Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0134%/8h= +14.7% APRpaid last 24h +0.034%

Price spread now: BingX against Hotstuff+0.029%7-day average — · you sell dearer than you buy

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

Long on Hotstuff Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and BingX is 0.029% dearer against Hotstuff than usual: you sell high and buy low: +$3 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff BTC-PERP	85,712	−0.0080	get 0.0010% / 1h	31m 56s	$8K	$3K	50x
Short	BingX BTC-USDT	85,736.5	0.0054	get 0.0054% / 8h	5h 31m	—	$1.53B	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Hotstuff. 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 HotstuffbpFee BingXbpOrdersPrice spread, now +0.029%Rate

Funding earned: $28.14
Price spread: +0.029% → 0.000%: $2.86
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee BingX: 5 bp × 2 orders: −$10
Net: $16
Costs to cover: 0.150%
Break-even: 3.0 days

Slippage unknown: Hotstuff: no order-book sample; BingX: live order book, 7 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 Hotstuff no order-book sample	—	—	—	—	—
Sell BingX live order book, 7 min ago	0.03 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$503	5.0 bp −$2,514

Hotstuff: 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	−0.0160%	1h	85,662	−0.058%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERPlong	−0.0080%	1h	85,712	long leg	$8K	$3K	50x
01 Exchange BTCUSD	−0.0048%	1h	85,685.6	−0.031%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,695.3	−0.019%	$416.8M	$664.2M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,685.8	−0.031%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,701.7	−0.012%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,701.3	−0.013%	$22.9M	$221.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0011%	8h	85,689.7	−0.026%	$918.4M	$753.1M	125x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,702.4	−0.011%	$516.4M	$1.11B	200x	as long as short
Bluefin BTC-PERP	+0.0041%	1h	85,717.5	+0.006%	$196K	$722K	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-USDTshort	+0.0054%	8h	85,736.5	+0.029%	—	$1.53B	—
Bitget BTCUSDT	+0.0068%	8h	85,719.3	+0.009%	$2.95B	$5.02B	150x	as long as short
Reya BTCRUSDPERP	+0.0068%	1h	85,690.9	−0.025%	$6.7M	$146.4M	40x	as long as short
HTX BTC-USDT	+0.0073%	8h	85,680.2	−0.037%	$2.27B	$935.3M	200x	as long as short
Phemex BTCUSDT	+0.0078%	8h	85,680.1	−0.037%	$147.9M	$479.0M	150x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	−0.156%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,675	−0.043%	$2.5M	$1.7M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0084%	1h	85,716.8	+0.006%	$892.5M	$1.52B	50x	as long as short
SunX BTC-USDT	+0.0086%	8h	85,682.4	−0.035%	$2.9M	$6.1M	100x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,725.9	+0.016%	$5.05B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,735.1	+0.027%	$9.36B	$23.92B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,685.9	−0.030%	$170.2M	$989.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,689.1	−0.027%	$23.9M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,704	−0.009%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,738.7	+0.031%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,673	−0.046%	$196K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,771	+0.069%	$3.77B	$4.95B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,728.8	+0.020%	$40.5M	$573.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,741.6	+0.034%	$5.34B	$9.59B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,743.6	+0.037%	$2.57B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,705	−0.008%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,662.5	−0.058%	$7.2M	$96.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,736.1	+0.028%	$5.56B	$10.50B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,673	−0.046%	$35.5M	$172.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,622.5	−0.104%	$155.0M	$548.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,599.5	−0.131%	$279.3M	$929.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,645.6	−0.077%	$214.9M	$166.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,618.1	−0.110%	$140.2M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,683.1	−0.034%	$30.3M	$210.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,750.6	+0.045%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,697	−0.018%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,699	−0.015%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,685.6	−0.031%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,676.1	−0.042%	$30.0M	$50.9M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,681	−0.036%	$60.0M	$336.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,614.4	−0.114%	$621.3M	$398.6M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,705.8	−0.007%	$44.1M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,707.1	−0.006%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,716.5	+0.005%	$130.5M	$5.11B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,730.4	+0.021%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,701.2	−0.013%	$188.8M	$950.3M	100x	as long as short
Aftermath Perps BTCUSD	+0.0194%	1h	85,650.4	−0.072%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0179%	1h	85,699.1	−0.015%	$13.6M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,723.6	+0.014%	$702K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0215%	8h	85,721	+0.011%	$10.4M	$760.2M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,713.3	+0.002%	$519K	$19.4M	6.7x	as long as short