Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.003%

Price spread now: Backpack against Bullet+0.063%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−$12as in the Price arb table

costs, in and out, $10k−$190.193% of the position

Long on Bullet Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.067%−$7 on $10k

Price spread, last 7 days−0.500%−$50 · spread now +0.063%, 7d avg −0.011%

Together, before fees−0.567%−$57 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 0.074% dearer against Bullet than usual: you sell high and buy low, +$7 on $10k if it 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	Bullet BTC-USD	85,551.2	0.0100	pay 0.0013% / 1h	44m 10s	$189K	$3.3M	20x
Short	Backpack BTC_USDC_PERP	85,605	0.0100	get 0.0013% / 1h	44m 10s	$35.0M	$171.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bullet. 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 BulletbpFee BackpackbpOrdersPrice spread, now +0.063%Rate

Funding earned: $0
Price spread: +0.063% → −0.011%: $7.42
Slippage, 4 orders: −$1.27
Fee Bullet: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$11.85
Costs to cover: 0.193%
Break-even: never at this rate

Slippage from Bullet: live order book, 5 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

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bullet live order book, 5 min ago	0.29 bp	4.4 bp −$4	8.1 bp −$81	doesn't fit	doesn't fit
Sell Backpack live order book, 5 min ago	0.01 bp	5.4 bp −$5	5.4 bp −$54	6.0 bp −$604	32.7 bp −$16.4K

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	−0.077%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,585	+0.040%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,562.4	+0.013%	$367K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,579.2	+0.033%	$416.4M	$660.4M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,596.8	+0.053%	$16.7M	$20.9M	50x	as long as short
Nado BTC-PERP	+0.0004%	1h	85,555	+0.004%	$22.8M	$221.8M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,559.7	+0.010%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0014%	8h	85,549	−0.003%	$906.1M	$748.8M	125x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,570	+0.022%	$515.7M	$1.11B	200x	as long as short
BingX BTC-USDT	+0.0053%	8h	85,557.4	+0.007%	—	$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	85,554.5	+0.004%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,555.9	+0.006%	$2.95B	$5.02B	150x	as long as short
HTX BTC-USDT	+0.0073%	8h	85,548.6	−0.003%	$2.27B	$931.9M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.077%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,557.5	+0.007%	$2.5M	$1.7M	20x	as long as short
Phemex BTCUSDT	+0.0083%	8h	85,556.9	+0.007%	$148.2M	$478.5M	150x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,585	+0.040%	$5.04B	$5.60B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,570.7	+0.023%	$9.33B	$23.88B	150x	as long as short
SunX BTC-USDT	+0.0088%	8h	85,533.6	−0.021%	$2.9M	$6.1M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0095%	1h	85,597.5	+0.054%	$893.6M	$1.52B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,574.1	+0.027%	$169.5M	$986.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,575.2	+0.028%	$23.9M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,558	+0.008%	$8.4M	$51.8M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,617.8	+0.078%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,537	−0.017%	$205K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,627	+0.089%	$3.77B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,613.6	+0.073%	$40.1M	$571.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,592.1	+0.048%	$5.33B	$9.59B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,594	+0.050%	$2.56B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,570	+0.022%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,531.4	−0.023%	$7.2M	$97.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	+0.013%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,559.6	+0.010%	$5.55B	$10.44B	200x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	85,605	+0.063%	$35.0M	$171.6M	75x
Variational Omni BTC	+0.0100%	8h	85,485	−0.077%	$154.0M	$550.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,439.2	−0.131%	$278.7M	$931.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,432.8	−0.138%	$214.5M	$161.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,513.3	−0.044%	$139.9M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,470.3	−0.095%	$30.3M	$211.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,619.9	+0.080%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,562	+0.013%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	85,551.2	long leg	$189K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,557.2	+0.007%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,601.3	+0.059%	$197K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,555.7	+0.005%	$30.0M	$52.5M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,561	+0.011%	$59.9M	$336.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,536.8	−0.017%	$44.1M	$227.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,615.3	+0.075%	—	$105.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,600	+0.057%	$130.8M	$5.08B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,594.7	+0.051%	$8.3M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,585.1	+0.040%	$187.5M	$948.7M	100x	as long as short
Aftermath Perps BTCUSD	+0.0198%	1h	85,559.9	+0.010%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,598.6	+0.055%	$707K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,556.1	+0.006%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,608	+0.066%	$10.5M	$760.3M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,580	+0.034%	$525K	$19.5M	6.7x	as long as short