Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0095%/8h= +10.4% APRpaid last 24h +0.021%

Price spread now: HTX against gTrade (Gains Network)−0.031%7-day average −0.027% · 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−$20as in the Price arb table

costs, in and out, $10k−$200.200% of the position

Long on gTrade (Gains Network)Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.055%+$5 on $10k

Price spread, last 3 days (all we have)−0.037%−$4 · spread now −0.031%, 7d avg −0.027%

Together, before fees+0.018%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.027%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) BTC/USD	86,465.5	L +0.0005% / S −0.0004%	pay 0.0001% / 1h	25m 12s	$37.0M	—	200x
Short	HTX BTC-USDT	86,438.4	0.0100	get 0.0100% / 8h	7h 25m	$2.29B	$958.5M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee HTXbpOrdersPrice spread, now −0.031%Rate

Funding earned: $20.02
Price spread: −0.031% → −0.027%: −$0.39
Slippage, 4 orders: −$1.05
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$0.42
Costs to cover: 0.200%
Break-even: 7.1 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 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 gTrade (Gains Network) virtual book (oracle venue), 4 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,184
Sell HTX live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.4 bp −$639	8.9 bp −$4,472

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	−0.0257%	1h	86,499.8	+0.040%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,403	−0.072%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,454	−0.013%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,433.6	−0.037%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,449.9	−0.018%	$481K	$21.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USDlong	L +0.0005% / S −0.0004%	1h	86,465.5	long leg	$37.0M	—	200x
Injective BTC/USDC PERP	+0.0023%	1h	86,358	−0.124%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0026%	1h	86,482.9	+0.020%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0027%	8h	86,453.9	−0.013%	$501.4M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0042%	8h	86,467.7	+0.003%	$832.8M	$719.1M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0046%	1h	86,427.7	−0.044%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDT	+0.0050%	8h	86,464	−0.002%	—	$1.57B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,436.8	−0.033%	$8.3M	$42.4M	25x	as long as short
Phemex BTCUSDT	+0.0059%	8h	86,462.5	−0.003%	$154.8M	$473.6M	150x	as long as short
Bitget BTCUSDT	+0.0063%	8h	86,459.6	−0.007%	$2.97B	$5.03B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0065%	1h	86,497.8	+0.037%	$902.4M	$1.51B	50x	as long as short
MEXC BTC_USDT	+0.0080%	8h	86,460.8	−0.005%	$5.14B	$5.70B	500x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,451	−0.017%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0082%	8h	86,456.6	−0.010%	$9.42B	$24.25B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,479.9	+0.017%	$170.8M	$986.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,483.1	+0.020%	$23.7M	$150.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,425	−0.047%	$8.4M	$52.0M	100x	as long as short
SoDEX BTC-USD	+0.0097%	1h	86,462	−0.004%	$60.5M	$338.2M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,400	−0.076%	$202K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,464.9	−0.001%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,468.1	+0.003%	$22.0M	$227.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,531	+0.076%	$3.80B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,472.9	+0.009%	$41.1M	$552.2M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,469.5	+0.005%	$5.26B	$9.65B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,466.5	+0.001%	$2.56B	$12.47B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,456	−0.011%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,456.1	−0.011%	$7.2M	$94.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,465.5	0.000%	$5.80B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,452.4	−0.015%	$37.4M	$158.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,462.4	−0.004%	$158.2M	$558.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,404.7	−0.070%	$279.1M	$949.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,448.9	−0.019%	$217.1M	$165.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,442.1	−0.027%	$141.6M	$320.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,430	−0.041%	$30.7M	$209.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,479.4	+0.016%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,432	−0.039%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,452.2	−0.015%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,464.6	−0.001%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,483.6	+0.021%	$30.5M	$57.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,447.8	−0.020%	$3.4M	$5.2M	100x	as long as short
HTX BTC-USDTshort	+0.0100%	8h	86,438.4	−0.031%	$2.29B	$958.5M	200x
Bulk BTC-USD	+0.0100%	1h	86,411.1	−0.063%	$576.0M	$32.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,454.3	−0.013%	$45.9M	$221.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,466.8	+0.001%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,510.9	+0.053%	$132.4M	$5.37B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,491	+0.029%	$192.5M	$941.8M	100x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,502.2	+0.042%	$711K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,438.6	−0.031%	$78K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0202%	8h	86,460.1	−0.006%	$416.6M	$645.2M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0206% / S −0.0220%	1h	86,462.9	−0.003%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,479	+0.016%	$10.4M	$764.0M	6.4x	as long as short