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 +0.025%

Price spread now: Hyperliquid against Backpack+0.059%7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$190.191% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.189%+$19 on $10k

Price spread, last 7 days+0.514%+$51 · spread now +0.059%, 7d avg +0.048%

Together, before fees+0.704%+ Points / potential airdropHyperliquid: Season 2 · farm board+$70 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	85,813.6	0.0100	pay 0.0013% / 1h	52m 35s	$35.2M	$162.3M	75x
Short	Hyperliquid BTC	85,864	0.0100	get 0.0013% / 1h	52m 35s	$3.76B	$5.02B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.059%Rate

Funding earned: $0
Price spread: +0.059% → +0.048%: $1.04
Slippage, 4 orders: −$0.13
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$18.09
Costs to cover: 0.191%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; Hyperliquid: live order book, 12 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	6.2 bp −$618	32.3 bp −$16.2K
Sell Hyperliquid live order book, 12 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	doesn't fit	doesn't fit

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	−0.0144%	1h	85,641	−0.201%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,822	+0.010%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,813.4	0.000%	$364K	$2.3M	50x	as long as short
ApeX Omni BTCUSDT	−0.0038%	1h	85,878.6	+0.076%	$140.4M	$320.6M	100x	as long as short
BloFin BTC-USDT	−0.0001%	8h	85,768.6	−0.052%	$415.3M	$656.7M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,830	+0.019%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,813.3	0.000%	$512K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,785.5	−0.033%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	−0.004%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0028%	8h	85,808.6	−0.006%	$497.9M	$1.13B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0036%	8h	85,770.3	−0.050%	$2.28B	$966.8M	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	85,785.1	−0.033%	$846.8M	$755.9M	125x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,822.1	+0.010%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDT	+0.0052%	8h	85,825.7	+0.014%	—	$1.59B	—	as long as short
Reya BTCRUSDPERP	+0.0052%	1h	85,777.3	−0.042%	$6.7M	$146.0M	40x	as long as short
Bitget BTCUSDT	+0.0066%	8h	85,787.1	−0.031%	$2.95B	$5.12B	150x	as long as short
Nado BTC-PERP	+0.0079%	1h	85,789.1	−0.028%	$22.5M	$228.5M	50x	as long as short
MEXC BTC_USDT	+0.0079%	8h	85,793	−0.024%	$5.07B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0080%	8h	85,825.6	+0.014%	$9.33B	$24.57B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,761.8	−0.060%	$2.5M	$1.8M	20x	as long as short
Gate BTC_USDT	+0.0084%	8h	85,810.9	−0.003%	$5.67B	$10.33B	200x	as long as short
SoDEX BTC-USD	+0.0086%	1h	85,772	−0.048%	$60.0M	$338.2M	40x	as long as short
GRVT BTC_USDT_Perp	+0.0092%	8h	85,651.7	−0.189%	$215.0M	$162.3M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,802.3	−0.013%	$170.7M	$975.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,806	−0.009%	$23.3M	$144.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,826	+0.014%	$8.4M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,797	−0.019%	$203K	$7.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,820.1	+0.008%	$3.8M	$8.8M	50x	as long as short
Hyperliquid BTCshort	+0.0100%	1h	85,864	+0.059%	$3.76B	$5.02B	40x
Pacifica BTC	+0.0100%	1h	85,821.6	+0.009%	$40.8M	$566.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,831.8	+0.021%	$5.25B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,805.1	−0.010%	$2.54B	$12.54B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,809	−0.005%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,806.8	−0.008%	$7.3M	$98.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,888.3	+0.087%	$579.3M	$92.3M	40x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,813.6	long leg	$35.2M	$162.3M	75x
Variational Omni BTC	+0.0100%	8h	85,711.3	−0.119%	$155.5M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,859.5	+0.054%	$277.9M	$937.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,731.7	−0.095%	$30.3M	$206.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,837.6	+0.028%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,803	−0.012%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,784.2	−0.034%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,773.5	−0.047%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,812.4	−0.001%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,780	−0.039%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,727.2	−0.101%	$3.1M	$5.9M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,796	−0.021%	$153.7M	$475.6M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,798.1	−0.018%	$45.0M	$225.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,715.1	−0.115%	—	$101.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,824	+0.012%	$131.5M	$5.26B	50x	as long as short
Hibachi BTC/USDT-P	+0.0120%	1h	85,798.7	−0.017%	$707K	$8.0M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,799.4	−0.017%	$189.4M	$968.9M	100x	as long as short
Aftermath Perps BTCUSD	+0.0157%	1h	85,827.2	+0.016%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0176%	1h	85,815.4	+0.002%	$897.7M	$1.53B	50x	as long as short
Kalshi KXBTCPERP	+0.0203%	8h	85,763	−0.059%	$10.0M	$768.1M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0196%	1h	85,784.3	−0.034%	$13.8M	—	200x	as long as short