BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0051%/8h= +5.6% APRnext payment +$0.06 per $10,000 · paid last 24h +0.014%

Price spread now: Backpack against Injective+0.216%7-day average −0.047% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs+$10as in the Price arb table

costs, in and out, $10k−$160.162% of the position

Long on Injective Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.123%−$12 on $10k

Price spread, last 3 days (all we have)−0.193%−$19 · spread now +0.216%, 7d avg −0.047%

Together, before fees−0.316%−$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.263% dearer against Injective than usual: you sell high and buy low: +$26 more if the spread goes back to its 7-day average of −0.047%. Mind the row above: over the last 7 days funding on this pair cost −0.123%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	86,639	0.0049	pay 0.0006% / 1h	16m 36s	$315K	$26.8M	52x
Short	Backpack BTC_USDC_PERP	86,826.2	0.0100	get 0.0013% / 1h	16m 36s	$38.2M	$148.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Injective. 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 InjectivebpFee BackpackbpOrdersPrice spread, now +0.216%Rate

Funding earned: $10.7
Price spread: +0.216% → −0.047%: $26.27
Slippage, 4 orders: −$6.22
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Net: $20.73
Costs to cover: 0.162%
Break-even: from the start

Slippage from Injective: live order book, 3 min ago; Backpack: live order book, 3 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 Injective live order book, 3 min ago	2.42 bp	2.6 bp −$3	11.7 bp −$117	doesn't fit	doesn't fit
Sell Backpack live order book, 3 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	+0.147%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,837.5	+0.229%	$426K	$24.7M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,739	+0.115%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,814	+0.202%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0062%	1h	86,831.2	+0.222%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,828.3	+0.218%	$362K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,850.3	+0.244%	$932.2M	$1.46B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,839.2	+0.231%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,819	+0.208%	$851.4M	$707.3M	125x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,808.6	+0.196%	$507.0M	$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	+0.210%	$150.5M	$472.4M	150x	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,786.2	+0.170%	$6.8M	$144.4M	40x	as long as short
BingX BTC-USDC	+0.0026%	8h	86,800.6	+0.187%	—	$15.2M	—	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,796	+0.181%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERPlong	+0.0049%	1h	86,639	long leg	$315K	$26.8M	52x
MEXC BTC_USDT	+0.0060%	8h	86,822.4	+0.212%	$5.20B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,806.9	+0.194%	$9.45B	$24.36B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,814.3	+0.202%	$9.2M	$41.8M	25x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,818.4	+0.207%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,824.4	+0.214%	$5.85B	$10.68B	200x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,798.1	+0.184%	$5.29B	$9.71B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0088%	8h	86,803.9	+0.190%	$2.56B	$12.76B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,838.6	+0.230%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,845.6	+0.238%	$24.2M	$154.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,801	+0.187%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,791	+0.175%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,872.7	+0.270%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,820.8	+0.210%	$21.8M	$235.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,872	+0.269%	$3.83B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,856.9	+0.251%	$41.0M	$494.9M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,814	+0.202%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,874.7	+0.272%	$7.5M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,792.1	+0.177%	$573.3M	$22.0M	40x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	86,826.2	+0.216%	$38.2M	$148.7M	75x
Variational Omni BTC	+0.0100%	8h	86,754.4	+0.133%	$159.6M	$567.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,765.9	+0.146%	$280.3M	$952.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,759.3	+0.139%	$217.9M	$187.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,779.4	+0.162%	$141.7M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,754.7	+0.133%	$30.8M	$204.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,862.8	+0.258%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,806	+0.193%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,819.4	+0.208%	$197K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,834.2	+0.225%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,849.4	+0.243%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,823.1	+0.213%	$30.1M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,796.5	+0.182%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,819	+0.208%	$60.6M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,799.6	+0.185%	$2.31B	$958.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,787.3	+0.171%	$46.3M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,839.6	+0.232%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,855.8	+0.250%	$188.2M	$933.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,866	+0.262%	$132.3M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0151%	8h	86,834	+0.225%	$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	+0.224%	$15.0M	—	200x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,825.5	+0.215%	$415.9M	$656.5M	150x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	86,850.2	+0.244%	$645K	$7.6M	30x	as long as short