Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:12 UTC+0.0059%/8h= +6.4% APRpaid last 24h +0.039%

Price spread now: HTX against Perpl−0.059%7-day average −0.028% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Perpl Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.345%−$34 on $10k

Price spread, last 3 days (all we have)+0.008%+$1 · spread now −0.059%, 7d avg −0.028%

Together, before fees−0.336%+ Points / potential airdropPerpl: Active · farm board−$34 on $10k · with fees, hour by hour

Funding pays, the price is against you. HTX is 0.032% cheaper against Perpl than usual: you would sell low and buy high (spread −0.059% now, against its 7-day average of −0.028%). If the spread goes back, that is −$3 on $10k: about 43 hours of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.345%, 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	Perpl BTC	86,110	0	get 0.0000% / 43m	27m 17s	$580K	$21.2M	6.7x
Short	HTX BTC-USDT	86,059	0.0059	get 0.0059% / 8h	7h 05m	$2.28B	$957.9M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Perpl. 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 PerplbpFee HTXbpOrdersPrice spread, now −0.059%Rate

Funding earned: $12.36
Price spread: −0.059% → −0.028%: −$3.17
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee HTX: 6 bp × 2 orders: −$12
Net: −$16.61
Costs to cover: 0.258%
Break-even: 16.4 days

Slippage unknown: Perpl: no order-book sample; HTX: live order book, 4 min ago. Net counts fees only.

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 Perpl no order-book sample	—	—	—	—	—
Sell HTX live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.1 bp −$61	7.6 bp −$762	10.5 bp −$5,227

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0129%	1h	86,215	+0.122%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,090	−0.023%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,075.2	−0.040%	$363K	$2.3M	50x	as long as short
Perpl BTClong	0.0000%	43m	86,110	long leg	$580K	$21.2M	6.7x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,098.5	−0.013%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,365	+0.296%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0024%	1h	86,108.9	−0.001%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0031%	8h	86,078.9	−0.036%	$499.1M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	86,078.1	−0.037%	$827.4M	$715.6M	125x	as long as short
Reya BTCRUSDPERP	+0.0050%	1h	86,069.7	−0.047%	$6.7M	$145.8M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0052%	1h	86,084.8	−0.029%	$8.2M	$42.4M	25x	as long as short
BingX BTC-USDT	+0.0053%	8h	86,085.7	−0.028%	—	$1.57B	—	as long as short
HTX BTC-USDTshort	+0.0059%	8h	86,059	−0.059%	$2.28B	$957.9M	200x
Bitget BTCUSDT	+0.0066%	8h	86,076	−0.039%	$2.96B	$5.05B	150x	as long as short
SoDEX BTC-USD	+0.0070%	1h	86,076	−0.039%	$60.3M	$338.3M	40x	as long as short
Bluefin BTC-PERP	+0.0076%	1h	86,106.8	−0.004%	$144K	$666K	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,066.4	−0.051%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,076	−0.039%	$5.11B	$5.77B	500x	as long as short
Binance BTCUSDT	+0.0083%	8h	86,077.2	−0.038%	$9.37B	$24.23B	150x	as long as short
Phemex BTCUSDT	+0.0086%	8h	86,070	−0.046%	$155.3M	$473.4M	150x	as long as short
Gate BTC_USDT	+0.0090%	8h	86,086.4	−0.027%	$5.77B	$10.67B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,097.3	−0.015%	$170.0M	$994.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,098	−0.014%	$23.5M	$152.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,080	−0.035%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,056	−0.063%	$199K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,106.6	−0.004%	$4.2M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,081.5	−0.033%	$22.0M	$225.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,150	+0.046%	$3.77B	$4.96B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,118.5	+0.010%	$40.8M	$560.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,086	−0.028%	$5.24B	$9.64B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,094.2	−0.018%	$2.56B	$12.40B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,104	−0.007%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,099	−0.013%	$7.2M	$95.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,075.4	−0.040%	$35.5M	$161.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,079.3	−0.036%	$156.4M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,114.1	+0.005%	$278.1M	$940.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,175.4	+0.076%	$216.3M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,194.2	+0.098%	$141.1M	$320.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,117.1	+0.008%	$30.6M	$207.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,127.1	+0.020%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,080	−0.035%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,077.8	−0.037%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,073.4	−0.043%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,090.9	−0.022%	$30.2M	$57.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,055.4	−0.063%	$3.3M	$5.4M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,141.5	+0.037%	$581.0M	$76.4M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,054.7	−0.064%	$45.9M	$222.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,105	−0.006%	—	$99.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,103.7	−0.007%	$132.4M	$5.27B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,108	−0.002%	$190.3M	$953.6M	100x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	86,112.1	+0.002%	$725K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,188	+0.091%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,110	0.000%	$415.5M	$640.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,119	+0.010%	$10.4M	$766.5M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,095.4	−0.017%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0211%	1h	86,131.9	+0.025%	$902.8M	$1.51B	50x	as long as short