Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC+0.0347%/8h= +37.9% APRpaid last 24h −0.046%

Price spread now: Perpl against Backpack−0.018%7-day average +0.021% · you buy dearer than you sell

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

Long on Backpack Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.441%+$44 on $10k

Price spread, last 7 days+0.573%+$57 · spread now −0.018%, 7d avg +0.021%

Together, before fees+1.014%+ Points / potential airdropPerpl: Active · farm board+$101 on $10k · with fees, hour by hour

Funding pays, the price is against you. Perpl is 0.039% cheaper against Backpack than usual: you would sell low and buy high (spread −0.018% now, against its 7-day average of +0.021%). If the spread goes back, that is −$4 on $10k: about 9 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,509.8	0.0100	pay 0.0013% / 1h	45m 41s	$35.0M	$171.3M	75x
Short	Perpl BTC	85,494.4	0.0447	get 0.0040% / 43m	33m 41s	$528K	$19.6M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.018%Rate

Funding earned: $72.77
Price spread: −0.018% → +0.021%: −$3.85
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $45.11
Costs to cover: 0.238%
Break-even: 2.7 days

Slippage unknown: Backpack: live order book, 3 min ago; Perpl: 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	5.3 bp −$533	19.7 bp −$9,849
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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	−0.0160%	1h	85,599	+0.104%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,414	−0.112%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,474.2	−0.042%	$367K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,541.1	+0.037%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,510.5	+0.001%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0007%	1h	85,488.6	−0.025%	$22.6M	$221.7M	50x	as long as short
BloFin BTC-USDT	+0.0007%	8h	85,370.2	−0.163%	—	$657.3M	150x	as long as short
KuCoin XBTUSDTM	+0.0015%	8h	85,504	−0.007%	$905.7M	$747.1M	125x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,519.6	+0.011%	$515.6M	$1.11B	200x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,546.8	+0.043%	—	$17.0M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0065%	1h	85,486.2	−0.028%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,555	+0.053%	$2.95B	$5.02B	150x	as long as short
HTX BTC-USDT	+0.0070%	8h	85,480	−0.035%	$2.26B	$931.0M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.125%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,495.3	−0.017%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,542	+0.038%	$5.04B	$5.59B	500x	as long as short
SunX BTC-USDT	+0.0086%	8h	85,466.9	−0.050%	$2.9M	$6.1M	100x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,543	+0.039%	$9.33B	$23.86B	150x	as long as short
Phemex BTCUSDT	+0.0089%	8h	85,485.8	−0.028%	$148.1M	$478.6M	150x	as long as short
Lighter BTC	+0.0096%	1h	85,541.9	+0.038%	$169.3M	$986.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,529.7	+0.023%	$23.9M	$147.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,485	−0.029%	$8.4M	$51.7M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,587.1	+0.090%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,537	+0.032%	$205K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,575	+0.076%	$3.77B	$4.93B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,563.1	+0.062%	$40.1M	$571.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,556.3	+0.054%	$5.33B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,559	+0.058%	$2.56B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,566	+0.066%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,523.9	+0.016%	$7.2M	$97.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	+0.062%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,570.8	+0.071%	$5.55B	$10.43B	200x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,509.8	long leg	$35.0M	$171.3M	75x
Variational Omni BTC	+0.0100%	8h	85,485	−0.029%	$154.0M	$550.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,502.5	−0.009%	$278.2M	$930.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,638.3	+0.150%	$215.0M	$160.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,513.3	+0.004%	$139.9M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,432.3	−0.091%	$30.3M	$211.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,525.7	+0.019%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,486	−0.028%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,504	−0.007%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,496.9	−0.015%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,532.2	+0.026%	$196K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,495.5	−0.017%	$30.0M	$52.6M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,500	−0.011%	$59.9M	$336.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,537.2	+0.032%	$44.1M	$227.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,382.3	−0.149%	—	$104.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,529	+0.022%	$130.6M	$5.07B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,593.2	+0.098%	$8.4M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0139%	1h	85,517.8	+0.009%	$187.4M	$948.9M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0165%	1h	85,542.2	+0.038%	$894.8M	$1.52B	50x	as long as short
Aftermath Perps BTCUSD	+0.0198%	1h	85,524.7	+0.017%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,464.2	−0.053%	$698K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0181%	1h	85,506.1	−0.004%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	85,472	−0.044%	$10.6M	$759.8M	6.4x	as long as short
Perpl BTCshort	+0.0447%	43m	85,494.4	−0.018%	$528K	$19.6M	6.7x