Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.047%

Price spread now: MEXC against Hotstuff+0.010%55s7-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 MEXC

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$5 a day on $10k at the current rate. The two prices were read 55 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	Hotstuff BTC-PERP	85,215	−0.0080	get 0.0010% / 1h	18m 46s	$8K	$3K	50x
Short	MEXC BTC_USDT	85,223.6	0.0100	get 0.0100% / 8h	18m 46s	$5.03B	$5.77B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.010%Rate

Funding earned: $37.8
Price spread: +0.010% → 0.000%: $1.01
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee MEXC: 2 bp × 2 orders: −$4
Net: $29.81
Costs to cover: 0.090%
Break-even: 1.5 days

Slippage unknown: Hotstuff: no order-book sample; MEXC: 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 Hotstuff no order-book sample	—	—	—	—	—
Sell MEXC live order book, 5 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.2 bp −$220	2.4 bp −$1,205

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
Hotstuff BTC-PERPlong	−0.0080%	1h	85,215	long leg	$8K	$3K	50x
Phoenix BTC	−0.0034%	1h	85,189	−0.031%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,240.6	+0.030%	$422.4M	$686.2M	150x	as long as short
KuCoin XBTUSDTM	−0.0015%	8h	85,224.6	+0.011%	$927.2M	$778.1M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,250	+0.041%	$343K	$2.3M	50x	as long as short
Aster BTCUSDT	+0.0001%	8h	85,210.2	−0.006%	$509.1M	$1.08B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,249	+0.040%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0011%	1h	85,231.4	+0.019%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,270.1	+0.065%	$185.8M	$955.6M	100x	as long as short
ApeX Omni BTCUSDT	+0.0058%	1h	85,166	−0.058%	$139.5M	$312.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0064%	8h	85,222.9	+0.009%	—	$1.58B	—	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,181	−0.040%	$302K	$25.3M	52x	as long as short
Bybit BTCUSDT	+0.0080%	8h	85,210.1	−0.006%	$5.10B	$10.04B	150x	as long as short
Nado BTC-PERP	+0.0086%	1h	85,219.1	+0.005%	$24.0M	$220.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,224.5	+0.011%	$168.3M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,226.4	+0.013%	$23.6M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,247	+0.038%	$8.4M	$57.7M	100x	as long as short
Bitget BTCUSDT	+0.0096%	8h	85,214	−0.001%	$2.97B	$5.21B	150x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,247.9	+0.039%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,211	−0.005%	$269K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,256.7	+0.049%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,303	+0.103%	$3.75B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,237.4	+0.026%	$40.3M	$604.7M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,216.1	+0.001%	$9.38B	$25.16B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,226.4	+0.013%	$2.60B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,239	+0.028%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,246.8	+0.037%	$4.7M	$97.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,226.2	+0.013%	$5.47B	$11.14B	200x	as long as short
MEXC BTC_USDTshort	+0.0100%	8h	85,223.6	+0.010%	$5.03B	$5.77B	500x
Backpack BTC_USDC_PERP	+0.0100%	1h	85,238.3	+0.027%	$36.9M	$189.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,136.5	−0.092%	$156.2M	$549.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,142.9	−0.085%	$282.3M	$957.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,165.4	−0.058%	$213.7M	$159.2M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,160.1	−0.064%	$30.0M	$212.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,294.5	+0.093%	—	$10.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,244	+0.034%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,247.1	+0.038%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,253	+0.045%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,288.4	+0.086%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,243.7	+0.034%	$29.3M	$45.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,176.7	−0.045%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,255	+0.047%	$59.7M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,250.4	+0.042%	$2.25B	$973.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,247	+0.038%	$159.0M	$516.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,240	+0.029%	$693.3M	$214.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,194	−0.025%	$45.4M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,251.7	+0.043%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,291.2	+0.089%	$111.7M	$5.48B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0124%	1h	85,291.4	+0.090%	$840.2M	$1.67B	50x	as long as short
Reya BTCRUSDPERP	+0.0142%	1h	85,235.3	+0.024%	$6.6M	$143.2M	40x	as long as short
Kalshi KXBTCPERP	+0.0170%	8h	85,256	+0.048%	$12.2M	$737.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,258.2	+0.051%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0146%	1h	85,246.8	+0.037%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,205.5	−0.011%	$678K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0290%	1h	85,233.1	+0.021%	$81K	$254K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,237.4	+0.026%	$459K	$18.4M	6.7x	as long as short