Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0055%/8h= +6.0% APRpaid last 24h +0.031%

Price spread now: Hyperliquid against edgeX+0.233%46s7-day average +0.083% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$190.185% of the position

Long on edgeX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.252%+$25 on $10k

Price spread, last 7 days−0.191%−$19 · spread now +0.233%, 7d avg +0.083%

Together, before fees+0.060%+ Points / potential airdropedgeX: Active · Hyperliquid: Season 2 · farm board+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Hyperliquid is 0.150% dearer against edgeX than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.083%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX BTCUSDC	85,769	0.0100	pay 0.0050% / 4h	3h 18m	$286.9M	$969.0M	100x
Short	Hyperliquid BTC	85,969	0.0155	get 0.0019% / 1h	18m 38s	$3.87B	$4.75B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against edgeX. 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 edgeXbpFee HyperliquidbpOrdersPrice spread, now +0.233%Rate

Funding earned: $11.52
Price spread: +0.233% → +0.083%: $15.02
Slippage, 4 orders: −$0.55
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $7.99
Costs to cover: 0.185%
Break-even: 2.1 days

Slippage from edgeX: live order book, 1 min ago; Hyperliquid: live order book, 6 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 edgeX live order book, 1 min ago	0.05 bp	4.5 bp −$5	4.5 bp −$45	4.8 bp −$477	5.7 bp −$2,862
Sell Hyperliquid live order book, 6 min ago	0.06 bp	4.6 bp −$5	5.0 bp −$50	5.8 bp −$576	doesn't fit

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
Bluefin BTC-PERP	−0.0659%	1h	85,858.9	+0.105%	$194K	$684K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,794	+0.029%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,812.5	+0.051%	$425.5M	$623.1M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,817	+0.056%	$307K	$26.6M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,838.5	+0.081%	$354K	$2.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,830	+0.071%	$36.7M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0024%	8h	85,880.7	+0.130%	$924.5M	$697.0M	125x	as long as short
Aster BTCUSDT	+0.0043%	8h	85,886.2	+0.137%	$505.4M	$1.00B	200x	as long as short
dYdX BTC-USD	+0.0046%	1h	85,874	+0.122%	$16.8M	$19.6M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,839.5	+0.082%	$187.2M	$876.7M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,843	+0.086%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDT	+0.0080%	8h	85,864.7	+0.112%	—	$1.47B	—	as long as short
Nado BTC-PERP	+0.0084%	1h	85,828.4	+0.069%	$22.8M	$211.2M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,898.5	+0.151%	$172.4M	$956.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,887	+0.138%	$23.3M	$136.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,838	+0.080%	$8.7M	$52.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,817.8	+0.057%	$2.4M	$6.7M	20x	as long as short
Bybit BTCUSDT	+0.0098%	8h	85,856.2	+0.102%	$5.11B	$9.75B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,852	+0.097%	$252K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,921.7	+0.178%	$5.8M	$9.1M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,904.7	+0.158%	$40.4M	$591.1M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,862	+0.108%	$9.43B	$23.23B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,860	+0.106%	$2.61B	$10.85B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,875	+0.124%	$3.9M	$16.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,884	+0.134%	$4.6M	$95.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,874	+0.123%	$5.51B	$10.05B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,857.7	+0.103%	$5.09B	$5.81B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,866.2	+0.113%	$2.99B	$4.64B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,820.7	+0.060%	$37.8M	$188.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,817.8	+0.057%	$156.4M	$529.8M	—	as long as short
edgeX BTCUSDClong	+0.0100%	4h	85,769	long leg	$286.9M	$969.0M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	85,841.6	+0.085%	$215.6M	$155.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,826.9	+0.068%	$137.1M	$305.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,846.8	+0.091%	$30.3M	$215.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,916.3	+0.172%	—	$9.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,846	+0.090%	$11.0M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,828	+0.069%	$210K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,829.4	+0.070%	$2.6M	$9.5M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,444.6	−0.378%	$28.8M	$52.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,814.6	+0.053%	$3.1M	$6.9M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,815	+0.054%	$60.1M	$283.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,820.8	+0.060%	$2.27B	$917.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,828	+0.069%	$166.2M	$503.0M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,869.6	+0.117%	$707.4M	$169.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,839.2	+0.082%	$46.2M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,862.3	+0.109%	—	$95.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,869	+0.117%	$112.4M	$5.34B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0148%	1h	85,866.3	+0.114%	$832.8M	$1.62B	50x	as long as short
Reya BTCRUSDPERP	+0.0151%	1h	85,822.8	+0.063%	$6.6M	$135.0M	40x	as long as short
Hyperliquid BTCshort	+0.0155%	1h	85,969	+0.233%	$3.87B	$4.75B	40x
Kalshi KXBTCPERP	+0.0189%	8h	85,880	+0.129%	$11.0M	$728.2M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,898.6	+0.151%	$9.0M	$40.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0198% / S −0.0175%	1h	85,805.8	+0.043%	$12.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0336%	1h	85,833.6	+0.075%	$701K	$7.4M	30x	as long as short
Aftermath Perps BTCUSD	+0.0360%	1h	85,709.5	−0.069%	$81K	$260K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,811.6	+0.050%	$462K	$17.3M	6.7x	as long as short