Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%
Price spread now: Orderly against Backpack+0.011%7-day average +0.027% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.180%+$18 on $10k
+Price spread, last 4 days (all we have)+0.019%+$2 · spread now +0.011%, 7d avg +0.027%
=| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack BTC_USDC_PERP | 85,411.1 | 0.0100 | pay 0.0013% / 1h | 8m 00s | $37.4M | $180.8M | 75x |
| Short | Orderly PERP_BTC_USDC | 85,420.9 | 0.0100 | get 0.0100% / 8h | 1h 08m | $2.6M | $9.7M | 100x |
Backpack BTC_USDC_PERP
Orderly PERP_BTC_USDCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Orderly against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $0
- Price spread: +0.011% → +0.027%
- −$1.52
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Orderly: 3 bp × 2 orders
- −$6
- Net
- −$17.52
- Costs to cover
- 0.160%
- Break-even
- never at this rate
Slippage unknown: Backpack: live order book, 1 min ago; Orderly: 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, 1 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 5.9 bp −$594 | doesn't fit |
| Sell Orderly no order-book sample | — | — | — | — | — |
Orderly: 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 55 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 | −0.0082% | 1h | 85,478 | +0.078% | $2.3M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,401 | −0.012% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0035% | 8h | 85,418.8 | +0.009% | $929.3M | $772.7M | 125x | as long as short |
| BloFin BTC-USDT | −0.0022% | 8h | 85,430.5 | +0.023% | $420.9M | $679.8M | 150x | as long as short |
| Aster BTCUSDT | −0.0004% | 8h | 85,418.3 | +0.008% | $512.7M | $1.09B | 200x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,417.2 | +0.007% | $352K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,439.3 | +0.033% | $492K | $18.3M | 6.7x | as long as short |
| dYdX BTC-USD | +0.0001% | 1h | 85,430.8 | +0.023% | $16.7M | $21.0M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,433.2 | +0.026% | $36.5M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0045% | 1h | 85,419.1 | +0.009% | $24.1M | $220.0M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
01 Exchange BTCUSD
Perpl BTC
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Nado BTC-PERPShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0057% | 1h | 85,247 | −0.192% | $338K | $26.8M | 52x | as long as short |
| Deribit BTC-PERPETUAL | +0.0070% | 1h | 85,461.2 | +0.059% | $854.1M | $1.64B | 50x | as long as short |
| BingX BTC-USDT | +0.0073% | 8h | 85,419.2 | +0.009% | — | $1.57B | — | as long as short |
| Kraken Futures PF_XBTUSD | +0.0089% | 1h | 85,438.5 | +0.032% | $186.2M | $952.4M | 100x | as long as short |
| Bitget BTCUSDT | +0.0092% | 8h | 85,420.8 | +0.011% | $2.97B | $5.15B | 150x | as long as short |
| Bybit BTCUSDT | +0.0094% | 8h | 85,413.1 | +0.002% | $5.14B | $9.96B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,437.2 | +0.031% | $169.7M | $1.03B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,436.9 | +0.030% | $23.6M | $148.7M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,442 | +0.036% | $8.5M | $57.1M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,438.1 | +0.032% | $2.4M | $6.7M | 20x | as long as short |
| SoDEX BTC-USD | +0.0097% | 1h | 85,420 | +0.010% | $59.8M | $336.7M | 40x | as long as short |
| MEXC BTC_USDT | +0.0097% | 8h | 85,419.5 | +0.010% | $5.04B | $5.78B | 500x | as long as short |
| Binance BTCUSDT | +0.0097% | 8h | 85,420 | +0.010% | $9.42B | $24.86B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,393 | −0.021% | $245K | $8.7M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,465.9 | +0.064% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,502 | +0.106% | $3.75B | $5.05B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,439.2 | +0.033% | $40.4M | $603.0M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,424.3 | +0.015% | $2.60B | $12.19B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,389 | −0.026% | $3.8M | $17.1M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,405 | −0.007% | $5.1M | $96.5M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,424.7 | +0.016% | $5.56B | $11.08B | 200x | as long as short |
| Backpack BTC_USDC_PERPlong | +0.0100% | 1h | 85,411.1 | long leg | $37.4M | $180.8M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 85,384.3 | −0.031% | $156.3M | $556.9M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,427.5 | +0.019% | $279.9M | $952.4M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,402.7 | −0.010% | $214.4M | $163.3M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,408.7 | −0.003% | $139.6M | $313.1M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,436 | +0.029% | $30.1M | $207.2M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,464.9 | +0.063% | — | $10.2M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,414 | +0.003% | $11.0M | $14.6M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,419.9 | +0.010% | $199K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDCshort | +0.0100% | 8h | 85,420.9 | +0.011% | $2.6M | $9.7M | 100x | |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,462 | +0.060% | $194K | $795K | 40x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,419.8 | +0.010% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,408.6 | −0.003% | $2.26B | $962.7M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,428 | +0.020% | $156.3M | $512.5M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,413.1 | +0.002% | $689.0M | $342.5M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,396 | −0.018% | $45.2M | $240.1M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,431.5 | +0.024% | — | $104.3M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,455.3 | +0.052% | $112.9M | $5.48B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0133% | 1h | 85,409.5 | −0.002% | $6.6M | $147.7M | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0175% / S −0.0150% | 1h | 85,434.5 | +0.027% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0176% | 8h | 85,436 | +0.029% | $11.9M | $739.3M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0193% | 1h | 85,432.3 | +0.025% | $8.8M | $42.6M | 25x | as long as short |
| Hibachi BTC/USDT-P | +0.0216% | 1h | 85,453.3 | +0.049% | $685K | $7.8M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0265% | 1h | 85,456 | +0.053% | $79K | $242K | 20x | as long as short |
Injective BTC/USDC PERP
Deribit BTC-PERPETUAL
BingX BTC-USDT
Kraken Futures PF_XBTUSD
Bitget BTCUSDT
Bybit BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
SoDEX BTC-USD
MEXC BTC_USDT
Binance BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Bluefin BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Phemex BTCUSDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
RISEx BTC/USDC
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD