BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0100%/8h= −10.9% APRnext payment −$0.13 per $10,000 · paid last 24h −0.029%

Price spread now: dYdX against Backpack+0.033%7-day average −0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$270.267% of the position

Long on Backpack Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.002%$0 on $10k

Price spread, last 7 days+0.298%+$30 · spread now +0.033%, 7d avg −0.021%

Together, before fees+0.300%+$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.054% dearer against Backpack than usual: you sell high and buy low (spread +0.033% now, against its 7-day average of −0.021%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 43 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,837.4	0.0100	pay 0.0013% / 1h	31m 46s	$38.0M	$195.3M	75x
Short	dYdX BTC-USD	85,865.6	0	get 0.0000% / 1h	31m 46s	$16.8M	$14.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$21
Price spread: +0.033% → −0.021%: $5.36
Slippage, 4 orders: −$6.7
Fee Backpack: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$42.33
Costs to cover: 0.267%
Break-even: never at this rate

Slippage from Backpack: live order book, just now; dYdX: live order book, just now.

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, just now	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.8 bp −$682	doesn't fit
Sell dYdX live order book, just now	0.17 bp	10.1 bp −$10	13.9 bp −$139	17.3 bp −$1,731	24.8 bp −$12.4K

BTC on 55 exchanges

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	−0.0133%	1h	85,978	+0.164%	$2.1M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,100	+0.306%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,860.2	+0.027%	$366K	$2.0M	50x	as long as short
Bluefin BTC-PERP	−0.0042%	1h	85,875.5	+0.044%	$194K	$556K	40x	as long as short
SoDEX BTC-USD	−0.0038%	1h	85,858	+0.024%	$65.8M	$187.8M	40x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,877.6	+0.047%	$422.3M	$556.8M	150x	as long as short
dYdX BTC-USDshort	0.0000%	1h	85,865.6	+0.033%	$16.8M	$14.5M	50x
Perpl BTC	0.0000%	43m	85,864.7	+0.032%	$470K	$13.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,862.8	+0.030%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	85,803	−0.040%	$300K	$27.5M	52x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0019%	8h	85,822.2	−0.018%	$511.2M	$872.2M	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0030%	1h	85,873.6	+0.042%	$192.7M	$759.5M	100x	as long as short
BingX BTC-USDC	+0.0033%	8h	85,833.3	−0.005%	—	$16.3M	—	as long as short
Popdex BTCUSDT	+0.0040%	1h	85,865	+0.032%	$8.5M	$45.6M	100x	as long as short
Bybit BTCUSDT	+0.0042%	8h	85,838	+0.001%	$5.13B	$8.12B	150x	as long as short
KuCoin XBTUSDTM	+0.0053%	8h	85,847.3	+0.012%	$935.9M	$640.2M	125x	as long as short
ApeX Omni BTCUSDT	+0.0055%	1h	85,918.8	+0.095%	$138.0M	$292.2M	100x	as long as short
Gate BTC_USDT	+0.0064%	8h	85,855	+0.020%	$5.50B	$8.95B	200x	as long as short
Phemex BTCUSDT	+0.0074%	8h	85,853.5	+0.019%	$169.3M	$477.0M	150x	as long as short
HTX BTC-USDT	+0.0079%	8h	85,841.3	+0.005%	$2.27B	$800.5M	200x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,843.2	+0.007%	$2.4M	$6.8M	20x	as long as short
Bullet BTC-USD	+0.0084%	1h	85,869.1	+0.037%	$210K	$3.2M	20x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,828.7	−0.010%	$9.41B	$20.50B	150x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,831.3	−0.007%	$5.15B	$4.86B	500x	as long as short
Bitget BTCUSDT	+0.0089%	8h	85,852.6	+0.018%	$2.98B	$3.95B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,846.4	+0.010%	$173.0M	$862.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,848.1	+0.012%	$23.6M	$120.5M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,822	−0.018%	$219K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,872.8	+0.041%	$6.0M	$7.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,847.4	+0.012%	$23.4M	$193.8M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,872.9	+0.041%	$40.2M	$569.9M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,857.9	+0.024%	$2.62B	$9.44B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,829	−0.010%	$4.0M	$15.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,866.8	+0.034%	$4.8M	$91.3M	40x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,837.4	long leg	$38.0M	$195.3M	75x
Variational Omni BTC	+0.0100%	8h	85,938.6	+0.118%	$157.5M	$475.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,965	+0.149%	$289.5M	$762.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,996.6	+0.185%	$216.1M	$135.0M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,861.2	+0.028%	$30.2M	$224.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,912.7	+0.088%	—	$9.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,866	+0.033%	$11.1M	$12.1M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,826	−0.013%	$2.6M	$8.9M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,858.6	+0.025%	$3.3M	$6.7M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,956.9	+0.139%	$714.6M	$116.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,827.1	−0.012%	$47.0M	$195.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,893.1	+0.065%	—	$81.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,897	+0.069%	$112.2M	$4.95B	50x	as long as short
Kalshi KXBTCPERP	+0.0158%	8h	85,892	+0.064%	$12.0M	$738.5M	6.4x	as long as short
Hyperliquid BTC	+0.0160%	1h	85,950	+0.131%	$3.95B	$4.27B	40x	as long as short
Reya BTCRUSDPERP	+0.0166%	1h	85,874.6	+0.043%	$6.6M	$131.1M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0178%	1h	85,909.1	+0.084%	$819.9M	$1.51B	50x	as long as short
RISEx BTC/USDC	+0.0187%	1h	85,874	+0.043%	$8.9M	$36.6M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0212% / S −0.0253%	1h	85,904.4	+0.078%	$15.6M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0336%	1h	85,929.2	+0.107%	$713K	$6.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0426%	1h	85,950.5	+0.132%	$79K	$241K	20x	as long as short