BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0211%/8h= +23.0% APRnext payment +$0.26 per $10,000 · paid last 24h +0.037%

Price spread now: Backpack against Phoenix−0.024%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$170.173% of the position

Long on Phoenix Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.037%−$4 on $10k

Price spread, last 7 days−0.402%−$40 · spread now −0.024%, 7d avg −0.040%

Together, before fees−0.439%−$44 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.040%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.037% in total (about -2.0% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.26 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	85,177	−0.0111	get 0.0014% / 1h	32m 22s	$2.1M	$10.4M	40x
Short	Backpack BTC_USDC_PERP	85,156.7	0.0100	get 0.0013% / 1h	32m 22s	$36.0M	$174.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phoenix. 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 PhoenixbpFee BackpackbpOrdersPrice spread, now −0.024%Rate

Funding earned: $44.21
Price spread: −0.024% → −0.040%: $1.61
Slippage, 4 orders: −$0.3
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $28.52
Costs to cover: 0.173%
Break-even: 2.5 days

Slippage from Phoenix: 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 Phoenix live order book, 2 min ago	0.06 bp	3.6 bp −$4	4.9 bp −$49	10.1 bp −$1,014	doesn't fit
Sell Backpack live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.9 bp −$586	15.3 bp −$7,633

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
Perpl BTC	−0.0112%	43m	85,179.6	+0.003%	$525K	$18.6M	6.7x	as long as short
Phoenix BTClong	−0.0111%	1h	85,177	long leg	$2.1M	$10.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,161	−0.019%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0053%	8h	85,193.1	+0.019%	$922.1M	$763.5M	125x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,168.2	−0.010%	$420.7M	$679.1M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,213.5	+0.043%	$373K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0015%	8h	85,178.9	+0.002%	$512.1M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,222.8	+0.054%	$16.7M	$21.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,202.5	+0.030%	$36.4M	—	200x	as long as short
Nado BTC-PERP	+0.0019%	1h	85,183.4	+0.007%	$24.7M	$222.8M	50x	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	+0.0023%	1h	85,225	+0.056%	$338K	$26.8M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,171.4	−0.007%	$187.2M	$954.8M	100x	as long as short
BingX BTC-USDT	+0.0066%	8h	85,189.8	+0.015%	—	$1.56B	—	as long as short
SoDEX BTC-USD	+0.0071%	1h	85,150	−0.032%	$59.6M	$335.8M	40x	as long as short
Bullet BTC-USD	+0.0079%	1h	85,189.8	+0.015%	$205K	$3.3M	20x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,151.4	−0.030%	$2.4M	$6.7M	20x	as long as short
Phemex BTCUSDT	+0.0081%	8h	85,168.6	−0.010%	$148.9M	$504.0M	150x	as long as short
Bitget BTCUSDT	+0.0083%	8h	85,184.5	+0.009%	$2.94B	$5.17B	150x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,193.2	+0.019%	$9.41B	$24.82B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,183.7	+0.008%	$5.05B	$5.70B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,203.5	+0.031%	$170.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,203.2	+0.031%	$23.7M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,208	+0.036%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,194	+0.020%	$117.0M	$5.33B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,186	+0.011%	$240K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,270.9	+0.110%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,270	+0.109%	$3.74B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,234.7	+0.068%	$40.1M	$595.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,186.2	+0.011%	$5.15B	$9.93B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,184.8	+0.009%	$2.58B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,212	+0.041%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,208.7	+0.037%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,183.8	+0.008%	$678.4M	$603.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,185.8	+0.010%	$5.49B	$10.91B	200x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	85,156.7	−0.024%	$36.0M	$174.8M	75x
Variational Omni BTC	+0.0100%	8h	85,263.5	+0.102%	$156.5M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,291.2	+0.134%	$279.1M	$942.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,264.2	+0.102%	$214.3M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,313.3	+0.160%	$139.4M	$315.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,149.5	−0.032%	$30.0M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,251.8	+0.088%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,189	+0.014%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,185.9	+0.010%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,221.2	+0.052%	$217K	$749K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,129.4	−0.056%	$29.9M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,127.1	−0.059%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,141	−0.042%	$2.25B	$950.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,175.4	−0.002%	$45.3M	$238.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,214.8	+0.044%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0113%	1h	85,177	0.000%	$6.6M	$147.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0169%	1h	85,195.1	+0.021%	$872.4M	$1.61B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,193.6	+0.020%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0179%	8h	85,177	0.000%	$11.3M	$745.1M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0211%	1h	85,260.1	+0.098%	$79K	$225K	20x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,227.8	+0.060%	$718K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,229.6	+0.062%	$8.6M	$43.1M	25x	as long as short