Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.046%

Price spread now: HTX against Hotstuff−0.011%7-day average — · you buy dearer than you sell

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

Long on Hotstuff Short on HTX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff BTC-PERP	85,410	−0.0080	get 0.0010% / 1h	10m 49s	$8K	$3K	50x
Short	HTX BTC-USDT	85,400.8	0.0100	get 0.0100% / 8h	1h 10m	$2.26B	$962.5M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Hotstuff. 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 HotstuffbpFee HTXbpOrdersPrice spread, now −0.011%Rate

Funding earned: $37.8
Price spread: −0.011% → 0.000%: −$1.08
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee HTX: 6 bp × 2 orders: −$12
Net: $19.72
Costs to cover: 0.170%
Break-even: 3.3 days

Slippage unknown: Hotstuff: no order-book sample; HTX: live order book, 3 min ago. 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 Hotstuff no order-book sample	—	—	—	—	—
Sell HTX live order book, 3 min ago	0.01 bp	6.2 bp −$6	6.6 bp −$66	7.5 bp −$746	9.8 bp −$4,890

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	−0.0082%	1h	85,504	+0.110%	$2.3M	$10.4M	40x	as long as short
Hotstuff BTC-PERPlong	−0.0080%	1h	85,410	long leg	$8K	$3K	50x
KuCoin XBTUSDTM	−0.0036%	8h	85,411.5	+0.002%	$929.1M	$772.9M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,404.7	−0.006%	$420.0M	$679.6M	150x	as long as short
Aster BTCUSDT	−0.0003%	8h	85,418.9	+0.010%	$512.9M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,422.9	+0.015%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,439.9	+0.035%	$491K	$18.4M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,430.8	+0.024%	$16.7M	$21.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,462.1	+0.061%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0046%	1h	85,413.3	+0.004%	$24.1M	$220.1M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.191%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0073%	8h	85,424.6	+0.017%	—	$1.57B	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,426.4	+0.019%	$186.1M	$953.1M	100x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,449.1	+0.046%	$2.97B	$5.15B	150x	as long as short
Bybit BTCUSDT	+0.0095%	8h	85,420	+0.012%	$5.14B	$9.96B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,424.4	+0.017%	$169.8M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,423.9	+0.016%	$23.6M	$148.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,442	+0.037%	$8.6M	$56.8M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,398.9	−0.013%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0098%	8h	85,410	0.000%	$5.03B	$5.78B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,422.7	+0.015%	$9.43B	$24.87B	150x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,404	−0.007%	$59.8M	$336.7M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,388	−0.026%	$245K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,474.7	+0.076%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,518	+0.126%	$3.75B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,449.4	+0.046%	$40.1M	$603.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,448.7	+0.045%	$2.60B	$12.19B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,433	+0.027%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,413.7	+0.004%	$5.1M	$96.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,424.6	+0.017%	$5.56B	$11.08B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,396.2	−0.016%	$37.5M	$180.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,384.3	−0.030%	$156.3M	$556.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,427.5	+0.021%	$279.9M	$952.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,456.8	+0.055%	$214.5M	$164.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,446.3	+0.042%	$139.7M	$313.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,465.9	+0.065%	$30.1M	$206.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,467.2	+0.067%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,409	−0.001%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,402	−0.009%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,405.9	−0.005%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,444.1	+0.040%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,438.7	+0.034%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDTshort	+0.0100%	8h	85,400.8	−0.011%	$2.26B	$962.5M	200x
Phemex BTCUSDT	+0.0100%	8h	85,418.8	+0.010%	$155.0M	$511.9M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,413.1	+0.004%	$689.0M	$342.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,380.2	−0.035%	$44.9M	$239.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,429.6	+0.023%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,443	+0.039%	$112.8M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0133%	1h	85,395.8	−0.017%	$6.6M	$147.7M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0150%	1h	85,423	+0.015%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0178%	8h	85,441	+0.036%	$11.8M	$739.8M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0179%	1h	85,458.1	+0.056%	$858.1M	$1.63B	50x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,432.6	+0.027%	$8.8M	$42.7M	25x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,466.8	+0.066%	$686K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0262%	1h	85,467.1	+0.067%	$79K	$238K	20x	as long as short