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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.005%
Price spread now: Backpack against Polymarket Perps+0.026%7-day average 0.000% · you sell dearer than you buy
Net, funding: paid 7d − costs−$36as in the Funding arb table
Net, price: spread back to 7d avg − costs−$16as in the Price arb table
costs, in and out, $10k−$180.183% of the position
Long on Polymarket PerpsShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 7 days−0.181%−$18 on $10k
Price spread, last 7 days−0.600%−$60 · spread now +0.026%, 7d avg 0.000%
Together, before fees−0.781%−$78 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 0.025% dearer against Polymarket Perps than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of 0.000%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPolymarket Perps BTC-USD86,2740.0100pay 0.0013% / 1h21m 17s$11.1M$14.1M50x
ShortBackpack BTC_USDC_PERP86,2960.0100get 0.0013% / 1h21m 17s$37.3M$158.8M75x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against Polymarket 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

Funding earned
$0
Price spread: +0.026% → 0.000%
$2.53
Slippage, 4 orders
−$0.31
Fee Polymarket Perps: 4 bp × 2 orders
−$8
Fee Backpack: 5 bp × 2 orders
−$10
Net
−$15.78
Costs to cover
0.183%
Break-even
never at this rate
Slippage from Polymarket Perps: 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
LegHalf-spread$10k$100k$1M$5M
Buy Polymarket Perps live order book, 3 min ago0.06 bp4.1 bp −$44.9 bp −$497.5 bp −$745doesn't fit
Sell Backpack live order book, 3 min ago0.01 bp5.0 bp −$55.0 bp −$506.0 bp −$60434.1 bp −$17.0K

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bluefin BTC-PERP−0.0161%1h86,307+0.038%$144K$666K40xas long as short
Phoenix BTC−0.0129%1h86,359+0.099%$2.2M$11.2M40xas long as short
Hotstuff BTC-PERP−0.0080%1h86,322+0.056%$9K$3K50xas long as short
01 Exchange BTCUSD−0.0032%1h86,278.8+0.006%$364K$2.4M50xas long as short
Perpl BTC0.0000%43m86,315.4+0.048%$481K$21.4M6.7xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,297.6+0.027%$36.9M—200xas long as short
Injective BTC/USDC PERP+0.0023%1h86,358+0.097%$343K$26.9M52xas long as short
dYdX BTC-USD+0.0024%1h86,339.8+0.076%$16.9M$20.5M50xas long as short
Aster BTCUSDT+0.0030%8h86,277.6+0.004%$500.4M$1.13B200xas long as short
KuCoin XBTUSDTM+0.0042%8h86,269.2−0.006%$830.9M$717.9M125xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Reya BTCRUSDPERP+0.0047%1h86,270.5−0.004%$6.7M$145.7M40xas long as short
BingX BTC-USDC+0.0050%8h86,2740.000%—$15.3M—as long as short
RISEx BTC/USDC+0.0052%1h86,288.1+0.016%$8.3M$42.4M25xas long as short
Bitget BTCUSDT+0.0064%8h86,291.1+0.020%$2.98B$5.03B150xas long as short
Aevo BTC-PERP+0.0080%1h86,286.5+0.014%$2.5M$1.8M20xas long as short
SoDEX BTC-USD+0.0082%1h86,285+0.013%$60.3M$338.2M40xas long as short
MEXC BTC_USDT+0.0083%8h86,267.9−0.007%$5.13B$5.71B500xas long as short
Binance BTCUSDT+0.0083%8h86,276.2+0.003%$9.40B$24.27B150xas long as short
Lighter BTC+0.0096%1h86,309+0.041%$170.5M$987.6M50xas long as short
Lighter RH BTC+0.0096%1h86,311+0.043%$23.7M$150.8M50xas long as short
Popdex BTCUSDT+0.0096%1h86,267−0.008%$8.4M$52.0M100xas long as short
Katana Perps BTC-USD+0.0100%8h86,250−0.028%$196K$7.2M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,327.4+0.062%$4.2M$8.6M50xas long as short
Nado BTC-PERP+0.0100%1h86,310.5+0.042%$22.1M$227.1M50xas long as short
Hyperliquid BTC+0.0100%1h86,343.1+0.080%$3.79B$4.97B40xas long as short
Pacifica BTC+0.0100%1h86,328+0.063%$41.1M$552.2M50xas long as short
Bybit BTCUSDT+0.0100%8h86,286.2+0.014%$5.25B$9.66B150xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,297.7+0.027%$2.56B$12.45B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,261−0.015%$3.9M$17.8M25xas long as short
Arcus BTC-USD+0.0100%1h86,305.8+0.037%$7.2M$94.9M40xas long as short
Gate BTC_USDT+0.0100%8h86,285.6+0.013%$5.78B$10.56B200xas long as short
Backpack BTC_USDC_PERPshort+0.0100%1h86,296+0.026%$37.3M$158.8M75x
Variational Omni BTC+0.0100%8h86,271.9−0.002%$157.9M$558.2M—as long as short
edgeX BTCUSDC+0.0100%4h86,378.6+0.121%$279.0M$949.9M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,434.6+0.186%$217.1M$165.2M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,403.6+0.150%$141.5M$321.0M100xas long as short
StandX BTC-USD+0.0100%1h86,336.6+0.073%$30.7M$208.8M40xas long as short
Vest BTC-PERP+0.0100%1h86,328.2+0.063%—$11.8M50xas long as short
Polymarket Perps BTC-USDlong+0.0100%1h86,274long leg$11.1M$14.1M50x
Bullet BTC-USD+0.0100%1h86,278+0.005%$191K$3.3M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,280.9+0.008%$2.4M$8.9M100xas long as short
Derive BTC-PERP+0.0100%1h86,310.7+0.043%$30.3M$57.5M15xas long as short
SunX BTC-USDT+0.0100%8h86,256.6−0.020%$3.4M$5.4M100xas long as short
HTX BTC-USDT+0.0100%8h86,290.6+0.019%$2.29B$958.7M200xas long as short
Phemex BTCUSDT+0.0100%8h86,307.7+0.039%$154.7M$473.2M150xas long as short
Bulk BTC-USD+0.0100%1h86,411.1+0.159%$576.0M$32.8M40xas long as short
Extended BTC-USD+0.0104%1h86,272.6−0.002%$46.1M$222.0M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,323.6+0.058%—$98.4M500xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,349+0.087%$132.1M$5.34B50xas long as short
Kraken Futures PF_XBTUSD+0.0121%1h86,326+0.060%$192.4M$944.4M100xas long as short
Deribit BTC-PERPETUAL+0.0155%1h86,337.9+0.074%$902.2M$1.51B50xas long as short
Hibachi BTC/USDT-P+0.0168%1h86,341.8+0.079%$709K$7.9M30xas long as short
Aftermath Perps BTCUSD+0.0170%1h86,399.2+0.145%$77K$217K20xas long as short
BloFin BTC-USDT+0.0203%8h86,392.8+0.138%$415.6M$642.5M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0206% / S −0.0221%1h86,292.4+0.021%$14.5M—200xas long as short
Kalshi KXBTCPERP+0.0207%8h86,379+0.122%$10.5M$765.5M6.4xas long as short