Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.015%

Price spread now: Backpack against Derive+0.013%7-day average −0.028% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Derive Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.097%−$10 on $10k

Price spread, last 4 days (all we have)+0.012%+$1 · spread now +0.013%, 7d avg −0.028%

Together, before fees−0.085%−$8 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 0.041% dearer against Derive than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	85,519.7	0.0100	pay 0.0013% / 1h	31m 45s	$30.0M	$50.9M	15x
Short	Backpack BTC_USDC_PERP	85,530.9	0.0100	get 0.0013% / 1h	31m 45s	$35.7M	$176.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Derive. 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 DerivebpFee BackpackbpOrdersPrice spread, now +0.013%Rate

Funding earned: $0
Price spread: +0.013% → −0.028%: $4.07
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$11.93
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Backpack: live order book, 2 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell Backpack live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.6 bp −$565	18.8 bp −$9,401

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0179%	1h	85,363	−0.183%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,528	+0.010%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,506	−0.016%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0027%	8h	85,495.5	−0.028%	$417.6M	$667.5M	150x	as long as short
KuCoin XBTUSDTM	−0.0013%	8h	85,518.8	−0.001%	$920.5M	$750.4M	125x	as long as short
Bluefin BTC-PERP	−0.0013%	1h	85,567.6	+0.056%	$207K	$738K	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,534	+0.017%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0015%	8h	85,554.1	+0.040%	$515.6M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0016%	1h	85,591.7	+0.084%	$16.7M	$21.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,487.5	−0.038%	$5.0M	$97.8M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0042%	1h	85,516.4	−0.004%	$25.7M	$221.6M	50x	as long as short
BingX BTC-USDT	+0.0061%	8h	85,559.5	+0.047%	—	$1.55B	—	as long as short
Bitget BTCUSDT	+0.0076%	8h	85,584.6	+0.076%	$2.95B	$5.06B	150x	as long as short
Reya BTCRUSDPERP	+0.0081%	1h	85,511	−0.010%	$6.7M	$146.7M	40x	as long as short
Phemex BTCUSDT	+0.0087%	8h	85,521.4	+0.002%	$148.3M	$486.0M	150x	as long as short
MEXC BTC_USDT	+0.0092%	8h	85,557.3	+0.044%	$5.07B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0096%	8h	85,605.7	+0.101%	$9.37B	$24.11B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,596.9	+0.090%	$173.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,599	+0.093%	$23.8M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,524	+0.005%	$8.4M	$52.8M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,522.4	+0.003%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,484	−0.042%	$212K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,565.1	+0.053%	$4.5M	$8.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,633	+0.132%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,539	+0.023%	$40.1M	$578.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,582.2	+0.073%	$5.23B	$9.77B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,593.6	+0.086%	$2.57B	$12.16B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,502	−0.021%	$3.9M	$18.1M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,560.6	+0.048%	$5.51B	$10.68B	200x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	85,530.9	+0.013%	$35.7M	$176.3M	75x
Variational Omni BTC	+0.0100%	8h	85,260.9	−0.303%	$153.4M	$563.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,356.5	−0.191%	$278.9M	$919.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,388.8	−0.153%	$214.3M	$169.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,399.6	−0.140%	$139.7M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,390.4	−0.151%	$30.2M	$207.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,559.8	+0.047%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,517	−0.003%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,527.6	+0.009%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,529.5	+0.011%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	85,519.7	long leg	$30.0M	$50.9M	15x
SunX BTC-USDT	+0.0100%	8h	85,483.1	−0.043%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,532	+0.014%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,525	+0.006%	$2.26B	$942.2M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,369.3	−0.176%	$653.8M	$618.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,521.4	+0.002%	$44.1M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,523.3	+0.004%	—	$107.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,572.1	+0.061%	$116.9M	$5.18B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0119%	1h	85,571	+0.060%	$894.6M	$1.54B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,539	+0.023%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,554	+0.040%	$187.6M	$955.8M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,536.8	+0.020%	$8.3M	$42.5M	25x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,502.6	−0.020%	$697K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0202%	1h	85,467.5	−0.061%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,533.6	+0.016%	$13.4M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0217%	8h	85,558	+0.045%	$10.4M	$758.9M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,525.1	+0.006%	$506K	$18.8M	6.7x	as long as short