BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.00 per $10,000 · paid last 24h +0.004%

Price spread now: Extended against Backpack−0.077%48s7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs+$3as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$150.151% of the position

Long on Backpack Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.181%+$18 on $10k

Price spread, last 7 days+0.635%+$64 · spread now −0.077%, 7d avg −0.029%

Together, before fees+0.816%+ Points / potential airdropExtended: Active · farm board+$82 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.048% cheaper against Backpack than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.029%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	86,439.7	0.0100	pay 0.0013% / 1h	44m 20s	$37.3M	$155.8M	75x
Short	Extended BTC-USD	86,373.1	0.0104	get 0.0013% / 1h	44m 20s	$45.9M	$222.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.077%Rate

Funding earned: $0.84
Price spread: −0.077% → −0.029%: −$4.84
Slippage, 4 orders: −$0.13
Fee Backpack: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$19.13
Costs to cover: 0.151%
Break-even: 166.4 days

Slippage from Backpack: live order book, 5 min ago; Extended: 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	6.4 bp −$643	doesn't fit
Sell Extended live order book, 5 min ago	0.06 bp	2.6 bp −$3	2.6 bp −$26	2.6 bp −$259	9.2 bp −$4,596

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	−0.0129%	1h	86,400	−0.046%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,439	−0.001%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,422.1	−0.020%	$361K	$2.4M	50x	as long as short
Phemex BTCUSDT	−0.0016%	8h	86,393.2	−0.054%	$153.7M	$477.9M	150x	as long as short
Perpl BTC	0.0000%	43m	86,426.6	−0.015%	$456K	$21.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,421.3	−0.021%	$902.7M	$1.51B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,414.3	−0.029%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0019%	8h	86,411.3	−0.033%	$501.2M	$1.14B	200x	as long as short
dYdX BTC-USD	+0.0020%	1h	86,465.5	+0.030%	$16.9M	$20.6M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.204%	$333K	$26.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0033%	8h	86,400.8	−0.045%	$830.2M	$722.2M	125x	as long as short
Reya BTCRUSDPERP	+0.0042%	1h	86,386.4	−0.062%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0048%	8h	86,387.5	−0.060%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,439.4	0.000%	$8.3M	$42.6M	25x	as long as short
Bitget BTCUSDT	+0.0061%	8h	86,392.5	−0.055%	$2.97B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0077%	8h	86,390.2	−0.057%	$5.13B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0079%	8h	86,397.5	−0.049%	$9.40B	$24.43B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,417.7	−0.026%	$2.5M	$1.6M	20x	as long as short
GRVT BTC_USDT_Perp	+0.0083%	8h	86,328.3	−0.129%	$216.6M	$167.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,403	−0.042%	$170.1M	$982.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,405.5	−0.040%	$23.7M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,432	−0.009%	$8.4M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,413	−0.031%	$204K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,486.3	+0.054%	$4.7M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,443.5	+0.004%	$22.0M	$230.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,464	+0.028%	$3.79B	$5.05B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,469.6	+0.035%	$40.8M	$546.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,402.4	−0.043%	$5.26B	$9.72B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,405.9	−0.039%	$2.56B	$12.59B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,457	+0.020%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,463	+0.027%	$7.3M	$95.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,398.1	−0.048%	$5.83B	$10.51B	200x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	86,439.7	long leg	$37.3M	$155.8M	75x
Variational Omni BTC	+0.0100%	8h	86,385.8	−0.062%	$158.2M	$567.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,296.2	−0.166%	$278.7M	$950.6M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,371.6	−0.079%	$141.4M	$322.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,386.3	−0.062%	$30.7M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,454.8	+0.017%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,407	−0.038%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,395	−0.052%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,397.3	−0.049%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,426.5	−0.015%	$144K	$667K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,425.3	−0.017%	$30.5M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,392	−0.055%	$3.4M	$5.2M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,388	−0.060%	$60.5M	$338.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,385.8	−0.062%	$2.29B	$964.6M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,336.3	−0.120%	$571.6M	$13.0M	40x	as long as short
Extended BTC-USDshort	+0.0104%	1h	86,373.1	−0.077%	$45.9M	$222.6M	50x
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,449.1	+0.011%	—	$99.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,427.9	−0.014%	$132.3M	$5.50B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,416.6	−0.027%	$192.2M	$945.4M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,439.1	−0.001%	$712K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0163%	1h	86,420.9	−0.022%	$78K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0198%	8h	86,392.5	−0.055%	$414.9M	$650.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0216%	1h	86,407.1	−0.038%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	86,460	+0.023%	$9.7M	$761.4M	6.4x	as long as short