Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC+0.0527%/8h= +57.7% APRpaid last 24h +0.003%

Price spread now: Perpl against Hotstuff−0.033%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 Perpl

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 · Perpl: Active · farm boardneeds both histories

Funding pays, the price is against you. Perpl is 0.033% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.033% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 5 hours of funding at the current rate (+$16 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff BTC-PERP	85,647	−0.0080	get 0.0010% / 1h	2m 01s	$8K	$3K	50x
Short	Perpl BTC	85,619.1	0.0447	get 0.0040% / 43m	7m 01s	$511K	$19.9M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.033%Rate

Funding earned: $110.57
Price spread: −0.033% → 0.000%: −$3.26
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $88.51
Costs to cover: 0.188%
Break-even: 1.4 days

Slippage unknown: Hotstuff: no order-book sample; Perpl: 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 Perpl no order-book sample	—	—	—	—	—

Hotstuff and Perpl: 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	−0.036%	$2.1M	$10.5M	40x	as long as short
Hotstuff BTC-PERPlong	−0.0080%	1h	85,647	long leg	$8K	$3K	50x
01 Exchange BTCUSD	−0.0064%	1h	85,598.8	−0.056%	$361K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,643.5	−0.004%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,605.6	−0.048%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,661	+0.016%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0024%	8h	85,573.9	−0.085%	$902.0M	$748.9M	125x	as long as short
Aster BTCUSDT	+0.0024%	8h	85,583.5	−0.074%	$516.0M	$1.12B	200x	as long as short
Nado BTC-PERP	+0.0031%	1h	85,601.9	−0.053%	$22.6M	$225.6M	50x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,623.4	−0.028%	$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	+0.0056%	8h	85,582.2	−0.076%	—	$17.0M	—	as long as short
HTX BTC-USDT	+0.0059%	8h	85,587.6	−0.069%	$2.27B	$933.7M	200x	as long as short
Reya BTCRUSDPERP	+0.0062%	1h	85,594.9	−0.061%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,576	−0.083%	$2.94B	$5.03B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,583.1	−0.075%	$2.5M	$1.7M	20x	as long as short
SunX BTC-USDT	+0.0082%	8h	85,587.4	−0.070%	$2.9M	$6.5M	100x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,586.1	−0.071%	$5.07B	$5.76B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,586.5	−0.071%	$9.33B	$23.97B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,592.8	−0.063%	$170.3M	$996.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,598.7	−0.056%	$23.9M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,599	−0.056%	$8.4M	$51.6M	100x	as long as short
ApeX Omni BTCUSDT	+0.0097%	1h	85,611.5	−0.041%	$140.0M	$317.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,634.3	−0.015%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,568	−0.092%	$205K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,651	+0.005%	$3.76B	$4.92B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,623	−0.028%	$40.2M	$569.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,591	−0.065%	$5.32B	$9.63B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,587.5	−0.069%	$2.56B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,593	−0.063%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,565.2	−0.096%	$7.1M	$96.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,597.7	−0.058%	$5.58B	$10.61B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,582.7	−0.075%	$35.0M	$168.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,602.8	−0.052%	$154.0M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,588.5	−0.068%	$278.4M	$938.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,608.4	−0.045%	$214.9M	$162.9M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,627.7	−0.022%	$30.3M	$210.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,656	+0.010%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,592	−0.064%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,595.6	−0.060%	$187K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,592.6	−0.064%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,631.4	−0.018%	$197K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,589.7	−0.067%	$30.0M	$52.7M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,588	−0.069%	$59.9M	$336.4M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,586.5	−0.071%	$150.4M	$480.0M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,593.2	−0.063%	$605.0M	$283.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,560.7	−0.101%	$44.1M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,605	−0.049%	—	$101.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,625	−0.026%	$130.7M	$5.09B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,608.7	−0.045%	$187.0M	$952.7M	100x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	85,669.3	+0.026%	$682K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0182%	1h	85,626.4	−0.024%	$78K	$219K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0190%	1h	85,635.8	−0.013%	$894.9M	$1.52B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0186%	1h	85,601.1	−0.054%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,623	−0.028%	$10.2M	$765.4M	6.4x	as long as short
Perpl BTCshort	+0.0447%	43m	85,619.1	−0.033%	$511K	$19.9M	6.7x