Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.00 per $10,000 · paid last 24h +0.014%
Price spread now: Coinbase International against Backpack+0.050%7-day average +0.071% · you sell dearer than you buy
Net, funding: paid 7d − costs−$7as in the Funding arb table
Net, price: spread back to 7d avg − costs−$22as in the Price arb table
costs, in and out, $10k−$200.200% of the position
Funding, last 7 days+0.132%+$13 on $10k
+Price spread, last 4 days (all we have)−0.025%−$3 · spread now +0.050%, 7d avg +0.071%
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Coinbase International is 0.021% cheaper against Backpack than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.071%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack BTC_USDC_PERP | 85,687 | 0.0100 | pay 0.0013% / 1h | 54m 39s | $36.0M | $175.5M | 75x |
| Short | Coinbase International BTC-PERP-INTX | 85,730 | 0.0104 | get 0.0013% / 1h | 54m 39s | $118.0M | $5.14B | 50x |
Backpack BTC_USDC_PERP
Coinbase International BTC-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $0.84
- Price spread: +0.050% → +0.071%
- −$2.12
- Slippage, 4 orders
- −$0.02
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$21.31
- Costs to cover
- 0.200%
- Break-even
- 184.6 days
Slippage from Backpack: live order book, 5 min ago; Coinbase International: 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 | 5.7 bp −$575 | 20.4 bp −$10.2K |
| Sell Coinbase International live order book, 5 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 5.2 bp −$517 | 11.6 bp −$5,822 |
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 | −0.4407% | 1h | 85,725.1 | +0.044% | $194K | $725K | 40x | as long as short |
| Phoenix BTC | −0.0160% | 1h | 85,659 | −0.033% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,697 | +0.012% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0048% | 1h | 85,676.2 | −0.013% | $370K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0032% | 8h | 85,685.9 | −0.001% | $417.6M | $666.0M | 150x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,713.4 | +0.031% | $16.7M | $21.2M | 50x | as long as short |
| KuCoin XBTUSDTM | 0.0000% | 8h | 85,689.3 | +0.003% | $920.5M | $750.0M | 125x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,696.3 | +0.011% | $36.6M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0016% | 8h | 85,672.9 | −0.016% | $516.3M | $1.10B | 200x | as long as short |
| Arcus BTC-USD | +0.0021% | 1h | 85,661.7 | −0.030% | $6.9M | $97.1M | 40x | as long as short |
Bluefin BTC-PERP
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
dYdX BTC-USD
KuCoin XBTUSDTM
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
Arcus BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0040% | 1h | 85,676.7 | −0.012% | $22.6M | $218.8M | 50x | as long as short |
| BingX BTC-USDC | +0.0058% | 8h | 85,671.7 | −0.018% | — | $17.1M | — | as long as short |
| ApeX Omni BTCUSDT | +0.0059% | 1h | 85,584.6 | −0.120% | $139.9M | $315.1M | 100x | as long as short |
| Bitget BTCUSDT | +0.0073% | 8h | 85,682.5 | −0.005% | $2.96B | $5.01B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0076% | 1h | 85,675.3 | −0.014% | $6.7M | $146.6M | 40x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,692.2 | +0.006% | $2.5M | $1.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0087% | 8h | 85,678.7 | −0.010% | $5.05B | $5.57B | 500x | as long as short |
| Binance BTCUSDT | +0.0089% | 8h | 85,679 | −0.009% | $9.35B | $23.95B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,706.8 | +0.023% | $174.4M | $999.5M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,712.8 | +0.030% | $23.9M | $147.9M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,675 | −0.014% | $8.4M | $52.5M | 100x | as long as short |
| HTX BTC-USDT | +0.0098% | 8h | 85,677.1 | −0.012% | $2.27B | $938.2M | 200x | as long as short |
| SoDEX BTC-USD | +0.0099% | 1h | 85,687 | 0.000% | $60.0M | $336.1M | 40x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,726.2 | +0.046% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,657 | −0.035% | $198K | $7.8M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,777 | +0.105% | $3.75B | $4.96B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,722.3 | +0.041% | $40.1M | $576.9M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,681.1 | −0.007% | $5.33B | $9.57B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,682.2 | −0.006% | $2.58B | $12.10B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,687 | 0.000% | $3.9M | $18.0M | 25x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,696.6 | +0.011% | $648.3M | $574.6M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,692.8 | +0.007% | $5.54B | $10.53B | 200x | as long as short |
| Backpack BTC_USDC_PERPlong | +0.0100% | 1h | 85,687 | long leg | $36.0M | $175.5M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 85,690.1 | +0.004% | $156.8M | $560.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,589.3 | −0.114% | $279.5M | $917.0M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,627.1 | −0.070% | $215.0M | $164.8M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,679.3 | −0.009% | $30.3M | $207.7M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,731.3 | +0.052% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,674 | −0.015% | $11.0M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,681.1 | −0.007% | $195K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,688.5 | +0.002% | $2.4M | $8.7M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,690.2 | +0.004% | $30.0M | $51.1M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,687.4 | 0.000% | $2.9M | $6.1M | 100x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,699.1 | +0.014% | $150.6M | $482.8M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,656.7 | −0.035% | $44.5M | $226.3M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,691.5 | +0.005% | — | $106.5M | 500x | as long as short |
| Coinbase International BTC-PERP-INTXshort | +0.0104% | 1h | 85,730 | +0.050% | $118.0M | $5.14B | 50x | |
| Injective BTC/USDC PERP | +0.0150% | 1h | 85,742 | +0.064% | $340K | $26.9M | 52x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0170% | 1h | 85,706.9 | +0.023% | $189.2M | $952.1M | 100x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0177% / S −0.0151% | 1h | 85,691.2 | +0.005% | $13.4M | — | 200x | as long as short |
| Deribit BTC-PERPETUAL | +0.0177% | 1h | 85,734.2 | +0.055% | $892.0M | $1.53B | 50x | as long as short |
| Hibachi BTC/USDT-P | +0.0184% | 1h | 85,741.7 | +0.064% | $703K | $7.8M | 30x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,709.2 | +0.026% | $8.4M | $42.4M | 25x | as long as short |
| Aftermath Perps BTCUSD | +0.0201% | 1h | 85,709.9 | +0.027% | $78K | $219K | 20x | as long as short |
| Kalshi KXBTCPERP | +0.0219% | 8h | 85,719 | +0.037% | $10.6M | $759.1M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,680.2 | −0.008% | $493K | $19.0M | 6.7x | as long as short |
Nado BTC-PERP
BingX BTC-USDC
ApeX Omni BTCUSDT
Bitget BTCUSDT
Reya BTCRUSDPERP
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
HTX BTC-USDT
SoDEX BTC-USD
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Bulk BTC-USD
Gate BTC_USDT
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Derive BTC-PERP
SunX BTC-USDT
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Injective BTC/USDC PERP
Kraken Futures PF_XBTUSD
GMX BTC/USD [WBTC.b-USDC]
Deribit BTC-PERPETUAL
Hibachi BTC/USDT-P
RISEx BTC/USDC
Aftermath Perps BTCUSD
Kalshi KXBTCPERP
Perpl BTC