Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0076%/8h= +8.3% APRpaid last 24h +0.047%

Price spread now: Hibachi against HTX+0.035%7-day average +0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs+$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$210.212% of the position

Long on HTX Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.372%+$37 on $10k

Price spread, last 3 days (all we have)+0.045%+$4 · spread now +0.035%, 7d avg +0.057%

Together, before fees+0.417%+ Points / potential airdropHibachi: Active · farm board+$42 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hibachi is 0.022% cheaper against HTX than usual: you would sell low and buy high (spread +0.035% now, against its 7-day average of +0.057%). If the spread goes back, that is −$2 on $10k: about 23 hours of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.372% in total) that is about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX BTC-USDT	86,645.5	0.0100	pay 0.0100% / 8h	43m 44s	$2.30B	$970.3M	200x
Short	Hibachi BTC/USDT-P	86,675.6	0.0176	get 0.0022% / 1h	43m 44s	$729K	$8.1M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against HTX. 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 HTXbpFee HibachibpOrdersPrice spread, now +0.035%Rate

Funding earned: $15.96
Price spread: +0.035% → +0.057%: −$2.19
Slippage, 4 orders: −$0.23
Fee HTX: 6 bp × 2 orders: −$12
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$7.46
Costs to cover: 0.212%
Break-even: 10.3 days

Slippage from HTX: live order book, 5 min ago; Hibachi: live order book, just now.

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 HTX live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.4 bp −$744	10.6 bp −$5,315
Sell Hibachi live order book, just now	0.01 bp	4.7 bp −$5	4.8 bp −$48	44.8 bp −$4,483	doesn't fit

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
Phoenix BTC	−0.0118%	1h	86,580	−0.076%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,609	−0.042%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	−0.089%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,628.6	−0.020%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,647.7	+0.003%	$361K	$2.5M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,689.7	+0.051%	$916.3M	$1.49B	50x	as long as short
Aster BTCUSDT	+0.0001%	8h	86,641.6	−0.004%	$502.7M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,670.2	+0.029%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	86,610.4	−0.041%	$851.6M	$714.9M	125x	as long as short
Reya BTCRUSDPERP	+0.0026%	1h	86,658.5	+0.015%	$6.7M	$145.4M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BTC-USD	+0.0027%	1h	86,674.3	+0.033%	$17.0M	$21.1M	50x	as long as short
Phemex BTCUSDT	+0.0040%	8h	86,659.4	+0.016%	$150.6M	$479.8M	150x	as long as short
BingX BTC-USDT	+0.0042%	8h	86,603.5	−0.048%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,597.4	−0.056%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0072%	8h	86,615.2	−0.035%	$5.15B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,670.2	+0.028%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0073%	8h	86,619.7	−0.030%	$9.44B	$24.57B	150x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,639.1	−0.007%	$5.88B	$10.73B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,630.5	−0.017%	$170.6M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,640.4	−0.006%	$24.1M	$151.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,636	−0.011%	$8.5M	$52.5M	100x	as long as short
SoDEX BTC-USD	+0.0099%	1h	86,651	+0.006%	$60.6M	$337.7M	40x	as long as short
Nado BTC-PERP	+0.0099%	1h	86,608.1	−0.043%	$21.8M	$234.7M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,619	−0.031%	$201K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,653.2	+0.009%	$4.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,700	+0.063%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,657.1	+0.013%	$40.9M	$524.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,621.4	−0.028%	$5.27B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,607.6	−0.044%	$2.55B	$12.77B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,608	−0.043%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,641.8	−0.004%	$7.6M	$95.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	−0.098%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,657.9	+0.014%	$38.5M	$156.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,628.8	−0.019%	$157.3M	$569.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,501.6	−0.166%	$279.5M	$946.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,516.2	−0.149%	$217.3M	$172.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,581.8	−0.074%	$141.4M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,640.9	−0.005%	$30.7M	$204.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,692.1	+0.054%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,649	+0.004%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,649.8	+0.005%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,652	+0.008%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,684.8	+0.045%	$141K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,684.8	+0.045%	$30.6M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,634.9	−0.012%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDTlong	+0.0100%	8h	86,645.5	long leg	$2.30B	$970.3M	200x
Extended BTC-USD	+0.0104%	1h	86,587.3	−0.067%	$45.5M	$227.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,672.7	+0.031%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,680.5	+0.040%	$193.8M	$951.6M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,628.8	−0.019%	$419K	$23.2M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,698.3	+0.061%	$132.9M	$5.69B	50x	as long as short
Aftermath Perps BTCUSD	+0.0115%	1h	86,619.2	−0.030%	$79K	$219K	20x	as long as short
Hibachi BTC/USDT-Pshort	+0.0176%	1h	86,675.6	+0.035%	$729K	$8.1M	30x
GMX BTC/USD [WBTC.b-USDC]	L +0.0192% / S −0.0216%	1h	86,665.6	+0.023%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0193%	8h	86,638.8	−0.008%	$414.6M	$659.2M	150x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,670	+0.028%	$9.7M	$743.0M	6.4x	as long as short