Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.002%

Price spread now: HTX against Backpack+0.018%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$220.220% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.104%+$10 on $10k

Price spread, last 4 days (all we have)−0.023%−$2 · spread now +0.018%, 7d avg +0.012%

Together, before fees+0.081%+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.012%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.104%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,959.9	0.0100	pay 0.0013% / 1h	8m 00s	$39.3M	$200.8M	75x
Short	HTX BTC-USDT	85,975	0.0080	get 0.0080% / 8h	4h 08m	$2.27B	$736.1M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Backpack. 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 BackpackbpFee HTXbpOrdersPrice spread, now +0.018%Rate

Funding earned: −$4.24
Price spread: +0.018% → +0.012%: $0.56
Slippage, 4 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$25.7
Costs to cover: 0.220%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; HTX: live order book, 4 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 Backpack live order book, 4 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	9.9 bp −$986	doesn't fit
Sell HTX live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.8 bp −$776	10.4 bp −$5,202

BTC on 56 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
Perpl BTC	−0.0223%	43m	86,009.3	+0.057%	$470K	$13.2M	6.7x	as long as short
Phoenix BTC	−0.0150%	1h	86,031	+0.083%	$2.1M	$7.7M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,871	−0.103%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0059%	8h	86,023.4	+0.074%	$421.4M	$552.0M	150x	as long as short
SoDEX BTC-USD	−0.0037%	1h	85,976	+0.019%	$65.9M	$186.2M	40x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,994	+0.040%	$362K	$1.8M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	86,034.5	+0.087%	$16.9M	$13.2M	50x	as long as short
Injective BTC/USDC PERP	+0.0001%	1h	86,061	+0.118%	$311K	$32.6M	52x	as long as short
Aster BTCUSDT	+0.0002%	8h	85,964.9	+0.006%	$510.1M	$813.5M	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,993.1	+0.039%	$36.9M	—	200x	as long as short

Show all 56 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0019%	1h	85,993.1	+0.039%	$193.7M	$723.4M	100x	as long as short
Popdex BTCUSDT	+0.0032%	1h	85,976	+0.019%	$8.6M	$46.1M	100x	as long as short
Phemex BTCUSDT	+0.0038%	8h	85,978.4	+0.022%	$173.6M	$468.8M	150x	as long as short
KuCoin XBTUSDTM	+0.0050%	8h	85,980.9	+0.024%	$955.3M	$625.7M	125x	as long as short
MEXC BTC_USDT	+0.0059%	8h	85,970.4	+0.012%	$5.19B	$4.78B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	85,968.6	+0.010%	$9.41B	$19.82B	150x	as long as short
Bybit BTCUSDT	+0.0062%	8h	85,975.9	+0.019%	$5.16B	$7.92B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	85,960.2	0.000%	$2.4M	$6.8M	20x	as long as short
Gate BTC_USDT	+0.0072%	8h	85,975.9	+0.019%	$5.52B	$8.86B	200x	as long as short
Bitget BTCUSDT	+0.0076%	8h	85,974.7	+0.017%	$3.00B	$3.80B	150x	as long as short
Bullet BTC-USD	+0.0079%	1h	85,977.8	+0.021%	$223K	$3.2M	20x	as long as short
HTX BTC-USDTshort	+0.0080%	8h	85,975	+0.018%	$2.27B	$736.1M	200x
Nado BTC-PERP	+0.0090%	1h	85,972.7	+0.015%	$23.0M	$188.9M	50x	as long as short
Variational Omni BTC	+0.0092%	8h	85,989.7	+0.035%	$157.6M	$474.7M	—	as long as short
Lighter BTC	+0.0096%	1h	85,989.5	+0.034%	$174.0M	$855.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,988.1	+0.033%	$23.8M	$118.8M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0099%	8h	86,008.7	+0.057%	$216.1M	$133.5M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,956	−0.005%	$220K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,023	+0.073%	$5.7M	$7.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,024.9	+0.076%	$40.0M	$565.6M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,975.8	+0.018%	$2.63B	$9.00B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,006	+0.054%	$4.0M	$14.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,987.2	+0.032%	$4.6M	$90.2M	40x	as long as short
BingX BTC-USDC	+0.0100%	8h	85,950.1	−0.011%	—	$16.1M	—	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,959.9	long leg	$39.3M	$200.8M	75x
edgeX BTCUSDC	+0.0100%	4h	86,036.2	+0.089%	$289.8M	$715.7M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,006.1	+0.054%	$137.8M	$284.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,022.5	+0.073%	$30.2M	$227.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,078.9	+0.138%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,973	+0.015%	$11.0M	$11.8M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,973.8	+0.016%	$2.6M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,059.6	+0.116%	$143K	$608K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,035	+0.087%	$29.1M	$44.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,982	+0.026%	$3.3M	$6.8M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,063.9	+0.121%	$717.2M	$65.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,950	−0.011%	$47.4M	$181.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,009.8	+0.058%	—	$76.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0128%	1h	86,011	+0.059%	$112.9M	$4.96B	50x	as long as short
Hyperliquid BTC	+0.0152%	1h	86,073.7	+0.132%	$3.98B	$4.13B	40x	as long as short
Kalshi KXBTCPERP	+0.0157%	8h	86,015	+0.064%	$13.1M	$731.6M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0159%	1h	86,032	+0.084%	$818.5M	$1.47B	50x	as long as short
RISEx BTC/USDC	+0.0165%	1h	86,011.8	+0.060%	$9.0M	$35.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0178%	1h	85,956.2	−0.004%	$6.6M	$121.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0245%	1h	85,990.1	+0.035%	$15.7M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0266%	1h	86,038.3	+0.091%	$80K	$216K	20x	as long as short
Hibachi BTC/USDT-P	+0.0280%	1h	86,083.6	+0.144%	$690K	$6.8M	30x	as long as short