BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.00 per $10,000 · paid last 24h −0.009%

Price spread now: Backpack against Jupiter Perps+0.021%7-day average −0.041% · you sell dearer than you buy

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

Long on Jupiter Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.075%−$7 on $10k

Price spread, last 3 days (all we have)−0.059%−$6 · spread now +0.021%, 7d avg −0.041%

Together, before fees−0.134%−$13 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 0.062% dearer against Jupiter Perps than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.041%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Jupiter Perps WBTC-PERP	86,361.9	L +0.0104% / S +0.0048%	pay 0.0013% / 1h	0m 51s	—	$98.9M	500x
Short	Backpack BTC_USDC_PERP	86,380.4	0.0100	get 0.0013% / 1h	0m 51s	$37.8M	$154.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Jupiter Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Jupiter PerpsbpFee BackpackbpOrdersPrice spread, now +0.021%Rate

Funding earned: −$0.84
Price spread: +0.021% → −0.041%: $6.22
Slippage, 4 orders: no order book: not counted
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$16.62
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Jupiter Perps: no order-book sample; Backpack: live order book, 3 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 Jupiter Perps no order-book sample	—	—	—	—	—
Sell Backpack live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.8 bp −$579	20.5 bp −$10.3K

Jupiter Perps: 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
Bluefin BTC-PERP	−0.0417%	1h	86,381.3	+0.022%	$140K	$663K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,366	+0.005%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,339	−0.027%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,352	−0.011%	$357K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0008%	8h	86,378.8	+0.020%	$502.9M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,366.5	+0.005%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,348.8	−0.015%	$8.4M	$42.8M	25x	as long as short
KuCoin XBTUSDTM	+0.0007%	8h	86,378.7	+0.019%	$849.3M	$713.4M	125x	as long as short
dYdX BTC-USD	+0.0010%	1h	86,352	−0.011%	$16.9M	$21.1M	50x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,335.7	−0.030%	$6.7M	$145.1M	40x	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	+0.0024%	1h	86,403	+0.048%	$332K	$26.8M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0034%	1h	86,386.1	+0.028%	$916.6M	$1.49B	50x	as long as short
BingX BTC-USDC	+0.0038%	8h	86,365.8	+0.005%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0044%	8h	86,352	−0.011%	$149.7M	$477.5M	150x	as long as short
Bitget BTCUSDT	+0.0049%	8h	86,390.8	+0.033%	$2.95B	$5.11B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,341.2	−0.024%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0066%	8h	86,385.7	+0.028%	$5.12B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0067%	8h	86,388.7	+0.031%	$9.41B	$24.49B	150x	as long as short
Aftermath Perps BTCUSD	+0.0073%	1h	86,382.5	+0.024%	$79K	$220K	20x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,388.5	+0.031%	$5.84B	$10.79B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,361.2	−0.001%	$170.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,374	+0.014%	$24.0M	$153.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,348	−0.016%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0098%	8h	86,395.7	+0.039%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,321	−0.047%	$204K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,389.9	+0.032%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,352.1	−0.011%	$21.8M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,459	+0.112%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,378.1	+0.019%	$40.7M	$517.9M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,394.4	+0.038%	$2.54B	$12.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,359	−0.003%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,390	+0.033%	$7.6M	$94.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,320.9	−0.048%	$570.7M	$18.4M	40x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	86,380.4	+0.021%	$37.8M	$154.7M	75x
Variational Omni BTC	+0.0100%	8h	86,349.5	−0.014%	$155.5M	$568.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,361.4	−0.001%	$279.1M	$946.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,351.2	−0.012%	$216.7M	$173.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,372.8	+0.013%	$141.2M	$323.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,350.7	−0.013%	$30.6M	$204.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,396.4	+0.040%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,343	−0.022%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,348.3	−0.016%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,355.2	−0.008%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,383.6	+0.025%	$30.5M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,348.9	−0.015%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,353	−0.010%	$60.4M	$337.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,340	−0.025%	$2.29B	$968.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,365.9	+0.005%	$45.5M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERPlong	L +0.0104% / S +0.0048%	1h	86,361.9	long leg	—	$98.9M	500x
Perpl BTC	+0.0112%	43m	86,365.6	+0.004%	$418K	$23.5M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,397	+0.041%	$131.9M	$5.67B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,377.8	+0.018%	$191.7M	$947.0M	100x	as long as short
Hibachi BTC/USDT-P	+0.0152%	1h	86,397.6	+0.041%	$718K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0187%	8h	86,375	+0.015%	$414.5M	$654.2M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0188% / S −0.0212%	1h	86,360.3	−0.002%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0200%	8h	86,376	+0.016%	$9.7M	$736.8M	6.4x	as long as short