Funding you earn now, next payment 04:00 UTC−0.0029%/8h= −3.2% APRnext payment −$0.04 per $10,000 · paid last 24h +0.032%
Price spread now: Deribit against Backpack+0.058%7-day average +0.078% · you sell dearer than you buy
Net, funding: paid 7d − costs−$4as in the Funding arb table
Net, price: spread back to 7d avg − costs−$20as in the Price arb table
costs, in and out, $10k−$180.175% of the position
Funding, last 7 days+0.139%+$14 on $10k
+Price spread, last 4 days (all we have)−0.007%−$1 · spread now +0.058%, 7d avg +0.078%
=The price spread sits at its 7-day average of +0.078%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.139%, so the current rate has only just turned against you.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack BTC_USDC_PERP | 85,462.4 | 0.0100 | pay 0.0013% / 1h | 4m 45s | $35.0M | $177.1M | 75x |
| Short | Deribit BTC-PERPETUAL | 85,511.9 | 0.0071 | get 0.0009% / 1h | 4m 45s | $888.1M | $1.58B | 50x |
Backpack BTC_USDC_PERP
Deribit BTC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit 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
- −$6.09
- Price spread: +0.058% → +0.078%
- −$1.98
- Slippage, 4 orders
- −$0.53
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$25.6
- Costs to cover
- 0.175%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 4 min ago; Deribit: live order book, 4 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, 4 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 6.2 bp −$618 | 22.5 bp −$11.2K |
| Sell Deribit live order book, 4 min ago | 0.20 bp | 3.8 bp −$4 | 4.3 bp −$43 | 6.5 bp −$652 | 14.5 bp −$7,274 |
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 | −0.0179% | 1h | 85,531 | +0.080% | $2.1M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,485 | +0.026% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0048% | 1h | 85,481.5 | +0.022% | $365K | $2.3M | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0032% | 8h | 85,460.4 | −0.002% | $919.4M | $751.9M | 125x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,474.9 | +0.015% | $417.1M | $668.9M | 150x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 85,488.4 | +0.030% | $36.5M | — | 200x | as long as short |
| Bluefin BTC-PERP | +0.0005% | 1h | 85,520.3 | +0.068% | $207K | $739K | 40x | as long as short |
| dYdX BTC-USD | +0.0011% | 1h | 85,472.1 | +0.011% | $16.7M | $21.2M | 50x | as long as short |
| Aster BTCUSDT | +0.0012% | 8h | 85,468.8 | +0.007% | $515.2M | $1.10B | 200x | as long as short |
| Nado BTC-PERP | +0.0013% | 1h | 85,477.9 | +0.018% | $25.0M | $222.0M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
KuCoin XBTUSDTM
BloFin BTC-USDT
gTrade (Gains Network) BTC/USD
Bluefin BTC-PERP
dYdX BTC-USD
Aster BTCUSDT
Nado BTC-PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Arcus BTC-USD | +0.0021% | 1h | 85,470.8 | +0.010% | $4.2M | $98.2M | 40x | as long as short |
| BingX BTC-USDT | +0.0063% | 8h | 85,483.3 | +0.024% | — | $1.54B | — | as long as short |
| Deribit BTC-PERPETUALshort | +0.0071% | 1h | 85,511.9 | +0.058% | $888.1M | $1.58B | 50x | |
| Phemex BTCUSDT | +0.0075% | 8h | 85,475.8 | +0.016% | $148.3M | $489.3M | 150x | as long as short |
| Bitget BTCUSDT | +0.0079% | 8h | 85,473.6 | +0.013% | $2.95B | $5.08B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0086% | 1h | 85,471.5 | +0.011% | $6.6M | $146.8M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,481.9 | +0.023% | $172.2M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,484.4 | +0.026% | $23.9M | $149.5M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,482 | +0.023% | $8.4M | $53.5M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,473.2 | +0.013% | $2.4M | $1.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,445 | −0.020% | $210K | $8.1M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,547.3 | +0.099% | $5.2M | $9.1M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,561 | +0.115% | $3.75B | $4.98B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,510.3 | +0.056% | $40.2M | $581.6M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,481.4 | +0.022% | $9.36B | $24.17B | 150x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,479.9 | +0.020% | $5.20B | $9.80B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,489.4 | +0.032% | $2.58B | $12.14B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,472 | +0.011% | $3.8M | $17.8M | 25x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,445.9 | −0.019% | $666.8M | $675.6M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,483.8 | +0.025% | $5.51B | $10.76B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,481.4 | +0.022% | $5.07B | $5.66B | 500x | as long as short |
| Backpack BTC_USDC_PERPlong | +0.0100% | 1h | 85,462.4 | long leg | $35.0M | $177.1M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 85,444.6 | −0.021% | $153.4M | $564.2M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,474.1 | +0.014% | $279.2M | $922.0M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,487.4 | +0.029% | $214.6M | $167.9M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,488.3 | +0.030% | $139.8M | $314.8M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,473 | +0.012% | $30.2M | $208.7M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,527.8 | +0.077% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,472 | +0.011% | $11.1M | $14.3M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,485 | +0.026% | $192K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,481.2 | +0.022% | $2.4M | $8.7M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,466.5 | +0.005% | $29.9M | $50.0M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,460.6 | −0.002% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,475 | +0.015% | $59.9M | $336.1M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,477.7 | +0.018% | $2.26B | $942.7M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,455.5 | −0.008% | $44.6M | $230.9M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,477.4 | +0.018% | — | $107.5M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,507 | +0.052% | $117.5M | $5.19B | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0150% | 1h | 85,556 | +0.110% | $340K | $26.9M | 52x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0170% | 1h | 85,490.9 | +0.033% | $187.3M | $954.6M | 100x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,489.1 | +0.031% | $13.3M | — | 200x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,505.5 | +0.050% | $8.4M | $42.6M | 25x | as long as short |
| Aftermath Perps BTCUSD | +0.0217% | 1h | 85,500.6 | +0.045% | $78K | $219K | 20x | as long as short |
| Kalshi KXBTCPERP | +0.0220% | 8h | 85,494 | +0.037% | $10.4M | $755.2M | 6.4x | as long as short |
| Hibachi BTC/USDT-P | +0.0248% | 1h | 85,504 | +0.049% | $701K | $7.9M | 30x | as long as short |
| Perpl BTC | +0.0335% | 43m | 85,475.1 | +0.015% | $496K | $18.8M | 6.7x | as long as short |
Arcus BTC-USD
BingX BTC-USDT
Phemex BTCUSDT
Bitget BTCUSDT
Reya BTCRUSDPERP
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Binance BTCUSDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Bulk BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Injective BTC/USDC PERP
Kraken Futures PF_XBTUSD
GMX BTC/USD [WBTC.b-USDC]
RISEx BTC/USDC
Aftermath Perps BTCUSD
Kalshi KXBTCPERP
Hibachi BTC/USDT-P
Perpl BTC