Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: SoDEX against HTX+0.011%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on HTX Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.013%+$1 on $10k

Price spread, last 4 days (all we have)+0.016%+$2 · spread now +0.011%, 7d avg +0.010%

Together, before fees+0.029%+$3 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX BTC-USDT	85,299.9	0.0100	pay 0.0100% / 8h	1h 50m	$2.26B	$968.6M	200x
Short	SoDEX BTC-USD	85,309	0.0100	get 0.0013% / 1h	50m 40s	$59.7M	$336.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.011%Rate

Funding earned: $0
Price spread: +0.011% → +0.010%: $0.11
Slippage, 4 orders: −$0.13
Fee HTX: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$20.02
Costs to cover: 0.201%
Break-even: never at this rate

Slippage from HTX: live order book, 4 min ago; SoDEX: live order book, 4 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	6.5 bp −$654	8.7 bp −$4,332
Sell SoDEX live order book, 4 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	4.9 bp −$486	42.6 bp −$21.3K

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	−0.0082%	1h	85,346	+0.054%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,309	+0.011%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0048%	8h	85,337.9	+0.045%	$926.2M	$772.2M	125x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,319.2	+0.023%	$421.0M	$683.6M	150x	as long as short
Aster BTCUSDT	−0.0010%	8h	85,337.8	+0.044%	$512.9M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,343.9	+0.052%	$16.7M	$21.5M	50x	as long as short
Perpl BTC	0.0000%	43m	85,299	−0.001%	$526K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,313.6	+0.016%	$36.5M	—	200x	as long as short
01 Exchange BTCUSD	+0.0008%	1h	85,345.6	+0.054%	$354K	$2.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0025%	1h	85,333.8	+0.040%	$139.5M	$314.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0042%	1h	85,285	−0.018%	$24.5M	$222.6M	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,405	+0.123%	$339K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,347.4	+0.056%	—	$1.56B	—	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,348.1	+0.057%	$2.95B	$5.18B	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,326.2	+0.031%	$187.0M	$956.1M	100x	as long as short
Phemex BTCUSDT	+0.0093%	8h	85,327.5	+0.032%	$149.7M	$508.7M	150x	as long as short
MEXC BTC_USDT	+0.0095%	8h	85,349.3	+0.058%	$4.99B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0096%	8h	85,349	+0.058%	$9.43B	$24.98B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,355.3	+0.065%	$170.3M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,355.9	+0.066%	$23.6M	$147.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,350	+0.059%	$8.3M	$56.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,297.2	−0.003%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,316	+0.019%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,407.2	+0.126%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,429	+0.151%	$3.75B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,374.9	+0.088%	$40.1M	$602.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,346.6	+0.055%	$5.14B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,352	+0.061%	$2.59B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,293	−0.008%	$3.8M	$17.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,353	+0.062%	$4.6M	$98.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,350	+0.059%	$5.50B	$10.96B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,318.6	+0.022%	$36.8M	$179.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,300.3	0.000%	$155.0M	$558.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,312.4	+0.015%	$279.5M	$951.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,303.8	+0.005%	$214.1M	$167.2M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,328.1	+0.033%	$30.1M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,361.5	+0.072%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,302	+0.002%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,312	+0.014%	$205K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,307.9	+0.009%	$2.6M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,341.1	+0.048%	$193K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,281.3	−0.022%	$29.9M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,267.6	−0.038%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USDshort	+0.0100%	1h	85,309	+0.011%	$59.7M	$336.8M	40x
HTX BTC-USDTlong	+0.0100%	8h	85,299.9	long leg	$2.26B	$968.6M	200x
Bulk BTC-USD	+0.0100%	1h	85,294.8	−0.006%	$682.6M	$475.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,323.6	+0.028%	$44.6M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,311	+0.013%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,353.8	+0.063%	$116.9M	$5.46B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0112%	1h	85,348.9	+0.057%	$865.8M	$1.63B	50x	as long as short
Reya BTCRUSDPERP	+0.0123%	1h	85,297.4	−0.003%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,307.2	+0.009%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,370.6	+0.083%	$8.7M	$43.2M	25x	as long as short
Kalshi KXBTCPERP	+0.0198%	8h	85,322	+0.026%	$11.5M	$742.9M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,327.4	+0.032%	$689K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0257%	1h	85,370.9	+0.083%	$79K	$229K	20x	as long as short