Settings8H · net · $10k
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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 22:00 UTC+0.0101%/8h= +11.1% APRnext payment +$0.13 per $10,000 · paid last 24h +0.178%
Price spread now: Backpack against Bluefin+0.035%7-day average −0.008% · you sell dearer than you buy
Net, funding: paid 7d − costs−$10as in the Funding arb table
Net, price: spread back to 7d avg − costs−$20as in the Price arb table
costs, in and out, $10k−$240.245% of the position
Long on BluefinShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 7 days+0.143%+$14 on $10k
Price spread, last 3 days (all we have)−0.012%−$1 · spread now +0.035%, 7d avg −0.008%
Together, before fees+0.131%+$13 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.043% dearer against Bluefin than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.008%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBluefin BTC-PERP86,680−0.0001get 0.0000% / 1h53m 46s$160K$575K40x
ShortBackpack BTC_USDC_PERP86,710.60.0100get 0.0013% / 1h53m 46s$38.3M$148.1M75x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against Bluefin. 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

Funding earned
$21.27
Price spread: +0.035% → −0.008%
$4.29
Slippage, 4 orders
−$7.49
Fee Bluefin: 3.5 bp × 2 orders
−$7
Fee Backpack: 5 bp × 2 orders
−$10
Net
$1.07
Costs to cover
0.245%
Break-even
6.6 days
Slippage from Bluefin: live order book, 35 min ago; Backpack: live order book, 5 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 Bluefin live order book, 35 min ago1.02 bp7.2 bp −$712.9 bp −$129doesn't fitdoesn't fit
Sell Backpack live order book, 5 min ago0.01 bp5.0 bp −$55.0 bp −$506.9 bp −$69342.5 bp −$21.3K

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
Perpl BTC−0.0335%43m86,699.6+0.023%$425K$25.4M6.7xas long as short
Aftermath Perps BTCUSD−0.0188%1h86,827.4+0.170%$85K$188K20xas long as short
Phoenix BTC−0.0123%1h86,795+0.133%$2.2M$12.4M40xas long as short
dYdX BTC-USD−0.0085%1h86,742.3+0.072%$18.1M$19.9M50xas long as short
Hotstuff BTC-PERP−0.0080%1h86,667−0.015%$9K$3K50xas long as short
Bluefin BTC-PERPlong−0.0001%1h86,680long leg$160K$575K40x
KuCoin XBTUSDTM−0.0001%8h86,717.7+0.044%$846.7M$708.4M125xas long as short
01 Exchange BTCUSD0.0000%1h86,688.9+0.010%$362K$2.5M50xas long as short
Kalshi KXBTCPERP0.0000%8h86,760+0.092%$8.8M$725.2M6.4xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0005%1h86,728.6+0.056%$36.7M—200xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aster BTCUSDT+0.0015%8h86,681.8+0.002%$506.1M$1.16B200xas long as short
BingX BTC-USDT+0.0019%8h86,713.4+0.039%—$1.60B—as long as short
Reya BTCRUSDPERP+0.0021%1h86,669.3−0.012%$6.8M$143.8M40xas long as short
Phemex BTCUSDT+0.0022%8h86,689.5+0.011%$149.5M$469.1M150xas long as short
Bitget BTCUSDT+0.0025%8h86,712+0.037%$2.95B$5.08B150xas long as short
MEXC BTC_USDT+0.0046%8h86,711.6+0.036%$5.21B$5.62B500xas long as short
Binance BTCUSDT+0.0047%8h86,686.8+0.008%$9.45B$24.35B150xas long as short
Aevo BTC-PERP+0.0048%1h86,697.2+0.020%$2.4M$1.3M20xas long as short
Injective BTC/USDC PERP+0.0049%1h86,984+0.351%$316K$26.8M52xas long as short
OKX BTC-USDT-SWAP+0.0056%8h86,697.1+0.020%$2.58B$12.72B100xas long as short
Gate BTC_USDT+0.0062%8h86,710.7+0.035%$5.86B$10.54B200xas long as short
RISEx BTC/USDC+0.0063%1h86,682.2+0.003%$9.2M$41.9M25xas long as short
Bybit BTCUSDT+0.0077%8h86,689.4+0.011%$5.28B$9.70B150xas long as short
Variational Omni BTC+0.0088%8h86,792.9+0.130%$161.2M$563.4M—as long as short
GRVT BTC_USDT_Perp+0.0094%8h86,810.6+0.151%$218.0M$191.1M50xas long as short
Lighter BTC+0.0096%1h86,695.9+0.018%$172.4M$1.00B50xas long as short
Lighter RH BTC+0.0096%1h86,702.3+0.026%$24.1M$152.5M50xas long as short
Popdex BTCUSDT+0.0096%1h86,663−0.020%$8.5M$52.1M100xas long as short
SoDEX BTC-USD+0.0097%1h86,687+0.008%$60.5M$336.4M40xas long as short
Orderly PERP_BTC_USDC+0.0098%8h86,706+0.030%$2.5M$8.4M100xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,724.3+0.051%$4.8M$8.2M50xas long as short
Katana Perps BTC-USD+0.0100%8h86,659−0.024%$194K$6.8M50xas long as short
Nado BTC-PERP+0.0100%1h86,713.7+0.039%$22.0M$237.9M50xas long as short
Hyperliquid BTC+0.0100%1h86,792+0.129%$3.86B$5.08B40xas long as short
Pacifica BTC+0.0100%1h86,729.7+0.057%$41.6M$484.5M50xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,673−0.008%$3.9M$18.8M25xas long as short
Arcus BTC-USD+0.0100%1h86,740.6+0.070%$7.5M$95.4M40xas long as short
Bulk BTC-USD+0.0100%1h86,919.5+0.276%$573.8M$23.8M40xas long as short
Backpack BTC_USDC_PERPshort+0.0100%1h86,710.6+0.035%$38.3M$148.1M75x
edgeX BTCUSDC+0.0100%4h86,804.8+0.144%$280.4M$944.7M100xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,805.9+0.145%$142.0M$322.7M100xas long as short
StandX BTC-USD+0.0100%1h86,756.7+0.088%$30.9M$205.6M40xas long as short
Vest BTC-PERP+0.0100%1h86,746.4+0.077%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,668−0.014%$11.1M$13.7M50xas long as short
Bullet BTC-USD+0.0100%1h86,680.9+0.001%$202K$3.4M20xas long as short
Derive BTC-PERP+0.0100%1h86,697.1+0.020%$30.0M$61.5M15xas long as short
SunX BTC-USDT+0.0100%8h86,665.6−0.017%$3.4M$5.6M100xas long as short
HTX BTC-USDT+0.0100%8h86,686.2+0.007%$2.30B$954.8M200xas long as short
Extended BTC-USD+0.0104%1h86,704.8+0.029%$46.2M$228.5M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,748+0.078%—$97.8M500xas long as short
Kraken Futures PF_XBTUSD+0.0116%1h86,729.1+0.057%$192.7M$927.3M100xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,738.4+0.067%$132.3M$5.93B50xas long as short
BloFin BTC-USDT+0.0166%8h86,801+0.140%$420.1M$642.2M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0181% / S −0.0200%1h86,717.5+0.043%$15.4M—200xas long as short
Hibachi BTC/USDT-P+0.0200%1h86,798.4+0.137%$752K$7.0M30xas long as short
Deribit BTC-PERPETUAL+0.0482%1h86,704.8+0.029%$922.4M$1.38B50xas long as short