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 +0.005%

Price spread now: Ondo Perps against Backpack+0.072%7-day average −0.006% · you sell dearer than you buy

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

Long on Backpack Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.179%+$18 on $10k

Price spread, last 7 days+0.254%+$25 · spread now +0.072%, 7d avg −0.006%

Together, before fees+0.433%+ Points / potential airdropOndo Perps: Active · farm board+$43 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: Ondo Perps is 0.079% dearer against Backpack than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,669	0.0100	pay 0.0013% / 1h	55m 56s	$35.1M	$162.3M	75x
Short	Ondo Perps BTC-USD.P	85,731	0.0100	get 0.0013% / 1h	55m 56s	$3.9M	$17.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now +0.072%Rate

Funding earned: $0
Price spread: +0.072% → −0.006%: $7.87
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$7.13
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 3 min ago; Ondo 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, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.9 bp −$590	27.5 bp −$13.8K
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo 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
Phoenix BTC	−0.0129%	1h	85,869	+0.233%	$2.2M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,825	+0.182%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,725.5	+0.066%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,791.3	+0.143%	$16.8M	$20.5M	50x	as long as short
Perpl BTC	0.0000%	43m	85,735	+0.077%	$526K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,731.4	+0.073%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,944	+0.321%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0028%	8h	85,690.6	+0.025%	$497.6M	$1.13B	200x	as long as short
HTX BTC-USDT	+0.0041%	8h	85,681.9	+0.015%	$2.27B	$965.2M	200x	as long as short
KuCoin XBTUSDTM	+0.0044%	8h	85,697.6	+0.033%	$811.9M	$722.4M	125x	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	+0.0044%	1h	85,733.4	+0.075%	$8.1M	$42.5M	25x	as long as short
Reya BTCRUSDPERP	+0.0051%	1h	85,721.7	+0.061%	$6.7M	$145.9M	40x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,676.8	+0.009%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0065%	8h	85,690.3	+0.025%	$2.94B	$5.10B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0067%	1h	85,733.1	+0.075%	$899.2M	$1.52B	50x	as long as short
MEXC BTC_USDT	+0.0080%	8h	85,690.3	+0.025%	$5.08B	$5.63B	500x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,716.7	+0.056%	$2.5M	$1.8M	20x	as long as short
SoDEX BTC-USD	+0.0080%	1h	85,700	+0.036%	$60.0M	$338.2M	40x	as long as short
Binance BTCUSDT	+0.0081%	8h	85,684.5	+0.018%	$9.32B	$24.50B	150x	as long as short
BloFin BTC-USDT	+0.0082%	8h	85,810.3	+0.165%	$413.7M	$655.0M	150x	as long as short
Gate BTC_USDT	+0.0088%	8h	85,691.4	+0.026%	$5.67B	$10.29B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,710.8	+0.049%	$169.0M	$970.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,702.2	+0.039%	$23.2M	$144.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,734	+0.076%	$8.4M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,707	+0.044%	$199K	$7.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,811.4	+0.166%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,758.2	+0.104%	$21.9M	$227.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,746	+0.090%	$3.75B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,786.3	+0.137%	$40.8M	$566.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,695.4	+0.031%	$5.22B	$9.75B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,694.4	+0.030%	$2.53B	$12.49B	100x	as long as short
Ondo Perps BTC-USD.Pshort	+0.0100%	1h	85,731	+0.072%	$3.9M	$17.8M	25x
Arcus BTC-USD	+0.0100%	1h	85,721.5	+0.061%	$7.0M	$97.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,888.3	+0.256%	$579.3M	$92.3M	40x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,669	long leg	$35.1M	$162.3M	75x
Variational Omni BTC	+0.0100%	8h	85,711.3	+0.049%	$155.5M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,866	+0.230%	$278.0M	$935.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,899	+0.268%	$215.8M	$160.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,913.8	+0.286%	$140.5M	$320.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,864.6	+0.228%	$30.4M	$206.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,816.8	+0.173%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,729	+0.070%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,718.6	+0.058%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,694.7	+0.030%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,729.2	+0.070%	$178K	$700K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,712.4	+0.051%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,682.9	+0.016%	$3.2M	$5.7M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,689.1	+0.023%	$153.8M	$475.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,670.5	+0.002%	$45.3M	$225.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,780.8	+0.131%	—	$101.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,725	+0.065%	$131.4M	$5.25B	50x	as long as short
Hibachi BTC/USDT-P	+0.0120%	1h	85,854.8	+0.217%	$709K	$8.0M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,719.2	+0.059%	$185.8M	$963.9M	100x	as long as short
Aftermath Perps BTCUSD	+0.0163%	1h	85,937.1	+0.313%	$77K	$217K	20x	as long as short
Kalshi KXBTCPERP	+0.0203%	8h	85,770	+0.118%	$9.9M	$767.7M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0197%	1h	85,725.8	+0.066%	$13.9M	—	200x	as long as short