Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.040%

Price spread now: Deribit against HTX+0.030%7-day average +0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$190.191% of the position

Long on HTX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.038%+$4 on $10k

Price spread, last 3 days (all we have)+0.040%+$4 · spread now +0.030%, 7d avg +0.065%

Together, before fees+0.078%+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.035% cheaper against HTX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.065%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX BTC-USDT	86,376.9	0.0100	pay 0.0100% / 8h	1h 26m	$2.29B	$967.8M	200x
Short	Deribit BTC-PERPETUAL	86,402.9	0	get 0.0000% / 1h	26m 02s	$921.3M	$1.48B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.030%Rate

Funding earned: −$21
Price spread: +0.030% → +0.065%: −$3.46
Slippage, 4 orders: −$0.07
Fee HTX: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$43.53
Costs to cover: 0.191%
Break-even: never at this rate

Slippage from HTX: live order book, 3 min ago; Deribit: live order book, 3 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, 3 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.9 bp −$791	10.6 bp −$5,293
Sell Deribit live order book, 3 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	4.1 bp −$408	11.8 bp −$5,917

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	−0.0398%	1h	85,547.9	−0.960%	$139K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,388	+0.013%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,381	+0.005%	$9K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0051%	1h	86,456.4	+0.092%	$82K	$216K	20x	as long as short
Aster BTCUSDT	−0.0012%	8h	86,373.1	−0.004%	$504.1M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,390.4	+0.016%	$358K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	86,368.9	−0.009%	$850.7M	$711.3M	125x	as long as short
Perpl BTC	0.0000%	43m	86,391.2	+0.017%	$422K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUALshort	0.0000%	1h	86,402.9	+0.030%	$921.3M	$1.48B	50x
dYdX BTC-USD	+0.0002%	1h	86,413.7	+0.043%	$17.0M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,411.9	+0.041%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,370.8	−0.007%	$8.5M	$43.1M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,388.4	+0.013%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.211%	$315K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0034%	8h	86,364.2	−0.015%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0034%	8h	86,388.7	+0.014%	$149.1M	$476.1M	150x	as long as short
Bitget BTCUSDT	+0.0044%	8h	86,377.1	0.000%	$2.95B	$5.10B	150x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,386.3	+0.011%	$5.12B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,382.7	+0.007%	$9.40B	$24.39B	150x	as long as short
Hibachi BTC/USDT-P	+0.0064%	1h	86,431.8	+0.064%	$716K	$8.2M	30x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,374.1	−0.003%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0076%	8h	86,375.6	−0.002%	$5.85B	$10.70B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,381.4	+0.005%	$5.25B	$9.75B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,383.4	+0.008%	$171.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,398.7	+0.025%	$24.1M	$152.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,382	+0.006%	$8.4M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,350	−0.031%	$203K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,410.5	+0.039%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,394	+0.020%	$22.0M	$234.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,446	+0.080%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,410.8	+0.039%	$40.7M	$513.3M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,381.9	+0.006%	$2.54B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,351	−0.030%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,439.3	+0.072%	$7.4M	$94.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,343.9	−0.038%	$570.6M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,370.3	−0.008%	$37.8M	$155.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,435.6	+0.068%	$155.8M	$566.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,370.9	−0.007%	$279.1M	$946.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,399.5	+0.026%	$216.9M	$174.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,399.7	+0.026%	$141.3M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,388.4	+0.013%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,426.7	+0.058%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,386	+0.011%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,399	+0.026%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,403.6	+0.031%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,379.9	+0.004%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,359.2	−0.020%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,382	+0.006%	$60.4M	$337.2M	40x	as long as short
HTX BTC-USDTlong	+0.0100%	8h	86,376.9	long leg	$2.29B	$967.8M	200x
Extended BTC-USD	+0.0104%	1h	86,364.3	−0.015%	$45.7M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,399.7	+0.026%	—	$98.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,416.6	+0.046%	$132.1M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,398.4	+0.025%	$191.3M	$943.2M	100x	as long as short
BloFin BTC-USDT	+0.0181%	8h	86,399.4	+0.026%	$414.5M	$653.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0183% / S −0.0212%	1h	86,406.8	+0.035%	$15.3M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0196%	8h	86,412	+0.041%	$9.7M	$731.7M	6.4x	as long as short