BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0148%/8h= −16.2% APRnext payment −$0.19 per $10,000 · paid last 24h −0.036%

Price spread now: Jupiter Perps against Backpack+0.018%45s7-day average +0.041% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Jupiter Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.070%−$7 on $10k

Price spread, last 3 days (all we have)+0.020%+$2 · spread now +0.018%, 7d avg +0.041%

Together, before fees−0.051%−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Jupiter Perps is 0.023% cheaper against Backpack than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.041%). Swap the legs. The two prices were read 45 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	86,391.7	0.0100	pay 0.0013% / 1h	15m 24s	$37.8M	$155.1M	75x
Short	Jupiter Perps WBTC-PERP	86,407.2	L +0.0104% / S +0.0048%	pay 0.0006% / 1h	15m 24s	—	$98.8M	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Jupiter Perps against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Jupiter PerpsbpOrdersPrice spread, now +0.018%Rate

Funding earned: −$31.08
Price spread: +0.018% → +0.041%: −$2.29
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Net: −$55.37
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 4 min ago; Jupiter Perps: no order-book sample. Net counts fees only.

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, 4 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.6 bp −$562	150.2 bp −$75.1K
Sell Jupiter Perps no order-book sample	—	—	—	—	—

Jupiter Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0766%	1h	86,442	+0.058%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,402	+0.012%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,386	−0.007%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,392.3	+0.001%	$360K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0010%	8h	86,378.3	−0.015%	$503.5M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,407.4	+0.018%	$421K	$23.7M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,430.9	+0.045%	$920.5M	$1.48B	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,385.4	−0.007%	$851.7M	$712.2M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,406.7	+0.017%	$36.8M	—	200x	as long as short
dYdX BTC-USD	+0.0005%	1h	86,406.9	+0.018%	$17.0M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0006%	1h	86,390.8	−0.001%	$8.4M	$42.8M	25x	as long as short
Aftermath Perps BTCUSD	+0.0022%	1h	86,465.2	+0.085%	$81K	$218K	20x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,374.9	−0.019%	$6.7M	$145.0M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.194%	$315K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0036%	8h	86,363.1	−0.033%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0039%	8h	86,403.1	+0.013%	$150.0M	$476.9M	150x	as long as short
Bitget BTCUSDT	+0.0046%	8h	86,382.9	−0.010%	$2.95B	$5.10B	150x	as long as short
MEXC BTC_USDT	+0.0063%	8h	86,383.3	−0.010%	$5.14B	$5.70B	500x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,382.6	−0.011%	$9.42B	$24.43B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,411.1	+0.022%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,387.1	−0.005%	$5.85B	$10.74B	200x	as long as short
Bybit BTCUSDT	+0.0093%	8h	86,386.9	−0.006%	$5.25B	$9.78B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,396.4	+0.005%	$170.6M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,414.4	+0.026%	$24.1M	$152.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,385	−0.008%	$8.4M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,372	−0.023%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,422.9	+0.036%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,387.6	−0.005%	$21.8M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,462.1	+0.081%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,425.5	+0.039%	$40.7M	$513.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,385.5	−0.007%	$2.53B	$12.72B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,398	+0.007%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,454.4	+0.073%	$7.8M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,498.7	+0.124%	$571.7M	$18.6M	40x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	86,391.7	long leg	$37.8M	$155.1M	75x
Variational Omni BTC	+0.0100%	8h	86,498.8	+0.124%	$156.2M	$568.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,426.9	+0.041%	$279.3M	$949.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,418.2	+0.031%	$217.1M	$176.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,418.4	+0.031%	$141.3M	$323.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,402.9	+0.013%	$30.7M	$203.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,441.2	+0.057%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,385	−0.008%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,385.1	−0.008%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,390.5	−0.001%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,427.2	+0.041%	$30.4M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,394.8	+0.004%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,403	+0.013%	$60.4M	$337.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,400.8	+0.011%	$2.29B	$968.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,370.3	−0.025%	$45.5M	$226.1M	50x	as long as short
Hibachi BTC/USDT-P	+0.0104%	1h	86,454.5	+0.073%	$719K	$8.1M	30x	as long as short
Jupiter Perps WBTC-PERPshort	L +0.0104% / S +0.0048%	1h	86,407.2	+0.018%	—	$98.8M	500x
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,438.9	+0.055%	$131.5M	$5.69B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,419.3	+0.032%	$191.1M	$943.7M	100x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,401.9	+0.012%	$414.3M	$653.7M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0186% / S −0.0212%	1h	86,397.1	+0.006%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	86,446	+0.063%	$9.7M	$734.2M	6.4x	as long as short