Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0087%/8h= +9.5% APRpaid last 24h +0.021%

Price spread now: HTX against Injective−0.151%65s7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$180.184% of the position

Long on Injective Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.019%−$2 on $10k

Price spread, last 4 days (all we have)+0.143%+$14 · spread now −0.151%, 7d avg −0.034%

Together, before fees+0.124%+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. HTX is 0.117% cheaper against Injective than usual: you would sell low and buy high (spread −0.151% now, against its 7-day average of −0.034%). If the spread goes back, that is −$12 on $10k: about 4.5 days of funding at the current rate (+$3 a day). The two prices were read 65 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	Injective BTC/USDC PERP	86,214	0.0009	pay 0.0001% / 1h	49m 22s	$301K	$26.1M	52x
Short	HTX BTC-USDT	86,083.9	0.0095	get 0.0095% / 8h	5h 49m	$2.27B	$802.6M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Injective. 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 InjectivebpFee HTXbpOrdersPrice spread, now −0.151%Rate

Funding earned: $18.17
Price spread: −0.151% → −0.034%: −$11.7
Slippage, 4 orders: −$6.38
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee HTX: 6 bp × 2 orders: −$12
Net: −$11.93
Costs to cover: 0.184%
Break-even: 11.6 days

Slippage from Injective: live order book, 3 min ago; HTX: 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 Injective live order book, 3 min ago	2.96 bp	3.2 bp −$3	8.2 bp −$82	doesn't fit	doesn't fit
Sell HTX live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.2 bp −$62	7.3 bp −$728	10.3 bp −$5,161

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
Phoenix BTC	−0.0133%	1h	86,126	−0.102%	$2.1M	$7.8M	40x	as long as short
ApeX Omni BTCUSDT	−0.0103%	1h	86,098.5	−0.134%	$137.8M	$295.3M	100x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,197	−0.020%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,061.4	−0.177%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0021%	8h	86,096.4	−0.136%	$421.4M	$564.3M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	86,107.7	−0.123%	$16.9M	$14.5M	50x	as long as short
Perpl BTC	0.0000%	43m	86,124.1	−0.104%	$481K	$13.8M	6.7x	as long as short
SoDEX BTC-USD	+0.0003%	1h	86,085	−0.150%	$65.9M	$187.9M	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,111.6	−0.119%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERPlong	+0.0009%	1h	86,214	long leg	$301K	$26.1M	52x

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0028%	8h	86,047.8	−0.193%	$513.0M	$874.2M	200x	as long as short
BingX BTC-USDC	+0.0028%	8h	86,025.6	−0.219%	—	$16.3M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,099.5	−0.133%	$191.7M	$768.9M	100x	as long as short
Bybit BTCUSDT	+0.0038%	8h	86,052.2	−0.188%	$5.15B	$8.13B	150x	as long as short
KuCoin XBTUSDTM	+0.0054%	8h	86,061.9	−0.176%	$943.4M	$633.8M	125x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,054.9	−0.185%	$5.51B	$8.89B	200x	as long as short
Popdex BTCUSDT	+0.0080%	1h	86,058	−0.181%	$8.5M	$45.6M	100x	as long as short
Phemex BTCUSDT	+0.0087%	8h	86,090	−0.144%	$170.7M	$478.9M	150x	as long as short
Bitget BTCUSDT	+0.0094%	8h	86,055.6	−0.184%	$2.99B	$3.96B	150x	as long as short
HTX BTC-USDTshort	+0.0095%	8h	86,083.9	−0.151%	$2.27B	$802.6M	200x
Lighter BTC	+0.0096%	1h	86,070.9	−0.166%	$173.7M	$853.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,072.8	−0.164%	$23.4M	$119.1M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,073.6	−0.163%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0098%	8h	86,055.4	−0.184%	$5.17B	$4.82B	500x	as long as short
Binance BTCUSDT	+0.0099%	8h	86,041.9	−0.200%	$9.45B	$20.52B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,043	−0.198%	$218K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,100.2	−0.132%	$6.0M	$7.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,060.3	−0.178%	$23.5M	$195.5M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,101.6	−0.130%	$40.1M	$571.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,054.5	−0.185%	$2.62B	$9.49B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,067	−0.171%	$4.0M	$15.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,097.7	−0.135%	$4.2M	$90.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	−0.052%	$716.4M	$134.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,078.5	−0.157%	$38.2M	$195.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,070.8	−0.166%	$156.6M	$475.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,058.2	−0.181%	$289.8M	$814.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,097	−0.136%	$216.3M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,080.1	−0.155%	$30.3M	$223.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,125.5	−0.103%	—	$9.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,065	−0.173%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,048.1	−0.192%	$205K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,038.7	−0.203%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,130.9	−0.096%	$195K	$564K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,121.8	−0.107%	$3.2M	$6.6M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,028.9	−0.215%	$46.9M	$203.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,103.9	−0.128%	—	$81.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,132.9	−0.094%	$112.2M	$4.97B	50x	as long as short
Kalshi KXBTCPERP	+0.0160%	8h	86,133	−0.094%	$12.0M	$733.2M	6.4x	as long as short
Hyperliquid BTC	+0.0161%	1h	86,150	−0.074%	$3.97B	$4.36B	40x	as long as short
Reya BTCRUSDPERP	+0.0163%	1h	86,077.4	−0.158%	$6.6M	$131.1M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,082.4	−0.153%	$8.9M	$37.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0251%	1h	86,101.2	−0.131%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0258%	1h	86,145.6	−0.079%	$822.8M	$1.50B	50x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	86,123	−0.106%	$726K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0443%	1h	86,126.9	−0.101%	$79K	$245K	20x	as long as short