$187K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,517.8	−0.112%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,554.9	−0.068%	$197K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,513.6	−0.116%	$30.0M	$52.7M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,511	−0.119%	$59.9M	$336.4M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,513.7	−0.116%	$150.0M	$479.6M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,593.2	−0.023%	$605.0M	$283.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,490.1	−0.144%	$44.1M	$227.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,569.3	−0.051%	—	$101.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,549.1	−0.075%	$130.4M	$5.07B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,535.4	−0.091%	$186.9M	$951.9M	100x	as long as short
Aftermath Perps BTCUSD	+0.0184%	1h	85,607.4	−0.007%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	85,631.9	+0.022%	$682K	$7.8M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0201%	1h	85,564.2	−0.057%	$894.9M	$1.52B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0186%	1h	85,522.8	−0.106%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,560	−0.062%	$10.2M	$765.0M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,574.3	−0.046%	$511K	$19.9M	6.7x	as long as short