Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%
Price spread now: Backpack against Popdex−0.034%7-day average −0.008% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$19as in the Price arb table
costs, in and out, $10k−$170.167% of the position
Funding, last 3 days (all we have)−0.082%−$8 on $10k
+Price spread, last 7 days−0.437%−$44 · spread now −0.034%, 7d avg −0.008%
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.026% cheaper against Popdex than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.008%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Popdex BTCUSDT | 85,652 | 0.0096 | pay 0.0012% / 1h | 31m 32s | $8.4M | $52.0M | 100x |
| Short | Backpack BTC_USDC_PERP | 85,622.8 | 0.0100 | get 0.0013% / 1h | 31m 32s | $35.1M | $162.6M | 75x |
Popdex BTCUSDT
Backpack BTC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Popdex. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $0.84
- Price spread: −0.034% → −0.008%
- −$2.56
- Slippage, 4 orders
- −$0.32
- Fee Popdex: 3.2 bp × 2 orders
- −$6.4
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$18.44
- Costs to cover
- 0.167%
- Break-even
- 160.7 days
Slippage from Popdex: 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 Popdex live order book, 3 min ago | 0.06 bp | 3.4 bp −$3 | 3.5 bp −$35 | 4.3 bp −$428 | 6.8 bp −$3,391 |
| Sell Backpack live order book, 3 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 6.3 bp −$627 | 26.0 bp −$13.0K |
BTC on 55 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0144% | 1h | 85,641 | −0.013% | $2.2M | $10.5M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,657 | +0.006% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0064% | 1h | 85,634.3 | −0.021% | $364K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,669.5 | +0.020% | $515K | $20.9M | 6.7x | as long as short |
| dYdX BTC-USD | +0.0001% | 1h | 85,662 | +0.012% | $16.8M | $20.9M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,669.3 | +0.020% | $36.7M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0020% | 1h | 85,691 | +0.046% | $340K | $26.9M | 52x | as long as short |
| Aster BTCUSDT | +0.0034% | 8h | 85,632.5 | −0.023% | $509.0M | $1.14B | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0035% | 8h | 85,628.1 | −0.028% | $902.5M | $755.6M | 125x | as long as short |
| ApeX Omni BTCUSDT | +0.0037% | 1h | 85,595.3 | −0.066% | $140.0M | $320.4M | 100x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
Perpl BTC
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERP
Aster BTCUSDT
KuCoin XBTUSDTM
ApeX Omni BTCUSDTShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| RISEx BTC/USDC | +0.0044% | 1h | 85,663.5 | +0.013% | $7.8M | $42.4M | 25x | as long as short |
| BingX BTC-USDT | +0.0054% | 8h | 85,660.5 | +0.010% | — | $1.58B | — | as long as short |
| Reya BTCRUSDPERP | +0.0056% | 1h | 85,669.1 | +0.020% | $6.7M | $146.2M | 40x | as long as short |
| HTX BTC-USDT | +0.0057% | 8h | 85,625 | −0.032% | $2.27B | $953.1M | 200x | as long as short |
| Nado BTC-PERP | +0.0065% | 1h | 85,625.4 | −0.031% | $22.8M | $228.6M | 50x | as long as short |
| Bitget BTCUSDT | +0.0069% | 8h | 85,648.2 | −0.004% | $2.94B | $5.11B | 150x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,651.7 | 0.000% | $2.5M | $1.8M | 20x | as long as short |
| MEXC BTC_USDT | +0.0088% | 8h | 85,640 | −0.014% | $5.06B | $5.71B | 500x | as long as short |
| Binance BTCUSDT | +0.0088% | 8h | 85,651.6 | 0.000% | $9.32B | $24.43B | 150x | as long as short |
| Gate BTC_USDT | +0.0095% | 8h | 85,652.7 | +0.001% | $5.61B | $10.51B | 200x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,658.3 | +0.007% | $169.5M | $986.3M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,657 | +0.006% | $23.2M | $146.2M | 50x | as long as short |
| Popdex BTCUSDTlong | +0.0096% | 1h | 85,652 | long leg | $8.4M | $52.0M | 100x | |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,616 | −0.042% | $206K | $7.5M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,634.9 | −0.020% | $3.8M | $8.5M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,708 | +0.065% | $3.76B | $5.00B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,680.7 | +0.033% | $40.7M | $569.7M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,663.3 | +0.013% | $5.29B | $9.78B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,661.4 | +0.011% | $2.54B | $12.41B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,632 | −0.023% | $3.9M | $18.0M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,627.3 | −0.029% | $7.3M | $98.3M | 40x | as long as short |
| Backpack BTC_USDC_PERPshort | +0.0100% | 1h | 85,622.8 | −0.034% | $35.1M | $162.6M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 85,619.2 | −0.038% | $156.3M | $559.9M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,580.7 | −0.083% | $278.2M | $944.9M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,580.1 | −0.084% | $214.9M | $167.6M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,612.6 | −0.046% | $30.3M | $208.2M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,709.9 | +0.068% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,671 | +0.022% | $11.0M | $14.2M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,665.5 | +0.016% | $188K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,662.5 | +0.012% | $2.4M | $9.1M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,698.4 | +0.054% | $186K | $709K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,655.6 | +0.004% | $30.0M | $56.7M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,521.5 | −0.152% | $2.9M | $6.6M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,646 | −0.007% | $59.9M | $337.5M | 40x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,644.1 | −0.009% | $153.1M | $480.1M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,587.5 | −0.075% | $583.6M | $150.2M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,622.2 | −0.035% | $43.9M | $228.5M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,636.9 | −0.018% | — | $101.8M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,675.6 | +0.028% | $131.1M | $5.19B | 50x | as long as short |
| Hibachi BTC/USDT-P | +0.0136% | 1h | 85,599.8 | −0.061% | $696K | $7.9M | 30x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0146% | 1h | 85,658.3 | +0.007% | $188.7M | $965.5M | 100x | as long as short |
| Deribit BTC-PERPETUAL | +0.0151% | 1h | 85,687.7 | +0.042% | $894.2M | $1.54B | 50x | as long as short |
| Aftermath Perps BTCUSD | +0.0161% | 1h | 85,651 | −0.001% | $78K | $219K | 20x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0204% / S −0.0191% | 1h | 85,669.9 | +0.021% | $13.6M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0208% | 8h | 85,662 | +0.012% | $10.0M | $770.8M | 6.4x | as long as short |
RISEx BTC/USDC
BingX BTC-USDT
Reya BTCRUSDPERP
HTX BTC-USDT
Nado BTC-PERP
Bitget BTCUSDT
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Gate BTC_USDT
Lighter BTC
Lighter RH BTC
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
Phemex BTCUSDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Hibachi BTC/USDT-P
Kraken Futures PF_XBTUSD
Deribit BTC-PERPETUAL
Aftermath Perps BTCUSD
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP