EntropyIO vs HTX Funding Arbitrage
4 shared markets · net of estimated fees · updated every few minutesEntropyIO and HTX both quote 4 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread right now is NBIS — long EntropyIO / short HTX at 42.5% net APR — but the median across all shared markets is 19.1%, which is the number worth planning around.
The long leg is whichever venue prices funding lower for that market. It is a property of the MARKET, not of the exchange, and it flips as rates move: here 1 markets go long on EntropyIO and 3 on HTX. 3 markets clear 5% net APR, 3 clear 10%.
How this pair behaves
EntropyIO pays funding every 1h on 10 markets; HTX pays every 8h on 69 markets and every 4h on 54 markets. The two clocks differ, so one leg settles while the other is still accruing: a position held for only a few hours can pay one side without ever collecting from the other. EntropyIO quotes 10 perpetual markets in total and HTX quotes 126; the 4 they share are what this page ranks. Across its own book EntropyIO runs a median funding rate of 17.3% and HTX 10.9%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 4 of 4 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| NBIS | EntropyIO | HTX | 42.5% | 48.3% | -12.1% | $61K |
| DRAM | HTX | EntropyIO | 28.1% | 35.2% | +6.2% | $14K |
| EWY | HTX | EntropyIO | 10.1% | 17.8% | +12.1% | $647K |
| ANTHROPIC | HTX | EntropyIO | 3.5% | 11.3% | +3.1% | $66K |
Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.
Coverage note: EntropyIO and HTX share 4 markets, 0 of them with real depth — below the 10 markets / 5 liquid this page treats as full coverage, so this is a thin sample rather than a picture of the pair.
EntropyIO vs HTX — FAQ
How many markets can you arbitrage between EntropyIO and HTX?
4 perpetual markets are quoted on both EntropyIO and HTX right now. 3 of them show a net spread of at least 5% APR after estimated fees, and 0 have at least $1M of 24h volume on the smaller leg.
What is the best EntropyIO / HTX funding spread right now?
NBIS: long EntropyIO and short HTX for about 42.5% net APR after estimated fees. The median across all 4 shared markets is 19.1%, so the top of the list is not typical.
Which side pays on the EntropyIO / HTX pair?
It varies by market: EntropyIO is the long (funding-receiving) leg in 1 of the shared markets and HTX in the other 3. The direction is set per market by which venue currently prices funding lower.
Trading the EntropyIO / HTX spread
The trade is one position split across two venues: long the exchange paying the more negative funding, short the one paying the more positive, in the same size. What limits it is not the headline APR but the smaller leg's liquidity, the fees on both sides, and how long the spread survives — funding decays and flips, often within hours. Venue detail: EntropyIO funding rates · HTX funding rates; the full calculation is in the methodology.