BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0020%/8h= −2.2% APRnext payment −$0.02 per $10,000 · paid last 24h −0.003%

Price spread now: Aevo against Backpack−0.011%46s7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$290.291% of the position

Long on Backpack Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.121%+$12 on $10k

Price spread, last 3 days (all we have)+0.026%+$3 · spread now −0.011%, 7d avg +0.013%

Together, before fees+0.147%+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Aevo is 0.024% cheaper against Backpack than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.013%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.121%, so the current rate has only just turned against you. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	86,296	0.0100	pay 0.0013% / 1h	21m 17s	$37.3M	$158.8M	75x
Short	Aevo BTC-PERP	86,286.5	0.0080	get 0.0010% / 1h	21m 17s	$2.5M	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Backpack. 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 BackpackbpFee AevobpOrdersPrice spread, now −0.011%Rate

Funding earned: −$4.2
Price spread: −0.011% → +0.013%: −$2.36
Slippage, 4 orders: −$3.15
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$35.71
Costs to cover: 0.291%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Aevo: 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 Backpack live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.4 bp −$545	44.5 bp −$22.2K
Sell Aevo live order book, 3 min ago	0.75 bp	8.8 bp −$9	11.7 bp −$117	14.8 bp −$1,479	doesn't fit

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
Bluefin BTC-PERP	−0.0161%	1h	86,307	+0.013%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,359	+0.073%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,322	+0.030%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,278.8	−0.020%	$364K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,315.4	+0.022%	$481K	$21.4M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,297.6	+0.002%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	+0.072%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0024%	1h	86,339.8	+0.051%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0030%	8h	86,277.6	−0.021%	$500.4M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0042%	8h	86,269.2	−0.031%	$830.9M	$717.9M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0047%	1h	86,270.5	−0.030%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0050%	8h	86,274	−0.025%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,288.1	−0.009%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0064%	8h	86,291.1	−0.006%	$2.98B	$5.03B	150x	as long as short
Aevo BTC-PERPshort	+0.0080%	1h	86,286.5	−0.011%	$2.5M	$1.8M	20x
SoDEX BTC-USD	+0.0082%	1h	86,285	−0.013%	$60.3M	$338.2M	40x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,267.9	−0.033%	$5.13B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0083%	8h	86,276.2	−0.023%	$9.40B	$24.27B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,309	+0.015%	$170.5M	$987.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,311	+0.017%	$23.7M	$150.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,267	−0.034%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,250	−0.053%	$196K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,327.4	+0.036%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,310.5	+0.017%	$22.1M	$227.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,343.1	+0.055%	$3.79B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,328	+0.037%	$41.1M	$552.2M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,286.2	−0.011%	$5.25B	$9.66B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,297.7	+0.002%	$2.56B	$12.45B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,261	−0.041%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,305.8	+0.011%	$7.2M	$94.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,285.6	−0.012%	$5.78B	$10.56B	200x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	86,296	long leg	$37.3M	$158.8M	75x
Variational Omni BTC	+0.0100%	8h	86,271.9	−0.028%	$157.9M	$558.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,378.6	+0.096%	$279.0M	$949.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,434.6	+0.161%	$217.1M	$165.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,403.6	+0.125%	$141.5M	$321.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,336.6	+0.047%	$30.7M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,328.2	+0.037%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,274	−0.025%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,278	−0.021%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,280.9	−0.017%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,310.7	+0.017%	$30.3M	$57.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,256.6	−0.046%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,290.6	−0.006%	$2.29B	$958.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,307.7	+0.014%	$154.7M	$473.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,411.1	+0.133%	$576.0M	$32.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,272.6	−0.027%	$46.1M	$222.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,323.6	+0.032%	—	$98.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,349	+0.061%	$132.1M	$5.34B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,326	+0.035%	$192.4M	$944.4M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0155%	1h	86,337.9	+0.049%	$902.2M	$1.51B	50x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,341.8	+0.053%	$709K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0170%	1h	86,399.2	+0.120%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,392.8	+0.112%	$415.6M	$642.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0206% / S −0.0221%	1h	86,292.4	−0.004%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0207%	8h	86,379	+0.096%	$10.5M	$765.5M	6.4x	as long as short