Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.054%

Price spread now: Orderly against Hotstuff−0.007%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 Orderly

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 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	86,372	−0.0080	get 0.0010% / 1h	33m 43s	$9K	$3K	50x
Short	Orderly PERP_BTC_USDC	86,365.6	0.0100	get 0.0100% / 8h	7h 33m	$2.4M	$8.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.007%Rate

Funding earned: $37.8
Price spread: −0.007% → 0.000%: −$0.74
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: $26.06
Costs to cover: 0.110%
Break-even: 2.2 days

Slippage unknown: Hotstuff: no order-book sample; Orderly: 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Hotstuff and Orderly: 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 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
Bluefin BTC-PERP	−0.0592%	1h	86,398.7	+0.031%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,435	+0.073%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERPlong	−0.0080%	1h	86,372	long leg	$9K	$3K	50x
01 Exchange BTCUSD	−0.0032%	1h	86,366.3	−0.007%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,349.8	−0.026%	$497K	$21.6M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,378.8	+0.008%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0020%	8h	86,366.9	−0.006%	$500.9M	$1.14B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,430	+0.067%	$333K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0027%	1h	86,393.1	+0.024%	$16.9M	$20.5M	50x	as long as short
KuCoin XBTUSDTM	+0.0039%	8h	86,353.6	−0.021%	$830.1M	$721.5M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0044%	1h	86,359.1	−0.015%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0050%	8h	86,366.2	−0.007%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,364.7	−0.008%	$8.3M	$42.5M	25x	as long as short
Bitget BTCUSDT	+0.0062%	8h	86,361.2	−0.013%	$2.97B	$5.04B	150x	as long as short
Phemex BTCUSDT	+0.0068%	8h	86,368.5	−0.004%	$153.9M	$473.9M	150x	as long as short
MEXC BTC_USDT	+0.0077%	8h	86,377.3	+0.006%	$5.12B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0077%	8h	86,376.7	+0.005%	$9.40B	$24.30B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,352.1	−0.023%	$2.5M	$1.7M	20x	as long as short
HTX BTC-USDT	+0.0081%	8h	86,345.2	−0.031%	$2.29B	$964.6M	200x	as long as short
Lighter BTC	+0.0096%	1h	86,387.3	+0.018%	$170.5M	$985.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,378.9	+0.008%	$23.7M	$149.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,360	−0.014%	$8.4M	$52.0M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	86,368	−0.005%	$60.4M	$338.2M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,335	−0.043%	$202K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,374.8	+0.003%	$4.3M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,343.7	−0.033%	$22.0M	$228.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,435	+0.073%	$3.79B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,406.1	+0.040%	$40.7M	$551.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,386.6	+0.017%	$5.25B	$9.67B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,383.7	+0.014%	$2.56B	$12.49B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,362	−0.012%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,386.1	+0.016%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,348	−0.028%	$573.1M	$19.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,350.2	−0.025%	$5.81B	$10.53B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,368	−0.005%	$37.6M	$156.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,400.1	+0.032%	$158.2M	$561.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,397.1	+0.029%	$279.1M	$950.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,397.9	+0.030%	$217.0M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,397.4	+0.029%	$141.7M	$321.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,338	−0.039%	$30.6M	$209.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,400.2	+0.033%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,360	−0.014%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,360.7	−0.013%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	86,365.6	−0.007%	$2.4M	$8.9M	100x
Derive BTC-PERP	+0.0100%	1h	86,397.6	+0.030%	$30.5M	$58.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,355	−0.020%	$3.4M	$5.2M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,333.4	−0.045%	$45.9M	$222.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,375.6	+0.004%	—	$98.7M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0104%	1h	86,413.3	+0.048%	$903.1M	$1.51B	50x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,413.3	+0.048%	$132.1M	$5.42B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,402.9	+0.036%	$192.2M	$941.5M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,449.8	+0.090%	$711K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	86,403.2	+0.036%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0198%	8h	86,325.6	−0.054%	$415.6M	$646.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0218%	1h	86,374.6	+0.003%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	86,387	+0.017%	$10.0M	$762.2M	6.4x	as long as short