HTX vs Risex Funding Arbitrage
20 shared markets · net of estimated fees · updated every few minutesHTX and Risex both quote 20 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 on a market with real depth is SNDK — long Risex / short HTX at 60.2% net APR — but the median across all shared markets is 19.7%, 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 10 markets go long on HTX and 10 on Risex. 19 markets clear 5% net APR, 13 clear 10%.
How this pair behaves
HTX pays funding every 8h on 70 markets and every 4h on 60 markets; Risex pays every 1h on 45 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. HTX quotes 133 perpetual markets in total and Risex quotes 45; the 20 they share are what this page ranks. Across its own book HTX runs a median funding rate of 10.9% and Risex 7.9%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 20 of 20 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| META | HTX | Risex | 72.2% | 74.5% | +11.7% | $105K |
| SNDK | Risex | HTX | 60.2% | 62.6% | +6.1% | $1.0M |
| XMR | HTX | Risex | 46.7% | 51.6% | +40.0% | $566K |
| LIT | Risex | HTX | 41.8% | 46.7% | +14.3% | $127K |
| NEAR | Risex | HTX | 33.2% | 36.0% | +10.9% | $986K |
| HYPE | HTX | Risex | 30.7% | 33.1% | -2.4% | $2.6M |
| SOL | HTX | Risex | 28.3% | 30.6% | -5.3% | $1.5M |
| XAG | HTX | Risex | 25.6% | 28.4% | +13.6% | $375K |
| WLD | Risex | HTX | 23.1% | 26.6% | -1.8% | $182K |
| ETH | Risex | HTX | 21.8% | 23.9% | +8.2% | $15.3M |
| XRP | Risex | HTX | 17.7% | 19.9% | +6.4% | $3.1M |
| GOOGL | Risex | HTX | 17.2% | 19.9% | -2.5% | $139K |
| SOXL | Risex | HTX | 12.1% | 15.8% | -3.9% | $111K |
| XAU | HTX | Risex | 9.1% | 11.0% | -3.2% | $3.0M |
| KORU | HTX | Risex | 8.6% | 13.5% | +6.6% | $134K |
| ONDO | Risex | HTX | 8.3% | 13.9% | +10.6% | $37K |
| BNB | HTX | Risex | 7.7% | 9.9% | +9.6% | $1.3M |
| NVDA | HTX | Risex | 6.7% | 8.8% | +3.0% | $36K |
| AAVE | Risex | HTX | 6.1% | 11.0% | +12.1% | $168K |
| BTC | HTX | Risex | 1.3% | 3.4% | +0.6% | $28.0M |
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.
HTX vs Risex — FAQ
How many markets can you arbitrage between HTX and Risex?
20 perpetual markets are quoted on both HTX and Risex right now. 19 of them show a net spread of at least 5% APR after estimated fees, and 8 have at least $1M of 24h volume on the smaller leg.
What is the best HTX / Risex funding spread right now?
SNDK: long Risex and short HTX for about 60.2% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 20 shared markets is 19.7%, so the top of the list is not typical.
Which side pays on the HTX / Risex pair?
It varies by market: HTX is the long (funding-receiving) leg in 10 of the shared markets and Risex in the other 10. The direction is set per market by which venue currently prices funding lower.
Trading the HTX / Risex 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: HTX funding rates · Risex funding rates; the full calculation is in the methodology.