Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.162%

Price spread now: HTX against Bluefin−0.060%7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2as in the Funding arb table

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

costs, in and out, $10k−$270.274% of the position

Long on Bluefin Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.250%+$25 on $10k

Price spread, last 4 days (all we have)+0.036%+$4 · spread now −0.060%, 7d avg +0.003%

Together, before fees+0.286%+$29 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 0.063% cheaper against Bluefin than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	85,494.4	0.0100	pay 0.0013% / 1h	7m 09s	$206K	$737K	40x
Short	HTX BTC-USDT	85,443.3	0.0100	get 0.0100% / 8h	3h 07m	$2.26B	$949.9M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Bluefin. 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 BluefinbpFee HTXbpOrdersPrice spread, now −0.060%Rate

Funding earned: $0
Price spread: −0.060% → +0.003%: −$6.26
Slippage, 4 orders: −$8.38
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$33.63
Costs to cover: 0.274%
Break-even: never at this rate

Slippage from Bluefin: live order book, 47 min ago; HTX: live order book, 2 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 Bluefin live order book, 47 min ago	1.83 bp	6.7 bp −$7	12.1 bp −$121	doesn't fit	doesn't fit
Sell HTX live order book, 2 min ago	0.01 bp	6.0 bp −$6	6.4 bp −$64	7.9 bp −$789	10.4 bp −$5,177

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	−0.0140%	1h	85,444	−0.059%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,476	−0.022%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0046%	8h	85,438.6	−0.065%	$919.4M	$758.0M	125x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,445.5	−0.057%	$419.8M	$675.5M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,458.2	−0.042%	$514.5M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,481.4	−0.015%	$364K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,457.9	−0.043%	$502K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0003%	1h	85,459.4	−0.041%	$24.4M	$223.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,465.4	−0.034%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0027%	1h	85,448.7	−0.053%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,552	+0.067%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0047%	1h	85,450	−0.052%	$59.9M	$335.9M	40x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,466	−0.033%	—	$1.55B	—	as long as short
Phemex BTCUSDT	+0.0063%	8h	85,445.4	−0.057%	$148.6M	$497.8M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,462.8	−0.037%	$2.95B	$5.12B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,447.5	−0.055%	$2.8M	$4.3M	20x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,466	−0.033%	$9.45B	$24.48B	150x	as long as short
MEXC BTC_USDT	+0.0090%	8h	85,461.7	−0.038%	$5.07B	$5.68B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,466	−0.033%	$171.8M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,466.2	−0.033%	$23.9M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,475	−0.023%	$8.4M	$55.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,461	−0.039%	$228K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,517.4	+0.027%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,544	+0.058%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,489.7	−0.006%	$40.4M	$590.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,464.9	−0.035%	$5.17B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,474.8	−0.023%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,484	−0.012%	$3.8M	$17.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,478	−0.019%	$4.7M	$99.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,455.5	−0.045%	$679.5M	$683.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,461.6	−0.038%	$5.53B	$10.86B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,451.6	−0.050%	$36.4M	$178.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,415.2	−0.093%	$154.4M	$565.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,434.2	−0.070%	$279.1M	$931.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,433.9	−0.071%	$214.5M	$169.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,466.3	−0.033%	$139.7M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,437.6	−0.066%	$30.2M	$206.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,516.6	+0.026%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,469	−0.030%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,448	−0.054%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,447.5	−0.055%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERPlong	+0.0100%	1h	85,494.4	long leg	$206K	$737K	40x
Derive BTC-PERP	+0.0100%	1h	85,434.7	−0.070%	$30.0M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,438.2	−0.066%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDTshort	+0.0100%	8h	85,443.3	−0.060%	$2.26B	$949.9M	200x
Extended BTC-USD	+0.0104%	1h	85,427.9	−0.078%	$45.7M	$234.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,475.5	−0.022%	—	$106.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,486.5	−0.009%	$117.7M	$5.27B	50x	as long as short
Reya BTCRUSDPERP	+0.0105%	1h	85,438.7	−0.065%	$6.6M	$147.2M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0105%	1h	85,500.4	+0.007%	$872.3M	$1.60B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,472.6	−0.026%	$187.8M	$956.9M	100x	as long as short
Kalshi KXBTCPERP	+0.0154%	8h	85,487	−0.009%	$11.4M	$752.6M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,511.1	+0.020%	$8.6M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,462.9	−0.037%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,449.2	−0.053%	$700K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0248%	1h	85,476.9	−0.021%	$79K	$222K	20x	as long as short