Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Pacifica against Backpack+0.034%7-day average +0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$180.182% of the position

Long on Backpack Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.167%+$17 on $10k

Price spread, last 7 days+0.473%+$47 · spread now +0.034%, 7d avg +0.013%

Together, before fees+0.640%+ Points / potential airdropPacifica: Active · farm board+$64 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: Pacifica is 0.021% dearer against Backpack than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,390.7	0.0100	pay 0.0013% / 1h	43m 39s	$37.3M	$185.0M	75x
Short	Pacifica BTC	85,419.7	0.0100	get 0.0013% / 1h	43m 39s	$40.1M	$605.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.034%Rate

Funding earned: $0
Price spread: +0.034% → +0.013%: $2.12
Slippage, 4 orders: −$0.16
Fee Backpack: 5 bp × 2 orders: −$10
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$16.04
Costs to cover: 0.182%
Break-even: never at this rate

Slippage from Backpack: live order book, 1 min ago; Pacifica: live order book, 1 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, 1 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.0 bp −$604	doesn't fit
Sell Pacifica live order book, 1 min ago	0.06 bp	4.1 bp −$4	4.3 bp −$43	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
Hotstuff BTC-PERP	−0.0080%	1h	85,414	+0.027%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,472	+0.095%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTM	−0.0026%	8h	85,381.5	−0.011%	$930.9M	$774.5M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,423.5	+0.038%	$420.9M	$682.7M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,409.6	+0.022%	$512.2M	$1.08B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,410	+0.023%	$347K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,439	+0.057%	$484K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0004%	1h	85,444.2	+0.063%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,437.2	+0.054%	$36.5M	—	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,427.2	+0.043%	$185.6M	$952.3M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0066%	1h	85,421.4	+0.036%	$139.6M	$312.8M	100x	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,367	−0.028%	$338K	$24.6M	52x	as long as short
BingX BTC-USDC	+0.0068%	8h	85,378.2	−0.015%	—	$17.3M	—	as long as short
Nado BTC-PERP	+0.0078%	1h	85,435.4	+0.052%	$24.1M	$220.0M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0083%	1h	85,456.5	+0.077%	$841.6M	$1.65B	50x	as long as short
Bybit BTCUSDT	+0.0084%	8h	85,399.7	+0.011%	$5.14B	$9.98B	150x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,395.9	+0.006%	$2.97B	$5.18B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,401.8	+0.013%	$169.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,396.5	+0.007%	$23.6M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,409	+0.021%	$8.4M	$57.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,422.3	+0.037%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,401.7	+0.013%	$5.05B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,409.3	+0.022%	$9.41B	$25.01B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,376	−0.017%	$271K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,435.7	+0.053%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,468.8	+0.091%	$3.75B	$5.07B	40x	as long as short
Pacifica BTCshort	+0.0100%	1h	85,419.7	+0.034%	$40.1M	$605.5M	50x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,412.4	+0.025%	$2.60B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,388	−0.003%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,409.9	+0.022%	$4.7M	$96.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,349	−0.049%	$691.7M	$275.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,406.4	+0.018%	$5.53B	$11.03B	200x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,390.7	long leg	$37.3M	$185.0M	75x
Variational Omni BTC	+0.0100%	8h	85,426.4	+0.042%	$156.0M	$554.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,436.8	+0.054%	$283.3M	$959.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,426.5	+0.042%	$214.4M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,410.5	+0.023%	$30.1M	$209.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,488.7	+0.115%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,429	+0.045%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,430	+0.046%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,430.3	+0.046%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,455.2	+0.076%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,379.9	−0.013%	$30.0M	$45.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,406.9	+0.019%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,419	+0.033%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,414.7	+0.028%	$2.26B	$966.2M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,430.1	+0.046%	$158.6M	$513.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,371.5	−0.022%	$45.5M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,429.3	+0.045%	—	$105.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,445.3	+0.064%	$112.1M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0137%	1h	85,414.3	+0.028%	$6.6M	$146.5M	40x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,452	+0.072%	$12.2M	$736.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,425.2	+0.040%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,436.8	+0.054%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,484.1	+0.109%	$684K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0286%	1h	85,446.5	+0.065%	$79K	$252K	20x	as long as short