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: HTX against SoDEX−0.007%7-day average −0.009% · you buy dearer than you sell

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 SoDEX Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.014%−$1 on $10k

Price spread, last 4 days (all we have)−0.021%−$2 · spread now −0.007%, 7d avg −0.009%

Together, before fees−0.035%−$4 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX BTC-USD	85,471	0.0100	pay 0.0013% / 1h	25m 58s	$59.8M	$336.8M	40x
Short	HTX BTC-USDT	85,465.3	0.0100	get 0.0100% / 8h	1h 25m	$2.26B	$968.4M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against SoDEX. 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 SoDEXbpFee HTXbpOrdersPrice spread, now −0.007%Rate

Funding earned: $0
Price spread: −0.007% → −0.009%: $0.28
Slippage, 4 orders: −$0.13
Fee SoDEX: 4 bp × 2 orders: −$8
Fee HTX: 6 bp × 2 orders: −$12
Net: −$19.85
Costs to cover: 0.201%
Break-even: never at this rate

Slippage from SoDEX: 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 SoDEX live order book, 3 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	5.0 bp −$499	41.0 bp −$20.5K
Sell HTX live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.4 bp −$638	9.4 bp −$4,698

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	85,329	−0.166%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,418	−0.062%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0044%	8h	85,472.6	+0.002%	$928.8M	$774.3M	125x	as long as short
BloFin BTC-USDT	−0.0028%	8h	85,416.4	−0.064%	$421.5M	$683.9M	150x	as long as short
Aster BTCUSDT	−0.0010%	8h	85,458	−0.015%	$513.4M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,465.7	−0.006%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,487.7	+0.020%	$491K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,470	−0.001%	$16.8M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,477	+0.007%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0040%	1h	85,421	−0.059%	$24.4M	$222.4M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.262%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0071%	8h	85,466.2	−0.006%	—	$1.56B	—	as long as short
Deribit BTC-PERPETUAL	+0.0086%	1h	85,513.6	+0.050%	$862.0M	$1.64B	50x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,465	−0.007%	$2.4M	$6.7M	20x	as long as short
ApeX Omni BTCUSDT	+0.0088%	1h	85,342.3	−0.151%	$139.5M	$314.2M	100x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,491.5	+0.024%	$185.5M	$959.3M	100x	as long as short
Bitget BTCUSDT	+0.0089%	8h	85,472.8	+0.002%	$2.97B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,473.4	+0.003%	$5.01B	$5.76B	500x	as long as short
Binance BTCUSDT	+0.0092%	8h	85,471.7	+0.001%	$9.43B	$24.99B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,483.3	+0.014%	$170.3M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,483.8	+0.015%	$23.5M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,465	−0.007%	$8.4M	$56.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,445	−0.030%	$241K	$8.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,451.1	−0.023%	$5.15B	$9.99B	150x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,515.4	+0.052%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,551	+0.094%	$3.75B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,477.6	+0.008%	$40.0M	$602.6M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,456.2	−0.017%	$2.60B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,464	−0.008%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,455.5	−0.018%	$5.2M	$98.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,472.7	+0.002%	$5.56B	$11.03B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,468.1	−0.003%	$37.1M	$178.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,275.8	−0.228%	$154.7M	$557.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,313.9	−0.184%	$279.5M	$949.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,293.3	−0.208%	$214.1M	$165.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,414.7	−0.066%	$30.1M	$203.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,514.7	+0.051%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,469	−0.002%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,467.8	−0.004%	$201K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,462.3	−0.010%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,504.6	+0.039%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,214.5	−0.300%	$29.9M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,421.9	−0.057%	$2.9M	$6.0M	100x	as long as short
SoDEX BTC-USDlong	+0.0100%	1h	85,471	long leg	$59.8M	$336.8M	40x
HTX BTC-USDTshort	+0.0100%	8h	85,465.3	−0.007%	$2.26B	$968.4M	200x
Phemex BTCUSDT	+0.0100%	8h	85,462.6	−0.010%	$152.7M	$510.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,269.9	−0.235%	$683.1M	$415.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,452.1	−0.022%	$44.9M	$240.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,442.9	−0.033%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,512.8	+0.049%	$115.5M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0129%	1h	85,462.8	−0.010%	$6.6M	$147.7M	40x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,476	+0.006%	$11.9M	$741.0M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,488.8	+0.021%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,441.9	−0.034%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,354.3	−0.137%	$684K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0253%	1h	85,347.3	−0.145%	$79K	$230K	20x	as long as short