Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.010%

Price spread now: Backpack against Arcus−0.061%7-day average −0.022% · 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−$19as in the Price arb table

costs, in and out, $10k−$150.152% of the position

Long on Arcus Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.077%−$8 on $10k

Price spread, last 7 days−0.365%−$36 · spread now −0.061%, 7d avg −0.022%

Together, before fees−0.442%−$44 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.039% cheaper against Arcus than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus BTC-USD	85,208.7	0.0100	pay 0.0013% / 1h	32m 25s	$4.6M	$99.1M	40x
Short	Backpack BTC_USDC_PERP	85,156.7	0.0100	get 0.0013% / 1h	32m 25s	$36.0M	$174.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Arcus. 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 ArcusbpFee BackpackbpOrdersPrice spread, now −0.061%Rate

Funding earned: $0
Price spread: −0.061% → −0.022%: −$3.95
Slippage, 4 orders: −$0.67
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$19.12
Costs to cover: 0.152%
Break-even: never at this rate

Slippage from Arcus: live order book, 2 min ago; Backpack: live order book, 2 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 Arcus live order book, 2 min ago	0.01 bp	2.4 bp −$2	2.9 bp −$29	3.2 bp −$319	doesn't fit
Sell Backpack live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.9 bp −$586	15.3 bp −$7,633

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
Perpl BTC	−0.0112%	43m	85,179.6	−0.034%	$525K	$18.6M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,177	−0.037%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,161	−0.056%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0053%	8h	85,193.1	−0.018%	$922.1M	$763.5M	125x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,168.2	−0.048%	$420.7M	$679.1M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,213.5	+0.006%	$373K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0015%	8h	85,178.9	−0.035%	$512.1M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,222.8	+0.017%	$16.7M	$21.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,202.5	−0.007%	$36.4M	—	200x	as long as short
Nado BTC-PERP	+0.0019%	1h	85,183.4	−0.030%	$24.7M	$222.8M	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	+0.0023%	1h	85,225	+0.019%	$338K	$26.8M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,171.4	−0.044%	$187.2M	$954.8M	100x	as long as short
BingX BTC-USDT	+0.0066%	8h	85,189.8	−0.022%	—	$1.56B	—	as long as short
SoDEX BTC-USD	+0.0071%	1h	85,150	−0.069%	$59.6M	$335.8M	40x	as long as short
Bullet BTC-USD	+0.0079%	1h	85,189.8	−0.022%	$205K	$3.3M	20x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,151.4	−0.067%	$2.4M	$6.7M	20x	as long as short
Phemex BTCUSDT	+0.0081%	8h	85,168.6	−0.047%	$148.9M	$504.0M	150x	as long as short
Bitget BTCUSDT	+0.0083%	8h	85,184.5	−0.028%	$2.94B	$5.17B	150x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,193.2	−0.018%	$9.41B	$24.82B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,183.7	−0.029%	$5.05B	$5.70B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,203.5	−0.006%	$170.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,203.2	−0.006%	$23.7M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,208	−0.001%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,194	−0.017%	$117.0M	$5.33B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,186	−0.027%	$240K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,270.9	+0.073%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,270	+0.072%	$3.74B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,234.7	+0.030%	$40.1M	$595.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,186.2	−0.026%	$5.15B	$9.93B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,184.8	−0.028%	$2.58B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,212	+0.004%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USDlong	+0.0100%	1h	85,208.7	long leg	$4.6M	$99.1M	40x
Bulk BTC-USD	+0.0100%	1h	85,183.8	−0.029%	$678.4M	$603.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,185.8	−0.027%	$5.49B	$10.91B	200x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	85,156.7	−0.061%	$36.0M	$174.8M	75x
Variational Omni BTC	+0.0100%	8h	85,263.5	+0.064%	$156.5M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,291.2	+0.097%	$279.1M	$942.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,264.2	+0.065%	$214.3M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,313.3	+0.123%	$139.4M	$315.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,149.5	−0.070%	$30.0M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,251.8	+0.051%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,189	−0.023%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,185.9	−0.027%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,221.2	+0.015%	$217K	$749K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,129.4	−0.093%	$29.9M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,127.1	−0.096%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,141	−0.079%	$2.25B	$950.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,175.4	−0.039%	$45.3M	$238.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,214.8	+0.007%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0113%	1h	85,177	−0.037%	$6.6M	$147.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0169%	1h	85,195.1	−0.016%	$872.4M	$1.61B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,193.6	−0.018%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0179%	8h	85,177	−0.037%	$11.3M	$745.1M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0211%	1h	85,260.1	+0.060%	$79K	$225K	20x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,227.8	+0.022%	$718K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,229.6	+0.025%	$8.6M	$43.1M	25x	as long as short