BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0085%/8h= +9.3% APRnext payment +$0.11 per $10,000 · paid last 24h +0.030%

Price spread now: Backpack against dYdX−0.052%7-day average +0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$280.284% of the position

Long on dYdX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 7 days−0.468%−$47 · spread now −0.052%, 7d avg +0.016%

Together, before fees−0.470%−$47 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.068% cheaper against dYdX than usual: you would sell low and buy high (spread −0.052% now, against its 7-day average of +0.016%). If the spread goes back, that is −$7 on $10k: about 2.7 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BTC-USD	85,231.4	0.0015	pay 0.0002% / 1h	14m 31s	$16.7M	$21.0M	50x
Short	Backpack BTC_USDC_PERP	85,187.1	0.0100	get 0.0013% / 1h	14m 31s	$36.9M	$189.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against dYdX. 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 dYdXbpFee BackpackbpOrdersPrice spread, now −0.052%Rate

Funding earned: $17.87
Price spread: −0.052% → +0.016%: −$6.8
Slippage, 4 orders: −$8.44
Fee dYdX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$17.36
Costs to cover: 0.284%
Break-even: 13.8 days

Slippage from dYdX: 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 dYdX live order book, 5 min ago	2.64 bp	7.6 bp −$8	7.6 bp −$76	11.0 bp −$1,104	15.9 bp −$7,942
Sell Backpack live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.2 bp −$624	59.3 bp −$29.6K

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
Hotstuff BTC-PERP	−0.0080%	1h	85,215	−0.019%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,263	+0.037%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,190.7	−0.048%	$421.1M	$686.1M	150x	as long as short
KuCoin XBTUSDTM	−0.0013%	8h	85,192	−0.046%	$926.8M	$777.9M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,250	+0.022%	$343K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,200.1	−0.037%	$36.4M	—	200x	as long as short
Aster BTCUSDT	+0.0006%	8h	85,232.7	+0.002%	$509.2M	$1.08B	200x	as long as short
dYdX BTC-USDlong	+0.0015%	1h	85,231.4	long leg	$16.7M	$21.0M	50x
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,203.1	−0.033%	$185.6M	$954.6M	100x	as long as short
BingX BTC-USDC	+0.0064%	8h	85,209.9	−0.025%	—	$17.4M	—	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	+0.0067%	1h	85,331	+0.117%	$311K	$25.5M	52x	as long as short
Bybit BTCUSDT	+0.0081%	8h	85,239.4	+0.009%	$5.10B	$10.04B	150x	as long as short
ApeX Omni BTCUSDT	+0.0084%	1h	85,241.3	+0.012%	$139.6M	$312.5M	100x	as long as short
Nado BTC-PERP	+0.0089%	1h	85,199.8	−0.037%	$24.0M	$220.9M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,230.9	−0.001%	$168.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,242.6	+0.013%	$23.6M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,230	−0.002%	$8.4M	$57.7M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,184.6	−0.055%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0098%	8h	85,249.4	+0.021%	$2.97B	$5.21B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,208	−0.027%	$268K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,289.8	+0.069%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,332	+0.118%	$3.77B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,260	+0.034%	$40.3M	$604.7M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,238.1	+0.008%	$9.38B	$25.16B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,245.4	+0.016%	$2.60B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,233	+0.002%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,247.2	+0.019%	$4.7M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,231.7	0.000%	$5.49B	$11.15B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,234.9	+0.004%	$5.02B	$5.77B	500x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	85,187.1	−0.052%	$36.9M	$189.6M	75x
Variational Omni BTC	+0.0100%	8h	85,180.5	−0.060%	$155.7M	$548.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,195.5	−0.042%	$282.5M	$959.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,244.3	+0.015%	$214.2M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,210.2	−0.025%	$30.0M	$212.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,311.6	+0.094%	—	$10.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,253	+0.025%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,194	−0.044%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,196.1	−0.041%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,231.2	0.000%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,209.5	−0.026%	$29.2M	$45.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,206	−0.030%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,191	−0.047%	$59.7M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,189.5	−0.049%	$2.25B	$973.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,186.3	−0.053%	$158.6M	$516.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,240	+0.010%	$693.3M	$214.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,205.2	−0.031%	$45.4M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,199.9	−0.037%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,229.1	−0.003%	$111.8M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0142%	1h	85,177.4	−0.063%	$6.6M	$142.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0150%	1h	85,232.8	+0.002%	$839.7M	$1.67B	50x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	85,217	−0.017%	$12.0M	$737.6M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,254.6	+0.027%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0146%	1h	85,196.3	−0.041%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,239.3	+0.009%	$694K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0293%	1h	85,247.3	+0.019%	$81K	$254K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,247.2	+0.019%	$465K	$18.3M	6.7x	as long as short