Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0236%/8h= +25.9% APRpaid last 24h +0.019%

Price spread now: HTX against Phoenix+0.170%7-day average −0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs+$2as in the Price arb table

costs, in and out, $10k−$190.194% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.055%+$6 on $10k

Price spread, last 4 days (all we have)−0.360%−$36 · spread now +0.170%, 7d avg −0.040%

Together, before fees−0.305%−$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and HTX is 0.209% dearer against Phoenix than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of −0.040%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.055% in total (about 2.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	85,662	−0.0160	get 0.0020% / 1h	30m 55s	$2.2M	$10.3M	40x
Short	HTX BTC-USDT	85,807.2	0.0076	get 0.0076% / 8h	5h 30m	$2.27B	$936.6M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Phoenix. 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 PhoenixbpFee HTXbpOrdersPrice spread, now +0.170%Rate

Funding earned: $49.59
Price spread: +0.170% → −0.040%: $20.93
Slippage, 4 orders: −$0.37
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: $51.15
Costs to cover: 0.194%
Break-even: from the start

Slippage from Phoenix: 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 Phoenix live order book, 3 min ago	0.06 bp	3.7 bp −$4	6.2 bp −$62	12.0 bp −$1,201	doesn't fit
Sell HTX live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.8 bp −$778	10.7 bp −$5,368

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 BTClong	−0.0160%	1h	85,662	long leg	$2.2M	$10.3M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,739	+0.090%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,801.8	+0.163%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,805.1	+0.167%	$417.4M	$665.5M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,731.5	+0.081%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,792.3	+0.152%	$36.7M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,800.6	+0.162%	$22.9M	$221.2M	50x	as long as short
KuCoin XBTUSDTM	+0.0011%	8h	85,790.3	+0.150%	$919.5M	$753.1M	125x	as long as short
Aster BTCUSDT	+0.0020%	8h	85,807.4	+0.170%	$517.0M	$1.11B	200x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,781.5	+0.140%	—	$1.53B	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BTCUSDT	+0.0068%	8h	85,770	+0.126%	$2.96B	$5.03B	150x	as long as short
Reya BTCRUSDPERP	+0.0069%	1h	85,767.5	+0.123%	$6.7M	$146.4M	40x	as long as short
Bluefin BTC-PERP	+0.0069%	1h	85,828.4	+0.194%	$197K	$722K	40x	as long as short
Phemex BTCUSDT	+0.0070%	8h	85,800.7	+0.162%	$148.2M	$479.1M	150x	as long as short
HTX BTC-USDTshort	+0.0076%	8h	85,807.2	+0.170%	$2.27B	$936.6M	200x
Injective BTC/USDC PERP	+0.0079%	1h	85,578	−0.098%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,802	+0.163%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,803.3	+0.165%	$5.06B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,794.7	+0.155%	$9.36B	$23.94B	150x	as long as short
SunX BTC-USDT	+0.0089%	8h	85,768.4	+0.124%	$2.9M	$6.1M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,813.9	+0.177%	$170.6M	$990.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,824.1	+0.189%	$24.0M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,808	+0.170%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,806.4	+0.169%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,764	+0.119%	$197K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,881	+0.256%	$3.74B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,780.4	+0.138%	$40.6M	$573.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,784.9	+0.143%	$5.34B	$9.60B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,780.6	+0.138%	$2.57B	$12.15B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,758	+0.112%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,735.3	+0.086%	$7.1M	$97.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,789.5	+0.149%	$5.56B	$10.51B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,806.8	+0.169%	$35.6M	$172.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,767.3	+0.123%	$156.3M	$548.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,658.9	−0.004%	$279.6M	$930.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,696.8	+0.041%	$215.2M	$166.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,618.1	−0.051%	$140.2M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,683.1	+0.025%	$30.3M	$210.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,816.8	+0.181%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,782	+0.140%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,774.1	+0.131%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,787.3	+0.146%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,780.7	+0.139%	$30.0M	$50.9M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,808	+0.170%	$60.1M	$336.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,614.4	−0.056%	$621.3M	$398.6M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0100%	1h	85,846.1	+0.215%	$892.4M	$1.53B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,786.4	+0.145%	$44.1M	$227.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,712.4	+0.059%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,852.4	+0.222%	$130.7M	$5.12B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,802.6	+0.164%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,836.3	+0.203%	$189.4M	$952.0M	100x	as long as short
Aftermath Perps BTCUSD	+0.0194%	1h	85,672.4	+0.012%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0179%	1h	85,790	+0.149%	$13.6M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,730.6	+0.080%	$702K	$7.8M	30x	as long as short
Kalshi KXBTCPERP	+0.0216%	8h	85,809	+0.172%	$10.5M	$760.6M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,811.3	+0.174%	$518K	$19.4M	6.7x	as long as short