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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 00:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h −0.014%
Price spread now: Phemex against Backpack+0.011%7-day average +0.027% · you sell dearer than you buy
Net, funding: paid 7d − costs−$14as in the Funding arb table
Net, price: spread back to 7d avg − costs−$24as in the Price arb table
costs, in and out, $10k−$220.220% of the position
Long on BackpackShort on Phemex
What this pair did over the last
the charts below follow
Funding, last 7 days+0.078%+$8 on $10k
Price spread, last 3 days (all we have)+0.001%$0 · spread now +0.011%, 7d avg +0.027%
Together, before fees+0.079%+$8 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.027%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.078%, so the current rate has only just turned against you.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack BTC_USDC_PERP86,484.20.0100pay 0.0013% / 1h32m 30s$38.3M$155.1M75x
ShortPhemex BTCUSDT86,493.60.0049get 0.0049% / 8h32m 30s$150.7M$478.6M150x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phemex 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

Funding earned
−$10.81
Price spread: +0.011% → +0.027%
−$1.65
Slippage, 4 orders
−$0.02
Fee Backpack: 5 bp × 2 orders
−$10
Fee Phemex: 6 bp × 2 orders
−$12
Net
−$34.49
Costs to cover
0.220%
Break-even
never at this rate
Slippage from Backpack: live order book, 2 min ago; Phemex: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Backpack live order book, 2 min ago0.01 bp5.0 bp −$55.0 bp −$506.8 bp −$679doesn't fit
Sell Phemex live order book, 2 min ago0.01 bp6.0 bp −$66.3 bp −$638.0 bp −$795doesn't fit

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phoenix BTC−0.0118%1h86,543+0.068%$2.2M$11.8M40xas long as short
Hotstuff BTC-PERP−0.0080%1h86,4840.000%$9K$3K50xas long as short
Injective BTC/USDC PERP−0.0035%1h86,568+0.097%$333K$26.8M52xas long as short
RISEx BTC/USDC−0.0024%1h86,506.4+0.026%$8.3M$42.9M25xas long as short
01 Exchange BTCUSD−0.0016%1h86,502+0.021%$358K$2.5M50xas long as short
Aster BTCUSDT−0.0001%8h86,492.9+0.010%$501.6M$1.15B200xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,511.9+0.032%$36.8M—200xas long as short
KuCoin XBTUSDTM+0.0016%8h86,487.2+0.003%$850.6M$715.5M125xas long as short
Reya BTCRUSDPERP+0.0030%1h86,493.5+0.011%$6.7M$145.4M40xas long as short
BingX BTC-USDT+0.0042%8h86,493.2+0.010%—$1.59B—as long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
dYdX BTC-USD+0.0044%1h86,539+0.063%$17.0M$21.1M50xas long as short
Deribit BTC-PERPETUAL+0.0045%1h86,532.8+0.056%$915.2M$1.48B50xas long as short
Phemex BTCUSDTshort+0.0049%8h86,493.6+0.011%$150.7M$478.6M150x
Bitget BTCUSDT+0.0052%8h86,486.5+0.003%$2.96B$5.13B150xas long as short
Binance BTCUSDT+0.0071%8h86,489.7+0.006%$9.43B$24.56B150xas long as short
MEXC BTC_USDT+0.0071%8h86,487.4+0.004%$5.16B$5.65B500xas long as short
Aevo BTC-PERP+0.0072%1h86,481.3−0.003%$2.4M$1.3M20xas long as short
Gate BTC_USDT+0.0083%8h86,493.4+0.011%$5.87B$10.76B200xas long as short
SoDEX BTC-USD+0.0093%1h86,491+0.008%$60.5M$337.8M40xas long as short
Lighter BTC+0.0096%1h86,499.2+0.017%$170.3M$1.01B50xas long as short
Lighter RH BTC+0.0096%1h86,509+0.029%$24.0M$151.9M50xas long as short
Popdex BTCUSDT+0.0096%1h86,490+0.007%$8.5M$52.4M100xas long as short
Bybit BTCUSDT+0.0099%8h86,495.8+0.013%$5.26B$9.81B150xas long as short
Katana Perps BTC-USD+0.0100%8h86,474−0.012%$198K$7.0M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,527.2+0.050%$4.8M$8.5M50xas long as short
Nado BTC-PERP+0.0100%1h86,4840.000%$21.8M$234.7M50xas long as short
Hyperliquid BTC+0.0100%1h86,563+0.091%$3.80B$5.11B40xas long as short
Pacifica BTC+0.0100%1h86,524.2+0.046%$40.8M$527.8M50xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,496.9+0.015%$2.55B$12.73B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,496+0.014%$3.9M$18.7M25xas long as short
Arcus BTC-USD+0.0100%1h86,531.5+0.055%$7.5M$95.2M40xas long as short
Backpack BTC_USDC_PERPlong+0.0100%1h86,484.2long leg$38.3M$155.1M75x
Variational Omni BTC+0.0100%8h86,514.5+0.035%$157.4M$567.9M—as long as short
edgeX BTCUSDC+0.0100%4h86,535.4+0.059%$279.5M$947.1M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,546.5+0.072%$217.3M$171.6M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,514.6+0.035%$141.4M$323.1M100xas long as short
StandX BTC-USD+0.0100%1h86,475.4−0.010%$30.7M$205.2M40xas long as short
Vest BTC-PERP+0.0100%1h86,535.1+0.059%—$11.9M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,492+0.009%$11.1M$13.8M50xas long as short
Bullet BTC-USD+0.0100%1h86,490.9+0.008%$189K$3.3M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,493.4+0.011%$2.4M$9.0M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,523+0.045%$140K$663K40xas long as short
Derive BTC-PERP+0.0100%1h86,526.6+0.049%$30.6M$62.6M15xas long as short
SunX BTC-USDT+0.0100%8h86,504.4+0.023%$3.4M$5.4M100xas long as short
HTX BTC-USDT+0.0100%8h86,470.9−0.015%$2.30B$969.8M200xas long as short
Bulk BTC-USD+0.0100%1h86,562.5+0.091%$572.7M$17.7M40xas long as short
Extended BTC-USD+0.0104%1h86,476.8−0.009%$45.5M$227.3M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,518.9+0.040%—$98.8M500xas long as short
Kraken Futures PF_XBTUSD+0.0110%1h86,523.8+0.046%$194.1M$952.2M100xas long as short
Perpl BTC+0.0112%43m86,503.5+0.022%$416K$23.1M6.7xas long as short
Coinbase International BTC-PERP-INTX+0.0112%1h86,536+0.060%$132.4M$5.66B50xas long as short
Aftermath Perps BTCUSD+0.0135%1h86,553.3+0.080%$79K$218K20xas long as short
BloFin BTC-USDT+0.0191%8h86,490.5+0.007%$415.4M$658.5M150xas long as short
Hibachi BTC/USDT-P+0.0192%1h86,544+0.069%$728K$8.1M30xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0194% / S −0.0216%1h86,506.4+0.026%$15.0M—200xas long as short
Kalshi KXBTCPERP+0.0208%8h86,522+0.044%$9.7M$745.4M6.4xas long as short