Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0042%/8h= +4.6% APRpaid last 24h −0.167%

Price spread now: Bluefin against HTX+0.030%7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$240.240% of the position

Long on HTX Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.246%−$25 on $10k

Price spread, last 3 days (all we have)−0.013%−$1 · spread now +0.030%, 7d avg −0.005%

Together, before fees−0.259%−$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Bluefin is 0.035% dearer against HTX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.005%. Mind the row above: over the last 7 days funding on this pair cost −0.246%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX BTC-USDT	85,506.2	0.0058	pay 0.0058% / 8h	5h 55m	$2.27B	$929.9M	200x
Short	Bluefin BTC-PERP	85,531.5	0.0100	get 0.0013% / 1h	55m 05s	$196K	$722K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against HTX. 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 HTXbpFee BluefinbpOrdersPrice spread, now +0.030%Rate

Funding earned: $8.91
Price spread: +0.030% → −0.005%: $3.46
Slippage, 4 orders: −$5.01
Fee HTX: 6 bp × 2 orders: −$12
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$11.64
Costs to cover: 0.240%
Break-even: 16.1 days

Slippage from HTX: live order book, 4 min ago; Bluefin: live order book, 9 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 HTX live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.6 bp −$659	9.6 bp −$4,803
Sell Bluefin live order book, 9 min ago	0.88 bp	6.0 bp −$6	11.3 bp −$113	doesn't fit	doesn't fit

BTC on 55 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	−0.0144%	1h	85,538	+0.037%	$2.1M	$10.3M	40x	as long as short
ApeX Omni BTCUSDT	−0.0123%	1h	85,466.5	−0.046%	$139.7M	$316.3M	100x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,517	+0.013%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,491.7	−0.017%	$364K	$2.3M	50x	as long as short
Nado BTC-PERP	−0.0015%	1h	85,505.6	−0.001%	$22.5M	$223.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,532.4	+0.031%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,507.2	+0.001%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,506.7	+0.001%	$515.5M	$1.11B	200x	as long as short
KuCoin XBTUSDTM	+0.0020%	8h	85,498.3	−0.009%	$898.4M	$745.4M	125x	as long as short
SoDEX BTC-USD	+0.0044%	1h	85,499	−0.008%	$59.9M	$336.4M	40x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0054%	8h	85,509.5	+0.004%	—	$17.0M	—	as long as short
HTX BTC-USDTlong	+0.0058%	8h	85,506.2	long leg	$2.27B	$929.9M	200x
Reya BTCRUSDPERP	+0.0064%	1h	85,473.7	−0.038%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,517	+0.013%	$2.94B	$5.01B	150x	as long as short
SunX BTC-USDT	+0.0075%	8h	85,496.1	−0.012%	$2.9M	$6.2M	100x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.130%	$340K	$26.9M	52x	as long as short
Popdex BTCUSDT	+0.0080%	1h	85,483	−0.027%	$8.4M	$51.5M	100x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,492.7	−0.016%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,518.5	+0.014%	$5.07B	$5.57B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	85,519.9	+0.016%	$9.33B	$23.84B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,523.4	+0.020%	$169.5M	$982.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,511	+0.006%	$23.9M	$146.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,527.8	+0.025%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,470	−0.042%	$204K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,581.3	+0.088%	$3.76B	$4.93B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,535.8	+0.035%	$40.1M	$571.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,526.5	+0.024%	$5.32B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,526.5	+0.024%	$2.56B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,492	−0.017%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,462.5	−0.051%	$7.1M	$96.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,482.5	−0.028%	$608.2M	$317.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,520	+0.016%	$5.57B	$10.39B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,503.4	−0.003%	$34.9M	$169.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,577.1	+0.083%	$153.7M	$552.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,470.5	−0.042%	$278.0M	$927.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,468	−0.045%	$214.5M	$161.4M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,571	+0.076%	$30.2M	$211.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,550.9	+0.052%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,485	−0.025%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,493.2	−0.015%	$187K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,486.1	−0.024%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	85,531.5	+0.030%	$196K	$722K	40x
Derive BTC-PERP	+0.0100%	1h	85,493	−0.015%	$30.0M	$52.7M	15x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,512.5	+0.007%	$149.2M	$478.9M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,471.9	−0.040%	$44.3M	$227.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,587.1	+0.095%	—	$103.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,544.9	+0.045%	$130.5M	$5.06B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,513.4	+0.008%	$8.4M	$42.1M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0139%	1h	85,533.6	+0.032%	$187.0M	$949.4M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0184%	1h	85,545.7	+0.046%	$894.8M	$1.52B	50x	as long as short
Aftermath Perps BTCUSD	+0.0191%	1h	85,570.2	+0.075%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,621	+0.134%	$683K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0181%	1h	85,502.6	−0.004%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,543	+0.043%	$10.3M	$761.3M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,549.6	+0.051%	$510K	$19.7M	6.7x	as long as short