Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.009%

Price spread now: Derive against Backpack+0.009%7-day average +0.028% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.088%+$9 on $10k

Price spread, last 3 days (all we have)−0.012%−$1 · spread now +0.009%, 7d avg +0.028%

Together, before fees+0.076%+$8 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	85,630.9	0.0100	pay 0.0013% / 1h	11m 01s	$35.3M	$166.4M	75x
Short	Derive BTC-PERP	85,638.6	0.0100	get 0.0013% / 1h	11m 01s	$30.0M	$55.9M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now +0.009%Rate

Funding earned: $0
Price spread: +0.009% → +0.028%: −$1.92
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$17.92
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 3 min ago; Derive: no order-book sample. Net counts fees only.

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	5.9 bp −$595	25.2 bp −$12.6K
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 55 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	−0.0144%	1h	85,649	+0.021%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,650	+0.022%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,623.4	−0.009%	$361K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,650.2	+0.023%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,629.4	−0.002%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,682	+0.060%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0027%	8h	85,612.8	−0.021%	$516.0M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0028%	8h	85,627.7	−0.004%	$900.4M	$753.2M	125x	as long as short
Nado BTC-PERP	+0.0038%	1h	85,637.8	+0.008%	$22.7M	$227.6M	50x	as long as short
HTX BTC-USDT	+0.0043%	8h	85,627.1	−0.004%	$2.27B	$947.7M	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,643.4	+0.015%	$8.2M	$42.1M	25x	as long as short
BingX BTC-USDT	+0.0056%	8h	85,629.8	−0.001%	—	$1.56B	—	as long as short
Reya BTCRUSDPERP	+0.0060%	1h	85,610.3	−0.024%	$6.7M	$146.3M	40x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,614	−0.020%	$2.95B	$5.08B	150x	as long as short
SunX BTC-USDT	+0.0071%	8h	85,593.1	−0.044%	$2.9M	$6.6M	100x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,635.5	+0.005%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,620.8	−0.012%	$9.32B	$24.27B	150x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,645.7	+0.017%	$5.07B	$5.75B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,645.7	+0.017%	$170.5M	$994.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,654.6	+0.028%	$23.5M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,627	−0.005%	$8.4M	$51.9M	100x	as long as short
Gate BTC_USDT	+0.0098%	8h	85,644.4	+0.016%	$5.59B	$10.58B	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,593	−0.044%	$203K	$7.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,671.7	+0.048%	$3.8M	$8.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,646.9	+0.019%	$140.0M	$318.1M	100x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,713	+0.096%	$3.76B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,657.4	+0.031%	$40.8M	$571.9M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,626.6	−0.005%	$5.31B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,614.5	−0.019%	$2.55B	$12.32B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,615	−0.019%	$3.9M	$18.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,590.4	−0.047%	$7.2M	$97.1M	40x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,630.9	long leg	$35.3M	$166.4M	75x
Variational Omni BTC	+0.0100%	8h	85,606.4	−0.029%	$156.1M	$555.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,623.5	−0.009%	$278.5M	$942.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,642.4	+0.013%	$214.9M	$164.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,652.8	+0.026%	$30.3M	$209.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,681.9	+0.060%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,615	−0.019%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,620.4	−0.012%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,638.3	+0.009%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,688.4	+0.067%	$187K	$712K	40x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	85,638.6	+0.009%	$30.0M	$55.9M	15x
SoDEX BTC-USD	+0.0100%	1h	85,649	+0.021%	$60.0M	$336.8M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,646.6	+0.018%	$152.4M	$481.3M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,673.6	+0.050%	$597.8M	$234.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,621.6	−0.011%	$44.0M	$227.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,631.5	+0.001%	—	$102.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,681.3	+0.059%	$131.3M	$5.15B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,670.1	+0.046%	$187.8M	$963.3M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	85,699.3	+0.080%	$679K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0174%	1h	85,676.1	+0.053%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0187%	1h	85,629.2	−0.002%	$13.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0209%	1h	85,692.9	+0.072%	$894.9M	$1.54B	50x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,660	+0.034%	$10.2M	$770.5M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,671.5	+0.047%	$512K	$20.4M	6.7x	as long as short