Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0351%/8h= −38.4% APRpaid last 24h −0.010%

Price spread now: HTX against Aftermath Perps−0.070%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$310.310% of the position

Long on Aftermath Perps Short on HTX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.084%−$8 on $10k

Price spread, last 4 days (all we have)−0.061%−$6 · spread now −0.070%, 7d avg −0.039%

Together, before fees−0.145%−$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and HTX is 0.031% cheaper against Aftermath Perps than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.039%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.084% in total (about -8.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps BTCUSD	86,136.8	0.0447	pay 0.0056% / 1h	51m 09s	$79K	$245K	20x
Short	HTX BTC-USDT	86,076.7	0.0096	get 0.0096% / 8h	5h 51m	$2.27B	$803.3M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Aftermath Perps. 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 Aftermath PerpsbpFee HTXbpOrdersPrice spread, now −0.070%Rate

Funding earned: −$73.66
Price spread: −0.070% → −0.039%: −$3.12
Slippage, 4 orders: −$9.99
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee HTX: 6 bp × 2 orders: −$12
Net: −$107.77
Costs to cover: 0.310%
Break-even: never at this rate

Slippage from Aftermath Perps: live order book, 61 min ago; HTX: live order book, 1 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 Aftermath Perps live order book, 61 min ago	2.87 bp	9.5 bp −$9	10.9 bp −$109	doesn't fit	doesn't fit
Sell HTX live order book, 1 min ago	0.01 bp	6.0 bp −$6	6.2 bp −$62	7.3 bp −$728	10.3 bp −$5,161

BTC on 55 exchanges

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	−0.0133%	1h	86,126	−0.013%	$2.1M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,197	+0.070%	$8K	$2K	50x	as long as short
ApeX Omni BTCUSDT	−0.0035%	1h	86,094.8	−0.049%	$137.6M	$295.3M	100x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,088.7	−0.056%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0021%	8h	86,096.4	−0.047%	$421.4M	$564.3M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	86,107.7	−0.034%	$16.9M	$14.5M	50x	as long as short
Perpl BTC	0.0000%	43m	86,108.2	−0.033%	$481K	$13.8M	6.7x	as long as short
SoDEX BTC-USD	+0.0001%	1h	86,092	−0.052%	$65.9M	$187.9M	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,111.6	−0.029%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,214	+0.090%	$301K	$26.1M	52x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0028%	8h	86,088.7	−0.056%	$513.2M	$875.0M	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,109.2	−0.032%	$191.4M	$770.0M	100x	as long as short
BingX BTC-USDT	+0.0030%	8h	86,111.2	−0.030%	—	$1.33B	—	as long as short
Bybit BTCUSDT	+0.0036%	8h	86,114.7	−0.026%	$5.15B	$8.13B	150x	as long as short
KuCoin XBTUSDTM	+0.0054%	8h	86,090.5	−0.054%	$943.1M	$634.5M	125x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,113.5	−0.027%	$5.52B	$8.89B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,093	−0.051%	$8.8M	$45.3M	100x	as long as short
Phemex BTCUSDT	+0.0091%	8h	86,088.8	−0.056%	$170.7M	$479.0M	150x	as long as short
Bitget BTCUSDT	+0.0094%	8h	86,107.5	−0.034%	$2.99B	$3.97B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,106	−0.036%	$173.9M	$853.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,115.2	−0.025%	$23.4M	$119.0M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,068.6	−0.079%	$2.4M	$6.7M	20x	as long as short
HTX BTC-USDTshort	+0.0096%	8h	86,076.7	−0.070%	$2.27B	$803.3M	200x
MEXC BTC_USDT	+0.0099%	8h	86,103.4	−0.039%	$5.17B	$4.82B	500x	as long as short
Binance BTCUSDT	+0.0099%	8h	86,096.5	−0.047%	$9.46B	$20.56B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,063	−0.086%	$219K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,119	−0.021%	$6.0M	$7.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,064.7	−0.084%	$23.5M	$195.9M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,107.2	−0.034%	$40.4M	$570.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,118.8	−0.021%	$2.62B	$9.50B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,076	−0.071%	$4.0M	$15.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,120.7	−0.019%	$4.2M	$90.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	+0.038%	$716.4M	$134.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,095.3	−0.048%	$38.2M	$196.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,125.5	−0.013%	$158.0M	$474.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,081.5	−0.064%	$289.8M	$813.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,097	−0.046%	$216.3M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,060.1	−0.089%	$30.3M	$223.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,142.5	+0.007%	—	$9.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,094	−0.050%	$11.0M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,092.8	−0.051%	$205K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,081	−0.065%	$2.7M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,128.5	−0.010%	$195K	$564K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,095.7	−0.048%	$3.2M	$6.6M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,061	−0.088%	$47.0M	$202.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,103.2	−0.039%	—	$81.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,141.1	+0.005%	$112.2M	$4.98B	50x	as long as short
Kalshi KXBTCPERP	+0.0159%	8h	86,111	−0.030%	$12.0M	$733.4M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0163%	1h	86,077.4	−0.069%	$6.6M	$131.1M	40x	as long as short
Hyperliquid BTC	+0.0166%	1h	86,200	+0.073%	$3.97B	$4.36B	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,112.5	−0.028%	$8.9M	$37.1M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0251%	1h	86,101.2	−0.041%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0282%	1h	86,151.4	+0.017%	$822.7M	$1.50B	50x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	86,133	−0.004%	$726K	$7.0M	30x	as long as short
Aftermath Perps BTCUSDlong	+0.0447%	1h	86,136.8	long leg	$79K	$245K	20x