Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0018%/8h= −2.0% APRpaid last 24h −0.013%

Price spread now: Gate against Backpack+0.023%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$250.250% of the position

Long on Backpack Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.080%+$8 on $10k

Price spread, last 7 days+0.475%+$47 · spread now +0.023%, 7d avg +0.012%

Together, before fees+0.555%+$55 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.012%, 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 +0.080%, 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	86,341.7	0.0100	pay 0.0013% / 1h	2m 35s	$37.8M	$154.7M	75x
Short	Gate BTC_USDT	86,361.8	0.0082	get 0.0082% / 8h	1h 02m	$5.84B	$10.79B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.023%Rate

Funding earned: −$3.78
Price spread: +0.023% → +0.012%: $1.13
Slippage, 4 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$27.67
Costs to cover: 0.250%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; Gate: live order book, 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	6.6 bp −$662	doesn't fit
Sell Gate live order book, 2 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	8.8 bp −$879	11.0 bp −$5,525

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	−0.0456%	1h	86,374.9	+0.038%	$140K	$663K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,366	+0.028%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,356	+0.017%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,368.1	+0.031%	$357K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0009%	8h	86,355.6	+0.016%	$502.8M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,364	+0.026%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	86,360.8	+0.022%	$849.2M	$713.4M	125x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,365.4	+0.027%	$8.4M	$42.8M	25x	as long as short
dYdX BTC-USD	+0.0009%	1h	86,352	+0.012%	$16.9M	$21.1M	50x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,333.9	−0.009%	$6.7M	$145.1M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0024%	1h	86,403	+0.071%	$332K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0037%	8h	86,345.6	+0.005%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0044%	8h	86,351.1	+0.011%	$149.8M	$477.5M	150x	as long as short
Bitget BTCUSDT	+0.0049%	8h	86,360.8	+0.022%	$2.95B	$5.11B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,338.3	−0.004%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0065%	8h	86,369	+0.032%	$5.12B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0067%	8h	86,366.8	+0.029%	$9.41B	$24.49B	150x	as long as short
Aftermath Perps BTCUSD	+0.0068%	1h	86,388.2	+0.054%	$80K	$219K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0071%	1h	86,382.2	+0.047%	$916.6M	$1.49B	50x	as long as short
Gate BTC_USDTshort	+0.0082%	8h	86,361.8	+0.023%	$5.84B	$10.79B	200x
Lighter BTC	+0.0096%	1h	86,371.3	+0.034%	$170.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,386	+0.051%	$24.0M	$153.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,362	+0.024%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0098%	8h	86,365.7	+0.028%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,339	−0.003%	$205K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,403.5	+0.072%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,375.8	+0.039%	$21.8M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,425	+0.096%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,393.5	+0.060%	$40.7M	$517.9M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,368.8	+0.031%	$2.54B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,380	+0.044%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,400.5	+0.068%	$7.7M	$94.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,320.9	−0.024%	$570.7M	$18.4M	40x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	86,341.7	long leg	$37.8M	$154.7M	75x
Variational Omni BTC	+0.0100%	8h	86,349.5	+0.009%	$155.5M	$568.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,320.5	−0.025%	$279.0M	$945.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,351.2	+0.011%	$216.7M	$173.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,285.8	−0.065%	$141.1M	$323.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,345.7	+0.005%	$30.6M	$204.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,403.7	+0.072%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,345	+0.004%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,349.2	+0.009%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,353.4	+0.014%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,375.9	+0.040%	$30.5M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,337.4	−0.005%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,344	+0.003%	$60.4M	$337.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,354.7	+0.015%	$2.29B	$968.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,343.6	+0.002%	$45.5M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,377.3	+0.041%	—	$98.9M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,374.9	+0.038%	$418K	$23.5M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,385.9	+0.051%	$131.9M	$5.67B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,366.9	+0.029%	$191.6M	$946.7M	100x	as long as short
Hibachi BTC/USDT-P	+0.0144%	1h	86,384.8	+0.050%	$718K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0186%	8h	86,343.9	+0.003%	$414.3M	$654.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0188% / S −0.0211%	1h	86,356.9	+0.018%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	86,388	+0.054%	$9.7M	$736.4M	6.4x	as long as short