BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0020%/8h= +2.2% APRnext payment +$0.03 per $10,000 · paid last 24h −0.004%

Price spread now: RISEx against Backpack+0.034%7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$170.172% of the position

Long on Backpack Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.073%+$7 on $10k

Price spread, last 7 days+0.426%+$43 · spread now +0.034%, 7d avg +0.011%

Together, before fees+0.499%+$50 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and RISEx is 0.022% dearer against Backpack than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,634.3	0.0100	pay 0.0013% / 1h	42m 03s	$35.1M	$171.7M	75x
Short	RISEx BTC/USDC	85,663	0.0120	get 0.0015% / 1h	42m 03s	$8.3M	$42.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.034%Rate

Funding earned: $4.22
Price spread: +0.034% → +0.011%: $2.23
Slippage, 4 orders: −$1.21
Fee Backpack: 5 bp × 2 orders: −$10
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$10.76
Costs to cover: 0.172%
Break-even: 24.8 days

Slippage from Backpack: live order book, 2 min ago; RISEx: live order book, 2 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, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.6 bp −$558	24.3 bp −$12.1K
Sell RISEx live order book, 2 min ago	0.01 bp	3.1 bp −$3	3.1 bp −$31	11.1 bp −$1,109	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
Phoenix BTC	−0.0160%	1h	85,485	−0.174%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,574	−0.070%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,639.1	+0.006%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,602.1	−0.038%	$416.5M	$662.4M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,643.2	+0.010%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,656.4	+0.026%	$36.7M	—	200x	as long as short
Nado BTC-PERP	+0.0005%	1h	85,636.3	+0.002%	$22.8M	$221.6M	50x	as long as short
KuCoin XBTUSDTM	+0.0014%	8h	85,639.7	+0.006%	$907.6M	$749.7M	125x	as long as short
Aster BTCUSDT	+0.0020%	8h	85,651.1	+0.020%	$516.1M	$1.11B	200x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,645.4	+0.013%	—	$1.54B	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0066%	1h	85,637.8	+0.004%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,637.6	+0.004%	$2.95B	$5.02B	150x	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,653.9	+0.023%	$148.4M	$478.4M	150x	as long as short
HTX BTC-USDT	+0.0073%	8h	85,650.9	+0.019%	$2.27B	$932.8M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	−0.020%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,646.9	+0.015%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,661	+0.031%	$5.04B	$5.60B	500x	as long as short
SunX BTC-USDT	+0.0087%	8h	85,614.3	−0.023%	$2.9M	$6.1M	100x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,619.6	−0.017%	$9.33B	$23.90B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,662.5	+0.033%	$169.7M	$986.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,663.4	+0.034%	$23.9M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,638	+0.004%	$8.4M	$51.9M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,682.8	+0.057%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,609	−0.030%	$204K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,714	+0.093%	$3.78B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,656.6	+0.026%	$40.2M	$571.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,601.5	−0.038%	$5.34B	$9.59B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,647.1	+0.015%	$2.57B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,635	+0.001%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,599.1	−0.041%	$7.3M	$97.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	−0.084%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,653.3	+0.022%	$5.55B	$10.46B	200x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,634.3	long leg	$35.1M	$171.7M	75x
Variational Omni BTC	+0.0100%	8h	85,485	−0.174%	$154.0M	$550.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,511.8	−0.143%	$278.9M	$932.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,432.8	−0.235%	$214.5M	$161.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,578.6	−0.065%	$140.0M	$316.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,588.9	−0.053%	$30.3M	$211.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,683.9	+0.058%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,634	0.000%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,646.1	+0.014%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,641.7	+0.009%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,685.3	+0.060%	$197K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,645.3	+0.013%	$30.0M	$52.5M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,660	+0.030%	$60.0M	$336.2M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0102%	1h	85,692.2	+0.068%	$893.3M	$1.52B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,630.8	−0.004%	$44.0M	$227.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,617.6	−0.020%	—	$106.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,693.9	+0.070%	$130.9M	$5.09B	50x	as long as short
RISEx BTC/USDCshort	+0.0120%	1h	85,663	+0.034%	$8.3M	$42.2M	25x
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,683.5	+0.057%	$187.6M	$947.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0194%	1h	85,583.1	−0.060%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,583.5	−0.059%	$697K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,651.6	+0.020%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,664	+0.035%	$10.5M	$760.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,632.2	−0.002%	$524K	$19.5M	6.7x	as long as short