Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.037%

Price spread now: Hotstuff against Phemex−0.010%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	85,464.5	0.0100	pay 0.0100% / 8h	1h 05m	$156.7M	$512.8M	150x
Short	Hotstuff BTC-PERP	85,456	−0.0080	pay 0.0010% / 1h	5m 21s	$8K	$3K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Phemex. 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 PhemexbpFee HotstuffbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$37.8
Price spread: −0.010% → 0.000%: −$0.99
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$55.79
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 4 min ago; Hotstuff: no order-book sample. 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 Phemex live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.1 bp −$61	7.5 bp −$751	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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	−0.0082%	1h	85,520	+0.065%	$2.3M	$10.4M	40x	as long as short
Hotstuff BTC-PERPshort	−0.0080%	1h	85,456	−0.010%	$8K	$3K	50x
KuCoin XBTUSDTM	−0.0033%	8h	85,437.1	−0.032%	$929.0M	$772.9M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,468.2	+0.004%	$421.1M	$680.7M	150x	as long as short
Aster BTCUSDT	−0.0003%	8h	85,433.4	−0.036%	$512.8M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,444.2	−0.024%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,439.3	−0.029%	$492K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,475.9	+0.013%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,445.5	−0.022%	$36.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0031%	1h	85,493.5	+0.034%	$853.8M	$1.64B	50x	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	+0.0045%	1h	85,459.2	−0.006%	$24.1M	$219.8M	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.254%	$338K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0073%	8h	85,412.6	−0.061%	—	$17.4M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,474.8	+0.012%	$186.1M	$952.4M	100x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,435	−0.035%	$2.97B	$5.15B	150x	as long as short
Bybit BTCUSDT	+0.0093%	8h	85,427.5	−0.043%	$5.14B	$9.96B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,468.2	+0.004%	$169.8M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,465.7	+0.001%	$23.6M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,460	−0.005%	$8.4M	$57.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,447.2	−0.020%	$2.4M	$6.7M	20x	as long as short
SoDEX BTC-USD	+0.0097%	1h	85,457	−0.009%	$59.8M	$336.6M	40x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,434.6	−0.035%	$5.04B	$5.78B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,433.7	−0.036%	$9.43B	$24.86B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,425	−0.046%	$245K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,509	+0.052%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,516	+0.060%	$3.75B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,484.2	+0.023%	$40.4M	$603.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,436.6	−0.033%	$2.60B	$12.19B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,442	−0.026%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,435.8	−0.034%	$5.1M	$96.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,439.2	−0.030%	$5.55B	$11.09B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,457.6	−0.008%	$37.3M	$181.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,432.9	−0.037%	$156.6M	$557.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,406.3	−0.068%	$279.8M	$952.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,439.5	−0.029%	$214.5M	$163.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,439.8	−0.029%	$139.7M	$313.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,428.5	−0.042%	$30.1M	$207.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,497.2	+0.038%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,440	−0.029%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,439	−0.030%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,431.5	−0.039%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,468.7	+0.005%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,451.8	−0.015%	$30.0M	$46.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,462.5	−0.002%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,440.6	−0.028%	$2.26B	$962.6M	200x	as long as short
Phemex BTCUSDTlong	+0.0100%	8h	85,464.5	long leg	$156.7M	$512.8M	150x
Bulk BTC-USD	+0.0100%	1h	85,413.1	−0.060%	$689.0M	$342.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,417.4	−0.055%	$45.2M	$240.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,470.9	+0.008%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,493	+0.033%	$112.9M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0134%	1h	85,429.2	−0.041%	$6.6M	$147.7M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0150%	1h	85,446.9	−0.021%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0176%	8h	85,491	+0.031%	$12.0M	$739.3M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,463.5	−0.001%	$8.8M	$42.7M	25x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,495.5	+0.036%	$685K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0264%	1h	85,471.2	+0.008%	$79K	$242K	20x	as long as short