BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0096%/8h= −10.5% APRnext payment −$0.12 per $10,000 · paid last 24h −0.025%

Price spread now: gTrade (Gains Network) against Backpack+0.009%7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$180.181% of the position

Long on Backpack Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.022%−$2 on $10k

Price spread, last 7 days+0.439%+$44 · spread now +0.009%, 7d avg 0.000%

Together, before fees+0.417%+$42 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of 0.000%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,773.9	0.0100	pay 0.0013% / 1h	16m 45s	$35.2M	$173.3M	75x
Short	gTrade (Gains Network) BTC/USD	85,781.3	L +0.0004% / S −0.0004%	get 0.0001% / 1h	16m 45s	$36.7M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.009%Rate

Funding earned: −$20.1
Price spread: +0.009% → 0.000%: $0.89
Slippage, 4 orders: −$1.05
Fee Backpack: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$37.26
Costs to cover: 0.181%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; gTrade (Gains Network): virtual book (oracle venue), 2 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, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.4 bp −$538	16.7 bp −$8,352
Sell gTrade (Gains Network) virtual book (oracle venue), 2 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,181

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	−0.0823%	1h	85,808.6	+0.040%	$196K	$722K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,789	+0.018%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,786	+0.014%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,766.1	−0.009%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,769.9	−0.005%	$418.4M	$665.5M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,797.8	+0.028%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USDshort	L +0.0004% / S −0.0004%	1h	85,781.3	+0.009%	$36.7M	—	200x
KuCoin XBTUSDTM	+0.0005%	8h	85,762.1	−0.014%	$918.6M	$751.3M	125x	as long as short
Nado BTC-PERP	+0.0010%	1h	85,767	−0.008%	$22.7M	$219.6M	50x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,772.8	−0.001%	$516.8M	$1.10B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0055%	8h	85,766.6	−0.009%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,779.8	+0.007%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0071%	1h	85,760.6	−0.015%	$6.7M	$146.5M	40x	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,767.6	−0.007%	$148.7M	$479.8M	150x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	+0.039%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,757.8	−0.019%	$2.5M	$1.7M	20x	as long as short
HTX BTC-USDT	+0.0085%	8h	85,763.9	−0.012%	$2.27B	$935.7M	200x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,771.9	−0.002%	$5.06B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,783.2	+0.011%	$9.36B	$23.87B	150x	as long as short
SunX BTC-USDT	+0.0095%	8h	85,753.7	−0.024%	$2.9M	$6.1M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,791.2	+0.020%	$170.4M	$995.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,787.5	+0.016%	$24.0M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,767	−0.008%	$8.4M	$52.2M	100x	as long as short
SoDEX BTC-USD	+0.0097%	1h	85,768	−0.007%	$60.1M	$336.1M	40x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,804.2	+0.035%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,738	−0.042%	$199K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,857.4	+0.097%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,811.9	+0.044%	$40.2M	$577.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,789.3	+0.018%	$5.34B	$9.56B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,788.7	+0.017%	$2.58B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,755	−0.022%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,739.6	−0.040%	$6.8M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,779.8	+0.007%	$5.56B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,773.9	long leg	$35.2M	$173.3M	75x
Variational Omni BTC	+0.0100%	8h	85,772.2	−0.002%	$155.9M	$551.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,731	−0.050%	$280.0M	$921.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,760.8	−0.015%	$215.4M	$166.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,808.4	+0.040%	$140.4M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,748.2	−0.030%	$30.3M	$209.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,813.6	+0.046%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,766	−0.009%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,770.2	−0.004%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,758.9	−0.017%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,763.2	−0.012%	$30.0M	$50.9M	15x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,681.9	−0.107%	$628.9M	$439.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,750	−0.028%	$44.2M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,778.8	+0.006%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,807.7	+0.039%	$129.6M	$5.09B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,788.6	+0.017%	$8.4M	$42.1M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0134%	1h	85,812.2	+0.045%	$891.5M	$1.53B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,791.6	+0.021%	$188.9M	$951.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0199%	1h	85,768.9	−0.006%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,755.8	−0.021%	$703K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,778.7	+0.006%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,802	+0.033%	$10.6M	$758.0M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,789.6	+0.018%	$509K	$19.2M	6.7x	as long as short