Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.018%

Price spread now: HTX against Derive−0.066%7-day average −0.013% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Derive Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%+$1 on $10k

Price spread, last 3 days (all we have)+0.072%+$7 · spread now −0.066%, 7d avg −0.013%

Together, before fees+0.077%+$8 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 0.053% cheaper against Derive than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	86,493.7	0.0100	pay 0.0013% / 1h	18m 51s	$30.5M	$62.6M	15x
Short	HTX BTC-USDT	86,436.5	0.0100	get 0.0100% / 8h	18m 51s	$2.29B	$968.3M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Derive. 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 DerivebpFee HTXbpOrdersPrice spread, now −0.066%Rate

Funding earned: $0
Price spread: −0.066% → −0.013%: −$5.3
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee HTX: 6 bp × 2 orders: −$12
Net: −$23.3
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; HTX: live order book, 5 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell HTX live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.8 bp −$683	9.6 bp −$4,806

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0118%	1h	86,367	−0.146%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,405	−0.103%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.172%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,463	−0.035%	$8.3M	$42.7M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,456.8	−0.043%	$359K	$2.5M	50x	as long as short
Perpl BTC	0.0000%	43m	86,446.2	−0.055%	$411K	$22.7M	6.7x	as long as short
Aster BTCUSDT	+0.0003%	8h	86,471.1	−0.026%	$501.7M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,481.2	−0.014%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,457.4	−0.042%	$853.4M	$716.2M	125x	as long as short
Reya BTCRUSDPERP	+0.0033%	1h	86,460.3	−0.039%	$6.7M	$145.5M	40x	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	+0.0042%	8h	86,462.1	−0.037%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,462	−0.037%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0052%	8h	86,461.8	−0.037%	$150.3M	$478.6M	150x	as long as short
dYdX BTC-USD	+0.0060%	1h	86,411.1	−0.095%	$16.9M	$21.2M	50x	as long as short
MEXC BTC_USDT	+0.0069%	8h	86,473.4	−0.023%	$5.16B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0071%	8h	86,470.5	−0.027%	$9.43B	$24.56B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,457.3	−0.042%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,476.5	−0.020%	$5.86B	$10.79B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,466.1	−0.032%	$170.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,487.3	−0.007%	$23.9M	$152.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,455	−0.045%	$8.5M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0097%	8h	86,473.7	−0.023%	$5.26B	$9.80B	150x	as long as short
SoDEX BTC-USD	+0.0099%	1h	86,465	−0.033%	$60.5M	$338.2M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,430	−0.074%	$199K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,457.6	−0.042%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,410.7	−0.096%	$21.8M	$234.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,534	+0.047%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,451.6	−0.049%	$41.1M	$535.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,477	−0.019%	$2.55B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,436	−0.067%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,483.2	−0.012%	$7.4M	$95.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,449	−0.052%	$572.1M	$12.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,463.3	−0.035%	$38.0M	$157.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,376.4	−0.136%	$157.0M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,328.2	−0.191%	$278.8M	$946.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,354.3	−0.161%	$216.8M	$171.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,355.9	−0.159%	$141.2M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,411	−0.096%	$30.7M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,490.4	−0.004%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,460	−0.039%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,462	−0.037%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,459	−0.040%	$2.4M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,498.6	+0.006%	$140K	$663K	40x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	86,493.7	long leg	$30.5M	$62.6M	15x
SunX BTC-USDT	+0.0100%	8h	86,402.3	−0.106%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDTshort	+0.0100%	8h	86,436.5	−0.066%	$2.29B	$968.3M	200x
Extended BTC-USD	+0.0104%	1h	86,459.4	−0.040%	$45.5M	$227.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,418.6	−0.087%	—	$99.1M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0106%	1h	86,506.1	+0.014%	$913.7M	$1.48B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,497.9	+0.005%	$191.9M	$953.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,509.5	+0.018%	$132.3M	$5.65B	50x	as long as short
Aftermath Perps BTCUSD	+0.0154%	1h	86,441.8	−0.060%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,433.7	−0.069%	$728K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0190%	8h	86,444.8	−0.057%	$416.1M	$658.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0197% / S −0.0220%	1h	86,476.3	−0.020%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,457	−0.042%	$9.9M	$749.0M	6.4x	as long as short