Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Backpack against Bulk−0.039%7-day average −0.006% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$170.170% of the position

Long on Bulk Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.085%−$9 on $10k

Price spread, last 7 days−0.435%−$44 · spread now −0.039%, 7d avg −0.006%

Together, before fees−0.520%−$52 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.033% cheaper against Bulk than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	85,673.6	0.0100	pay 0.0013% / 1h	11m 46s	$597.8M	$234.3M	40x
Short	Backpack BTC_USDC_PERP	85,640.2	0.0100	get 0.0013% / 1h	11m 46s	$35.3M	$166.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bulk. 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 BulkbpFee BackpackbpOrdersPrice spread, now −0.039%Rate

Funding earned: $0
Price spread: −0.039% → −0.006%: −$3.29
Slippage, 4 orders: −$0.04
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$20.33
Costs to cover: 0.170%
Break-even: never at this rate

Slippage from Bulk: live order book, 2 min ago; Backpack: 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 Bulk live order book, 2 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$352	4.3 bp −$2,127
Sell Backpack live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.8 bp −$578	19.6 bp −$9,806

BTC on 55 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	−0.0144%	1h	85,649	−0.029%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,654	−0.023%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0072%	1h	85,652.9	−0.024%	$361K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,650.2	−0.027%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,675.7	+0.002%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	+0.020%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0027%	8h	85,634.6	−0.046%	$515.8M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0028%	8h	85,636.2	−0.044%	$900.5M	$753.2M	125x	as long as short
Nado BTC-PERP	+0.0039%	1h	85,640.2	−0.039%	$22.8M	$227.7M	50x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,684	+0.012%	$8.2M	$42.0M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0044%	8h	85,645.3	−0.033%	$2.27B	$947.8M	200x	as long as short
BingX BTC-USDC	+0.0055%	8h	85,630.1	−0.051%	—	$17.1M	—	as long as short
Reya BTCRUSDPERP	+0.0060%	1h	85,649.2	−0.028%	$6.7M	$146.3M	40x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,637.4	−0.042%	$2.95B	$5.08B	150x	as long as short
SunX BTC-USDT	+0.0075%	8h	85,622.5	−0.060%	$2.9M	$6.6M	100x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,653.4	−0.024%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,616.6	−0.067%	$9.32B	$24.27B	150x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,645	−0.033%	$5.08B	$5.75B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,627	−0.054%	$170.4M	$994.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,647.9	−0.030%	$23.5M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,657	−0.019%	$8.4M	$51.9M	100x	as long as short
Gate BTC_USDT	+0.0097%	8h	85,650.2	−0.027%	$5.59B	$10.58B	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,629	−0.052%	$203K	$7.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,701.5	+0.033%	$3.8M	$8.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,704	+0.035%	$3.76B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,657.4	−0.019%	$40.8M	$571.9M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,631.3	−0.049%	$5.31B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,620.1	−0.062%	$2.55B	$12.32B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,650	−0.028%	$3.9M	$18.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,636.1	−0.044%	$7.2M	$97.4M	40x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	85,640.2	−0.039%	$35.3M	$166.4M	75x
Variational Omni BTC	+0.0100%	8h	85,650.8	−0.027%	$156.5M	$556.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,623.5	−0.059%	$278.5M	$942.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,652.7	−0.024%	$214.9M	$164.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,642.6	−0.036%	$140.0M	$318.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,680	+0.007%	$30.3M	$209.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,715.5	+0.049%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,656	−0.021%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,663.4	−0.012%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,655.5	−0.021%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,701.3	+0.032%	$187K	$712K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,654.5	−0.022%	$30.0M	$55.9M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,645	−0.033%	$60.0M	$336.8M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,645.1	−0.033%	$152.5M	$481.5M	150x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	85,673.6	long leg	$597.8M	$234.3M	40x
Extended BTC-USD	+0.0104%	1h	85,626.1	−0.056%	$44.0M	$227.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,674.9	+0.002%	—	$102.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,681.7	+0.009%	$131.3M	$5.15B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,665.7	−0.009%	$187.8M	$963.3M	100x	as long as short
Hibachi BTC/USDT-P	+0.0152%	1h	85,674.5	+0.001%	$679K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0173%	1h	85,695.9	+0.026%	$78K	$219K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0199%	1h	85,693.4	+0.023%	$894.8M	$1.54B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0187%	1h	85,671.3	−0.003%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,682	+0.010%	$10.3M	$770.3M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,668	−0.007%	$513K	$20.4M	6.7x	as long as short