Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Backpack against Bybit+0.025%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

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

costs, in and out, $10k−$210.210% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.113%−$11 on $10k

Price spread, last 7 days−0.404%−$40 · spread now +0.025%, 7d avg +0.010%

Together, before fees−0.517%−$52 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	85,142.3	0.0100	pay 0.0100% / 8h	2h 31m	$5.15B	$9.93B	150x
Short	Backpack BTC_USDC_PERP	85,163.2	0.0100	get 0.0013% / 1h	31m 44s	$36.0M	$174.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.025%Rate

Funding earned: $0
Price spread: +0.025% → +0.010%: $1.5
Slippage, 4 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$19.53
Costs to cover: 0.210%
Break-even: never at this rate

Slippage from Bybit: 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 Bybit live order book, 2 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.9 bp −$587	7.5 bp −$3,741
Sell Backpack live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.9 bp −$586	15.3 bp −$7,633

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
Perpl BTC	−0.0112%	43m	85,179.6	+0.044%	$525K	$18.6M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,177	+0.041%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,161	+0.022%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0053%	8h	85,140.2	−0.002%	$921.7M	$763.3M	125x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,168.2	+0.030%	$420.7M	$679.1M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,213.5	+0.084%	$373K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0015%	8h	85,141.8	−0.001%	$511.8M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,176.4	+0.040%	$16.7M	$21.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,202.5	+0.071%	$36.4M	—	200x	as long as short
Nado BTC-PERP	+0.0019%	1h	85,183.4	+0.048%	$24.7M	$222.8M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0023%	1h	85,225	+0.097%	$338K	$26.8M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,184.8	+0.050%	$187.0M	$955.3M	100x	as long as short
BingX BTC-USDT	+0.0066%	8h	85,151.1	+0.010%	—	$1.56B	—	as long as short
Phemex BTCUSDT	+0.0078%	8h	85,164.6	+0.026%	$148.7M	$504.2M	150x	as long as short
Bullet BTC-USD	+0.0079%	1h	85,189.8	+0.056%	$205K	$3.3M	20x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,151.4	+0.011%	$2.4M	$6.7M	20x	as long as short
SoDEX BTC-USD	+0.0080%	1h	85,168	+0.030%	$59.6M	$335.8M	40x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,147.6	+0.006%	$5.05B	$5.70B	500x	as long as short
Bitget BTCUSDT	+0.0084%	8h	85,147.8	+0.006%	$2.95B	$5.18B	150x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,160.1	+0.021%	$9.41B	$24.81B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,160.1	+0.021%	$170.8M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,162.8	+0.024%	$23.7M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,208	+0.077%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,206	+0.075%	$116.9M	$5.34B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,133	−0.011%	$239K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,209.4	+0.079%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,215.8	+0.086%	$3.74B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,184	+0.049%	$40.1M	$595.5M	50x	as long as short
Bybit BTCUSDTlong	+0.0100%	8h	85,142.3	long leg	$5.15B	$9.93B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,150	+0.009%	$2.57B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,152	+0.011%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,157.7	+0.018%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,183.8	+0.049%	$678.4M	$603.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,154.1	+0.014%	$5.49B	$10.92B	200x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	85,163.2	+0.025%	$36.0M	$174.8M	75x
Variational Omni BTC	+0.0100%	8h	85,263.5	+0.142%	$156.5M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,291.2	+0.175%	$279.1M	$942.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,264.2	+0.143%	$214.3M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,313.3	+0.201%	$139.4M	$315.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,149.5	+0.008%	$30.0M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,251.8	+0.129%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,189	+0.055%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,185.9	+0.051%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,221.2	+0.093%	$217K	$749K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,149.8	+0.009%	$29.9M	$49.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,155.7	+0.016%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,175	+0.038%	$2.25B	$948.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,120.6	−0.026%	$45.3M	$238.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,214.8	+0.085%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0113%	1h	85,177	+0.041%	$6.6M	$147.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0133%	1h	85,204	+0.073%	$872.4M	$1.61B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,193.6	+0.060%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0179%	8h	85,218	+0.089%	$11.3M	$744.8M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0211%	1h	85,260.1	+0.138%	$79K	$225K	20x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,227.8	+0.100%	$718K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,177.7	+0.042%	$8.6M	$43.1M	25x	as long as short