Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0007%/8h= −0.8% APRpaid last 24h −0.028%

Price spread now: HTX against Hyperliquid−0.038%7-day average −0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$220.223% of the position

Long on Hyperliquid Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.085%−$8 on $10k

Price spread, last 4 days (all we have)−0.237%−$24 · spread now −0.038%, 7d avg −0.090%

Together, before fees−0.322%+ Points / potential airdropHyperliquid: Season 2 · farm board−$32 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: HTX is 0.052% dearer against Hyperliquid than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.090%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BTC	85,866	0.0100	pay 0.0013% / 1h	9m 37s	$3.75B	$4.96B	40x
Short	HTX BTC-USDT	85,833.6	0.0093	get 0.0093% / 8h	5h 09m	$2.27B	$936.0M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Hyperliquid. 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 HyperliquidbpFee HTXbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$1.55
Price spread: −0.038% → −0.090%: $5.22
Slippage, 4 orders: −$1.31
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee HTX: 6 bp × 2 orders: −$12
Net: −$18.64
Costs to cover: 0.223%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; HTX: live order book, 5 min ago.

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 Hyperliquid live order book, 5 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.6 bp −$459	doesn't fit
Sell HTX live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.5 bp −$65	8.0 bp −$800	10.6 bp −$5,283

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	−0.0589%	1h	85,861.4	−0.005%	$197K	$721K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,728	−0.161%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,804	−0.072%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,787.2	−0.092%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,822.6	−0.051%	$418.0M	$666.5M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,787.9	−0.091%	$16.7M	$21.2M	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	85,758.5	−0.125%	$919.8M	$751.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,832.4	−0.039%	$36.7M	—	200x	as long as short
Nado BTC-PERP	+0.0012%	1h	85,842.5	−0.027%	$22.7M	$219.5M	50x	as long as short
Aster BTCUSDT	+0.0020%	8h	85,795.8	−0.082%	$516.9M	$1.10B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0057%	8h	85,776.9	−0.104%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0072%	8h	85,777.5	−0.103%	$2.96B	$5.01B	150x	as long as short
Phemex BTCUSDT	+0.0073%	8h	85,835.7	−0.035%	$149.3M	$479.8M	150x	as long as short
Reya BTCRUSDPERP	+0.0073%	1h	85,817.5	−0.056%	$6.7M	$146.5M	40x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	−0.069%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,821.8	−0.051%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,771.6	−0.110%	$5.08B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,774	−0.107%	$9.36B	$23.88B	150x	as long as short
HTX BTC-USDTshort	+0.0093%	8h	85,833.6	−0.038%	$2.27B	$936.0M	200x
SoDEX BTC-USD	+0.0096%	1h	85,830	−0.042%	$60.1M	$336.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,785.9	−0.093%	$174.7M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,786.5	−0.093%	$23.9M	$149.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,790	−0.089%	$8.4M	$52.3M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,814.6	−0.060%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,762	−0.121%	$197K	$7.8M	50x	as long as short
Hyperliquid BTClong	+0.0100%	1h	85,866	long leg	$3.75B	$4.96B	40x
Pacifica BTC	+0.0100%	1h	85,809.4	−0.066%	$40.2M	$576.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,792.2	−0.086%	$5.34B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,795.2	−0.082%	$2.58B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,760	−0.123%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,757.9	−0.126%	$6.8M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,800.8	−0.076%	$635.6M	$478.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,784.6	−0.095%	$5.56B	$10.56B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,820.6	−0.053%	$35.3M	$172.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,777.2	−0.103%	$157.4M	$555.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,749.7	−0.135%	$280.1M	$916.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,776.3	−0.104%	$215.4M	$165.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,774.1	−0.107%	$140.3M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,793.6	−0.084%	$30.3M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,874.5	+0.010%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,832	−0.040%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,830.5	−0.041%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,815.5	−0.059%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,819.1	−0.055%	$30.1M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,819.1	−0.055%	$2.9M	$6.1M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,759.5	−0.124%	$44.3M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,853.5	−0.015%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,868	+0.002%	$125.9M	$5.11B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,809.8	−0.065%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,865.1	−0.001%	$189.5M	$952.9M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0172%	1h	85,879.4	+0.016%	$891.4M	$1.53B	50x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,840.9	−0.029%	$704K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,831.6	−0.040%	$13.6M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0203%	1h	85,809.3	−0.066%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0219%	8h	85,866	0.000%	$10.7M	$758.3M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,848.1	−0.021%	$503K	$19.3M	6.7x	as long as short