BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0246%/8h= +26.9% APRnext payment +$0.31 per $10,000 · paid last 24h +0.005%

Price spread now: Aftermath Perps against Backpack−0.102%7-day average +0.054% · 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−$45as in the Price arb table

costs, in and out, $10k−$290.289% of the position

Long on Backpack Short on Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.119%+$12 on $10k

Price spread, last 4 days (all we have)+0.399%+$40 · spread now −0.102%, 7d avg +0.054%

Together, before fees+0.518%+$52 on $10k · with fees, hour by hour

Funding pays, the price is against you. Aftermath Perps is 0.156% cheaper against Backpack than usual: you would sell low and buy high (spread −0.102% now, against its 7-day average of +0.054%). If the spread goes back, that is −$16 on $10k: about 2.1 days of funding at the current rate (+$7 a day). At the pace of the last 4 days (+0.119% in total) that is about 4.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,605.5	0.0100	pay 0.0013% / 1h	23m 24s	$37.7M	$192.2M	75x
Short	Aftermath Perps BTCUSD	85,517.9	0.0346	get 0.0043% / 1h	23m 24s	$81K	$259K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps 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 Aftermath PerpsbpOrdersPrice spread, now −0.102%Rate

Funding earned: $51.68
Price spread: −0.102% → +0.054%: −$15.61
Slippage, 4 orders: −$9.92
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: $7.15
Costs to cover: 0.289%
Break-even: 6.0 days

Slippage from Backpack: live order book, 1 min ago; Aftermath Perps: live order book, 16 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, 1 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.6 bp −$659	doesn't fit
Sell Aftermath Perps live order book, 16 min ago	1.00 bp	9.4 bp −$9	20.2 bp −$202	doesn't fit	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	−0.0830%	1h	85,756.1	+0.176%	$194K	$785K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,640	+0.040%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,456.6	−0.174%	$424.6M	$653.3M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,421	−0.216%	$439K	$25.8M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,654.9	+0.058%	$354K	$2.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,470.4	−0.158%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0021%	8h	85,695.3	+0.105%	$944.1M	$755.3M	125x	as long as short
Aster BTCUSDT	+0.0036%	8h	85,670.3	+0.076%	$504.0M	$1.06B	200x	as long as short
dYdX BTC-USD	+0.0053%	1h	85,491.8	−0.133%	$16.8M	$20.8M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,611.6	+0.007%	$186.2M	$916.3M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,520	−0.100%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDC	+0.0080%	8h	85,700	+0.110%	—	$17.3M	—	as long as short
Nado BTC-PERP	+0.0085%	1h	85,650.1	+0.052%	$24.3M	$213.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,674.7	+0.081%	$171.9M	$950.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,671.3	+0.077%	$23.5M	$135.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,659	+0.062%	$8.7M	$56.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,713.7	+0.126%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,632	+0.031%	$263K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,705.3	+0.117%	$5.7M	$9.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,679.3	+0.086%	$40.3M	$602.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,690.1	+0.099%	$9.42B	$24.46B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,703.6	+0.115%	$5.10B	$9.72B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,720.4	+0.134%	$2.62B	$11.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,672	+0.078%	$3.9M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,664	+0.068%	$5.0M	$96.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,303.3	−0.353%	$702.0M	$164.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,699.7	+0.110%	$5.51B	$9.96B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,686.7	+0.095%	$5.06B	$5.78B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,719.5	+0.133%	$2.99B	$4.94B	150x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,605.5	long leg	$37.7M	$192.2M	75x
Variational Omni BTC	+0.0100%	8h	85,352.3	−0.296%	$155.8M	$535.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,427	−0.209%	$285.6M	$964.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,464	−0.165%	$214.5M	$157.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,415	−0.223%	$136.6M	$312.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,531.9	−0.086%	$30.2M	$217.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,720.3	+0.134%	—	$9.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,686	+0.094%	$10.9M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,700	+0.110%	$210K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,710.5	+0.123%	$2.7M	$9.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,444.6	−0.188%	$28.8M	$52.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,563.7	−0.049%	$3.1M	$6.9M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,596	−0.011%	$59.9M	$312.0M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,582.7	−0.027%	$2.26B	$957.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,593.6	−0.014%	$164.8M	$510.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,687.7	+0.096%	$45.7M	$237.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,669.2	+0.074%	—	$104.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,620.4	+0.017%	$111.9M	$5.38B	50x	as long as short
Reya BTCRUSDPERP	+0.0151%	1h	85,671.2	+0.077%	$6.6M	$136.1M	40x	as long as short
Hyperliquid BTC	+0.0153%	1h	85,764	+0.185%	$3.85B	$4.73B	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,584.4	−0.025%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0191%	8h	85,577	−0.033%	$10.7M	$736.8M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,678.2	+0.085%	$8.9M	$41.8M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0214%	1h	85,650.4	+0.052%	$833.0M	$1.64B	50x	as long as short
Hibachi BTC/USDT-P	+0.0344%	1h	85,586.9	−0.022%	$690K	$7.6M	30x	as long as short
Aftermath Perps BTCUSDshort	+0.0346%	1h	85,517.9	−0.102%	$81K	$259K	20x
Perpl BTC	+0.0447%	43m	85,569.5	−0.042%	$453K	$17.2M	6.7x	as long as short