Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.028%

Price spread now: dYdX against HTX+0.003%7-day average +0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$240.243% of the position

Long on HTX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.102%−$10 on $10k

Price spread, last 4 days (all we have)+0.105%+$10 · spread now +0.003%, 7d avg +0.027%

Together, before fees+0.003%$0 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 dYdX is 0.024% cheaper against HTX than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.027%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX BTC-USDT	86,160.3	0.0100	pay 0.0100% / 8h	5h 56m	$2.28B	$806.1M	200x
Short	dYdX BTC-USD	86,162.9	0	get 0.0000% / 1h	56m 51s	$16.9M	$14.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.003%Rate

Funding earned: −$21
Price spread: +0.003% → +0.027%: −$2.43
Slippage, 4 orders: −$2.31
Fee HTX: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$47.74
Costs to cover: 0.243%
Break-even: never at this rate

Slippage from HTX: live order book, 5 min ago; dYdX: live order book, just now.

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, 5 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.4 bp −$636	8.6 bp −$4,321
Sell dYdX live order book, just now	0.12 bp	6.3 bp −$6	18.3 bp −$183	24.1 bp −$2,415	28.7 bp −$14.3K

BTC on 55 exchanges

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-PERP	−0.0080%	1h	86,197	+0.043%	$8K	$2K	50x	as long as short
SoDEX BTC-USD	−0.0034%	1h	86,164	+0.004%	$66.0M	$188.1M	40x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,160.2	0.000%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,159.8	−0.001%	$421.0M	$566.8M	150x	as long as short
ApeX Omni BTCUSDT	−0.0004%	1h	86,185.3	+0.029%	$138.2M	$295.1M	100x	as long as short
dYdX BTC-USDshort	0.0000%	1h	86,162.9	+0.003%	$16.9M	$14.5M	50x
Perpl BTC	0.0000%	43m	86,228.2	+0.079%	$483K	$13.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,178.5	+0.021%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,214	+0.062%	$301K	$26.1M	52x	as long as short
BingX BTC-USDC	+0.0029%	8h	86,140.8	−0.023%	—	$16.3M	—	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,186.1	+0.030%	$191.8M	$775.3M	100x	as long as short
Aster BTCUSDT	+0.0032%	8h	86,162.4	+0.002%	$513.5M	$880.2M	200x	as long as short
Bybit BTCUSDT	+0.0037%	8h	86,190	+0.034%	$5.15B	$8.15B	150x	as long as short
Phoenix BTC	+0.0053%	1h	86,185	+0.029%	$2.0M	$7.8M	40x	as long as short
KuCoin XBTUSDTM	+0.0053%	8h	86,171.5	+0.013%	$943.1M	$638.0M	125x	as long as short
Gate BTC_USDT	+0.0070%	8h	86,169.7	+0.011%	$5.52B	$8.87B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,151	−0.011%	$8.8M	$45.6M	100x	as long as short
Phemex BTCUSDT	+0.0080%	8h	86,164.7	+0.005%	$170.7M	$480.3M	150x	as long as short
Lighter BTC	+0.0096%	1h	86,184.5	+0.028%	$173.9M	$850.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,186.6	+0.031%	$23.6M	$118.4M	50x	as long as short
Bitget BTCUSDT	+0.0096%	8h	86,178.3	+0.021%	$2.99B	$3.99B	150x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,147.4	−0.015%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,128	−0.037%	$219K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,213.3	+0.062%	$6.0M	$7.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,156.1	−0.005%	$23.7M	$197.1M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,187.5	+0.032%	$40.4M	$570.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,163.9	+0.004%	$9.46B	$20.73B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,184.2	+0.028%	$2.62B	$9.55B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,156	−0.005%	$4.0M	$15.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,185	+0.029%	$4.2M	$90.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,033.4	−0.147%	$714.5M	$139.4M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,164	+0.004%	$5.18B	$4.81B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,159.8	−0.001%	$38.7M	$195.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,112.6	−0.055%	$157.8M	$476.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,094.9	−0.076%	$289.8M	$841.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,177.2	+0.020%	$216.5M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,183.5	+0.027%	$30.3M	$222.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,215.8	+0.064%	—	$9.3M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,159	−0.002%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,172.5	+0.014%	$206K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,159.2	−0.001%	$2.7M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,209.1	+0.057%	$195K	$564K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,171.6	+0.013%	$3.2M	$6.7M	100x	as long as short
HTX BTC-USDTlong	+0.0100%	8h	86,160.3	long leg	$2.28B	$806.1M	200x
Extended BTC-USD	+0.0104%	1h	86,142.2	−0.021%	$46.9M	$203.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,162.5	+0.003%	—	$81.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,214.4	+0.063%	$112.4M	$4.99B	50x	as long as short
Kalshi KXBTCPERP	+0.0161%	8h	86,191	+0.036%	$11.8M	$732.2M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0162%	1h	86,134.9	−0.029%	$6.6M	$131.1M	40x	as long as short
Hyperliquid BTC	+0.0172%	1h	86,273	+0.131%	$3.97B	$4.41B	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,207.6	+0.055%	$8.9M	$37.4M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0209% / S −0.0248%	1h	86,178.9	+0.022%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0233%	1h	86,221.4	+0.071%	$822.6M	$1.52B	50x	as long as short
Hibachi BTC/USDT-P	+0.0344%	1h	86,238.4	+0.091%	$718K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0442%	1h	86,205.9	+0.053%	$82K	$244K	20x	as long as short