Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Bybit against Backpack+0.004%7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$210.210% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.113%+$11 on $10k

Price spread, last 7 days+0.295%+$30 · spread now +0.004%, 7d avg −0.005%

Together, before fees+0.409%+$41 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,403.6	0.0100	pay 0.0013% / 1h	9m 08s	$36.4M	$178.0M	75x
Short	Bybit BTCUSDT	85,406.8	0.0100	get 0.0100% / 8h	3h 09m	$5.17B	$9.86B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.004%Rate

Funding earned: $0
Price spread: +0.004% → −0.005%: $0.87
Slippage, 4 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$20.16
Costs to cover: 0.210%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; Bybit: live order book, 5 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, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.8 bp −$585	65.5 bp −$32.7K
Sell Bybit live order book, 5 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	6.3 bp −$626	7.8 bp −$3,903

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
Phoenix BTC	−0.0140%	1h	85,444	+0.047%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,456	+0.061%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0046%	8h	85,400.6	−0.004%	$918.9M	$758.0M	125x	as long as short
BloFin BTC-USDT	−0.0029%	8h	85,430	+0.031%	$419.7M	$675.3M	150x	as long as short
Aster BTCUSDT	−0.0010%	8h	85,408	+0.005%	$514.2M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,464.6	+0.071%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,478.6	+0.088%	$503K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0003%	1h	85,458	+0.064%	$24.4M	$222.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,438.1	+0.040%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0028%	1h	85,448.7	+0.053%	$16.8M	$21.2M	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	+0.0044%	1h	85,552	+0.174%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0045%	1h	85,411	+0.009%	$59.8M	$335.9M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0046%	1h	85,454.7	+0.060%	$872.2M	$1.60B	50x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,395.7	−0.009%	—	$17.2M	—	as long as short
Phemex BTCUSDT	+0.0066%	8h	85,408.2	+0.005%	$148.5M	$497.9M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,410.9	+0.009%	$2.95B	$5.12B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,411.1	+0.009%	$2.7M	$3.7M	20x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,407.7	+0.005%	$9.44B	$24.47B	150x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,411.6	+0.009%	$5.07B	$5.68B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,423.8	+0.024%	$171.8M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,424.6	+0.025%	$23.9M	$149.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,446	+0.050%	$8.4M	$55.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,446	+0.050%	$228K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,524.6	+0.142%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,496	+0.108%	$3.78B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,503.9	+0.117%	$40.4M	$590.4M	50x	as long as short
Bybit BTCUSDTshort	+0.0100%	8h	85,406.8	+0.004%	$5.17B	$9.86B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,420	+0.019%	$2.59B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,474	+0.082%	$3.8M	$17.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,462.5	+0.069%	$4.7M	$99.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,455.5	+0.061%	$679.5M	$683.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,414.3	+0.012%	$5.53B	$10.86B	200x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,403.6	long leg	$36.4M	$178.0M	75x
Variational Omni BTC	+0.0100%	8h	85,415.2	+0.014%	$154.4M	$565.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,455.6	+0.061%	$279.2M	$930.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,470.5	+0.078%	$214.8M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,468.6	+0.076%	$139.7M	$316.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,468	+0.075%	$30.2M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,504.3	+0.118%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,444	+0.047%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,417	+0.016%	$203K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,414.1	+0.012%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,459.1	+0.065%	$206K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,404.6	+0.001%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,432	+0.033%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,408.3	+0.006%	$2.26B	$950.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,387.6	−0.019%	$45.8M	$234.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,473.6	+0.082%	—	$106.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,438.1	+0.040%	$117.6M	$5.26B	50x	as long as short
Reya BTCRUSDPERP	+0.0105%	1h	85,424.5	+0.024%	$6.6M	$147.2M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,424.9	+0.025%	$187.6M	$956.8M	100x	as long as short
Kalshi KXBTCPERP	+0.0159%	8h	85,455	+0.060%	$11.4M	$752.9M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,486.9	+0.097%	$8.6M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,438.1	+0.040%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,478.6	+0.088%	$700K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0250%	1h	85,490.4	+0.102%	$78K	$222K	20x	as long as short