BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0020%/8h= −2.2% APRnext payment −$0.03 per $10,000 · paid last 24h −0.019%

Price spread now: Backpack against Coinbase International−0.046%7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$200.200% of the position

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.128%−$13 on $10k

Price spread, last 3 days (all we have)−0.010%−$1 · spread now −0.046%, 7d avg −0.073%

Together, before fees−0.138%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.027% dearer against Coinbase International than usual: you sell high and buy low (spread −0.046% now, against its 7-day average of −0.073%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.5 days. At the pace of the last 7 days (−0.128% in total) that is about 35 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	86,866	0.0120	pay 0.0015% / 1h	17m 07s	$132.3M	$5.86B	50x
Short	Backpack BTC_USDC_PERP	86,826.2	0.0100	get 0.0013% / 1h	17m 07s	$38.2M	$148.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now −0.046%Rate

Funding earned: −$4.2
Price spread: −0.046% → −0.073%: $2.67
Slippage, 4 orders: −$0.02
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$21.55
Costs to cover: 0.200%
Break-even: never at this rate

Slippage from Coinbase International: 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 Coinbase International live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.1 bp −$607	13.4 bp −$6,709
Sell Backpack live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.7 bp −$568	20.1 bp −$10.1K

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
Aftermath Perps BTCUSD	−0.0240%	1h	86,766	−0.115%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,808.3	−0.066%	$428K	$24.7M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,739	−0.146%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,790	−0.087%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0064%	1h	86,773.8	−0.106%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,810.9	−0.063%	$363K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,850.3	−0.018%	$932.2M	$1.46B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,839.2	−0.031%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,813.1	−0.061%	$850.1M	$707.3M	125x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,805.8	−0.069%	$506.9M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BTCUSDT	+0.0021%	8h	86,821.3	−0.051%	$150.5M	$472.4M	150x	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,792.1	−0.085%	$6.8M	$144.4M	40x	as long as short
BingX BTC-USDT	+0.0028%	8h	86,824.5	−0.048%	—	$1.60B	—	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,819	−0.054%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.261%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,820.3	−0.053%	$5.20B	$5.70B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,825	−0.047%	$9.45B	$24.36B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,801.5	−0.074%	$9.2M	$41.7M	25x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,818.4	−0.055%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,817.6	−0.056%	$5.86B	$10.68B	200x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,812.8	−0.061%	$5.29B	$9.71B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0087%	8h	86,831	−0.040%	$2.56B	$12.76B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,834.1	−0.037%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,840.5	−0.029%	$24.2M	$154.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,795	−0.082%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,782	−0.097%	$202K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,847.9	−0.021%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,776	−0.104%	$21.8M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,896	+0.035%	$3.83B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,823.4	−0.049%	$41.0M	$494.9M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,788	−0.090%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,862.4	−0.004%	$7.5M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,792.1	−0.085%	$573.3M	$22.0M	40x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	86,826.2	−0.046%	$38.2M	$148.7M	75x
Variational Omni BTC	+0.0100%	8h	86,754.4	−0.128%	$159.6M	$567.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,765.9	−0.115%	$280.3M	$952.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,759.3	−0.123%	$217.9M	$187.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,779.4	−0.100%	$141.7M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,754.7	−0.128%	$30.8M	$204.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,843.8	−0.026%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,796	−0.081%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,819.4	−0.054%	$197K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,834.2	−0.037%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,849.4	−0.019%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,823.1	−0.049%	$30.1M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,796.5	−0.080%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,819	−0.054%	$60.6M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,799.6	−0.076%	$2.31B	$958.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,804.2	−0.071%	$46.4M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,839.6	−0.030%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,855.8	−0.012%	$188.2M	$933.9M	100x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0120%	1h	86,866	long leg	$132.3M	$5.86B	50x
Kalshi KXBTCPERP	+0.0151%	8h	86,834	−0.037%	$9.8M	$727.3M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,833.4	−0.038%	$15.0M	—	200x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,825.5	−0.047%	$415.9M	$656.5M	150x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	86,793.7	−0.083%	$645K	$7.6M	30x	as long as short