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 −0.011%

Price spread now: SoDEX against Backpack+0.010%7-day average +0.023% · 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−$19as in the Price arb table

costs, in and out, $10k−$180.181% of the position

Long on Backpack Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.042%+$4 on $10k

Price spread, last 4 days (all we have)+0.013%+$1 · spread now +0.010%, 7d avg +0.023%

Together, before fees+0.055%+$6 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,145.2	0.0100	pay 0.0013% / 1h	23m 45s	$36.9M	$187.8M	75x
Short	SoDEX BTC-USD	85,154	0.0100	get 0.0013% / 1h	23m 45s	$59.7M	$336.6M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.010%Rate

Funding earned: $0
Price spread: +0.010% → +0.023%: −$1.22
Slippage, 4 orders: −$0.13
Fee Backpack: 5 bp × 2 orders: −$10
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$19.35
Costs to cover: 0.181%
Break-even: never at this rate

Slippage from Backpack: live order book, just now; SoDEX: live order book, 5 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, just now	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.7 bp −$574	181.9 bp −$91.0K
Sell SoDEX live order book, 5 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	5.1 bp −$514	44.3 bp −$22.2K

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	85,209	+0.075%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,296	+0.177%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0021%	8h	85,180.8	+0.042%	$421.6M	$683.9M	150x	as long as short
KuCoin XBTUSDTM	−0.0019%	8h	85,142.6	−0.003%	$926.8M	$777.5M	125x	as long as short
Aster BTCUSDT	−0.0002%	8h	85,142.8	−0.003%	$508.8M	$1.08B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,165.7	+0.024%	$342K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,156.3	+0.013%	$36.4M	—	200x	as long as short
dYdX BTC-USD	+0.0006%	1h	85,179.3	+0.040%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,169	+0.028%	$185.6M	$955.2M	100x	as long as short
ApeX Omni BTCUSDT	+0.0040%	1h	85,299.6	+0.181%	$139.7M	$312.6M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0064%	8h	85,151.7	+0.008%	—	$1.58B	—	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,248	+0.121%	$302K	$25.3M	52x	as long as short
Bybit BTCUSDT	+0.0080%	8h	85,145.2	0.000%	$5.11B	$10.02B	150x	as long as short
Nado BTC-PERP	+0.0083%	1h	85,159.9	+0.017%	$24.0M	$220.7M	50x	as long as short
Bitget BTCUSDT	+0.0094%	8h	85,155.9	+0.013%	$2.97B	$5.19B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,150.3	+0.006%	$168.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,150.5	+0.006%	$23.5M	$148.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,158	+0.015%	$8.4M	$57.6M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,148.8	+0.004%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0099%	8h	85,155.7	+0.012%	$5.03B	$5.76B	500x	as long as short
Binance BTCUSDT	+0.0099%	8h	85,144.4	−0.001%	$9.37B	$25.13B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,131	−0.017%	$269K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,208.9	+0.075%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,226	+0.095%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,187	+0.049%	$40.3M	$606.1M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,155.1	+0.012%	$2.59B	$12.23B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,156	+0.013%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,172.3	+0.032%	$4.6M	$97.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,294.4	+0.175%	$693.5M	$241.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,152.9	+0.009%	$5.47B	$11.11B	200x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,145.2	long leg	$36.9M	$187.8M	75x
Variational Omni BTC	+0.0100%	8h	85,162.5	+0.020%	$155.8M	$550.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,270.9	+0.148%	$282.8M	$955.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,278	+0.156%	$214.2M	$159.0M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,260.1	+0.135%	$30.0M	$211.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,223	+0.091%	—	$10.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,160	+0.017%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,156.1	+0.013%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,159.1	+0.016%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,187.2	+0.049%	$193K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,139.3	−0.007%	$29.6M	$45.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,148.4	+0.004%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USDshort	+0.0100%	1h	85,154	+0.010%	$59.7M	$336.6M	40x
HTX BTC-USDT	+0.0100%	8h	85,157.3	+0.014%	$2.25B	$970.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,153.8	+0.010%	$158.8M	$516.1M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,131.3	−0.016%	$45.4M	$241.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,159.1	+0.016%	—	$106.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,190.2	+0.053%	$111.6M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0141%	1h	85,145.9	+0.001%	$6.6M	$143.8M	40x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	85,180	+0.041%	$12.0M	$736.8M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,172.8	+0.032%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0147%	1h	85,160.5	+0.018%	$13.0M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0183%	1h	85,197.3	+0.061%	$841.1M	$1.66B	50x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,224.1	+0.093%	$681K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0290%	1h	85,239.4	+0.111%	$81K	$254K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,184	+0.046%	$457K	$18.4M	6.7x	as long as short