Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0043%/8h= +4.7% APRpaid last 24h +0.012%

Price spread now: HTX against Injective+0.282%7-day average −0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs+$14as in the Price arb table

costs, in and out, $10k−$170.171% of the position

Long on Injective Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.022%−$2 on $10k

Price spread, last 4 days (all we have)−0.296%−$30 · spread now +0.282%, 7d avg −0.033%

Together, before fees−0.319%−$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and HTX is 0.315% dearer against Injective than usual: you sell high and buy low: +$31 more if the spread goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	85,247	0.0057	pay 0.0007% / 1h	20m 42s	$338K	$26.8M	52x
Short	HTX BTC-USDT	85,487.4	0.0100	get 0.0100% / 8h	1h 20m	$2.26B	$966.9M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Injective. 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 InjectivebpFee HTXbpOrdersPrice spread, now +0.282%Rate

Funding earned: $8.93
Price spread: +0.282% → −0.033%: $31.47
Slippage, 4 orders: −$5.05
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee HTX: 6 bp × 2 orders: −$12
Net: $23.32
Costs to cover: 0.171%
Break-even: from the start

Slippage from Injective: live order book, 3 min ago; HTX: live order book, 3 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 Injective live order book, 3 min ago	2.40 bp	2.7 bp −$3	11.6 bp −$116	doesn't fit	doesn't fit
Sell HTX live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.8 bp −$678	9.8 bp −$4,885

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	85,446	+0.233%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,485	+0.279%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0041%	8h	85,522.3	+0.323%	$929.3M	$773.4M	125x	as long as short
BloFin BTC-USDT	−0.0025%	8h	85,495.3	+0.291%	$420.7M	$684.5M	150x	as long as short
Aster BTCUSDT	−0.0006%	8h	85,520.6	+0.321%	$513.7M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,539.1	+0.343%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,511.6	+0.310%	$490K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,517.7	+0.318%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,512.3	+0.311%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0039%	1h	85,479	+0.272%	$24.4M	$222.6M	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 PERPlong	+0.0057%	1h	85,247	long leg	$338K	$26.8M	52x
BingX BTC-USDC	+0.0071%	8h	85,508	+0.306%	—	$17.5M	—	as long as short
Popdex BTCUSDT	+0.0088%	1h	85,528	+0.330%	$8.4M	$56.5M	100x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,503	+0.300%	$186.2M	$960.1M	100x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,534.4	+0.337%	$2.97B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0094%	8h	85,525	+0.326%	$5.03B	$5.77B	500x	as long as short
Binance BTCUSDT	+0.0095%	8h	85,525	+0.326%	$9.43B	$24.99B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,540.3	+0.344%	$170.3M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,541.6	+0.346%	$23.6M	$148.3M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,489.5	+0.284%	$2.4M	$6.7M	20x	as long as short
Bybit BTCUSDT	+0.0099%	8h	85,517.2	+0.317%	$5.15B	$9.99B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,507	+0.305%	$243K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,585.3	+0.397%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,578	+0.388%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,550.1	+0.356%	$40.0M	$602.6M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,531.7	+0.334%	$2.60B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,490	+0.285%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,512	+0.311%	$5.2M	$98.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.5	+0.296%	$686.3M	$379.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,529.8	+0.332%	$5.56B	$11.05B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,487.7	+0.282%	$37.4M	$178.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,463.4	+0.254%	$155.5M	$557.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,436.9	+0.223%	$279.9M	$951.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,445.2	+0.232%	$214.5M	$164.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,447.2	+0.235%	$139.7M	$313.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,458.6	+0.248%	$30.1M	$205.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,553.1	+0.359%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,499	+0.296%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,500.9	+0.298%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,493.4	+0.289%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,534.1	+0.337%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,481.6	+0.275%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,489	+0.284%	$59.8M	$336.8M	40x	as long as short
HTX BTC-USDTshort	+0.0100%	8h	85,487.4	+0.282%	$2.26B	$966.9M	200x
Phemex BTCUSDT	+0.0100%	8h	85,490.5	+0.286%	$153.5M	$511.0M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,504.4	+0.302%	$44.9M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,501.3	+0.298%	—	$105.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,525.7	+0.327%	$114.7M	$5.49B	50x	as long as short
Reya BTCRUSDPERP	+0.0131%	1h	85,484	+0.278%	$6.6M	$147.7M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0139%	1h	85,533.4	+0.336%	$861.8M	$1.64B	50x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,519	+0.319%	$11.7M	$741.9M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,515.4	+0.315%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,503	+0.300%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,498.8	+0.295%	$685K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0253%	1h	85,457.7	+0.247%	$79K	$230K	20x	as long as short