BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0079%/8h= +8.7% APRnext payment +$0.10 per $10,000 · paid last 24h +0.030%

Price spread now: Backpack against Reya−0.021%7-day average +0.011% · you buy dearer than you sell

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

Long on Reya Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.062%−$6 on $10k

Price spread, last 7 days−0.532%−$53 · spread now −0.021%, 7d avg +0.011%

Together, before fees−0.594%+ Points / potential airdropReya: Active · farm board−$59 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.032% cheaper against Reya than usual: you would sell low and buy high (spread −0.021% now, against its 7-day average of +0.011%). If the spread goes back, that is −$3 on $10k: about 33 hours of funding at the current rate (+$2 a day). Mind the row above: over the last 3 days funding on this pair cost −0.062%, 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	Reya BTCRUSDPERP	86,718.9	0.0021	pay 0.0003% / 1h	52m 59s	$6.8M	$143.9M	40x
Short	Backpack BTC_USDC_PERP	86,700.6	0.0100	get 0.0013% / 1h	52m 59s	$38.2M	$148.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Reya. 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 ReyabpFee BackpackbpOrdersPrice spread, now −0.021%Rate

Funding earned: $16.6
Price spread: −0.021% → +0.011%: −$3.24
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$2.64
Costs to cover: 0.160%
Break-even: 8.1 days

Slippage unknown: Reya: no order-book sample; Backpack: live order book, 1 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 Reya no order-book sample	—	—	—	—	—
Sell Backpack live order book, 1 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.8 bp −$576	18.7 bp −$9,372

Reya: 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
Perpl BTC	−0.0335%	43m	86,698.3	−0.024%	$425K	$25.4M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0190%	1h	86,813.6	+0.109%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,701	−0.021%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0085%	1h	86,742.3	+0.027%	$18.1M	$19.9M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,676	−0.050%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,685.1	−0.039%	$845.8M	$708.4M	125x	as long as short
Bluefin BTC-PERP	−0.0001%	1h	86,682.8	−0.042%	$160K	$575K	40x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,735	+0.019%	$361K	$2.5M	50x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,746	+0.031%	$8.8M	$725.0M	6.4x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,743.2	+0.028%	$36.7M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0015%	8h	86,673.9	−0.052%	$506.0M	$1.16B	200x	as long as short
BingX BTC-USDT	+0.0019%	8h	86,658.2	−0.070%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0021%	8h	86,698.8	−0.023%	$149.6M	$469.3M	150x	as long as short
Reya BTCRUSDPERPlong	+0.0021%	1h	86,718.9	long leg	$6.8M	$143.9M	40x
Bitget BTCUSDT	+0.0026%	8h	86,680.9	−0.044%	$2.95B	$5.08B	150x	as long as short
MEXC BTC_USDT	+0.0046%	8h	86,650.9	−0.078%	$5.21B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0047%	8h	86,658.1	−0.070%	$9.44B	$24.35B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,709.2	−0.011%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.015%	$315K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0057%	8h	86,700	−0.022%	$2.58B	$12.73B	100x	as long as short
Gate BTC_USDT	+0.0061%	8h	86,698.2	−0.024%	$5.86B	$10.55B	200x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,740.7	+0.025%	$9.0M	$42.1M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0069%	1h	86,747	+0.032%	$922.1M	$1.38B	50x	as long as short
Bybit BTCUSDT	+0.0077%	8h	86,661.7	−0.066%	$5.28B	$9.69B	150x	as long as short
Variational Omni BTC	+0.0088%	8h	86,792.9	+0.085%	$161.2M	$563.4M	—	as long as short
GRVT BTC_USDT_Perp	+0.0095%	8h	86,798	+0.091%	$217.8M	$191.2M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,708.6	−0.012%	$172.5M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,722.4	+0.004%	$24.1M	$152.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,705	−0.016%	$8.5M	$52.1M	100x	as long as short
Orderly PERP_BTC_USDC	+0.0098%	8h	86,715.4	−0.004%	$2.5M	$8.4M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,738.5	+0.023%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,705	−0.016%	$202K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,711	−0.009%	$21.9M	$237.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,774	+0.063%	$3.85B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,719.5	+0.001%	$41.6M	$484.5M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,701	−0.021%	$3.9M	$18.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,800.8	+0.094%	$7.6M	$95.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,919.5	+0.231%	$573.8M	$23.8M	40x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	86,700.6	−0.021%	$38.2M	$148.1M	75x
edgeX BTCUSDC	+0.0100%	4h	86,752.1	+0.038%	$280.2M	$945.8M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,805.9	+0.100%	$142.0M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,699	−0.023%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,780.3	+0.071%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,731	+0.014%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,722.6	+0.004%	$201K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,704.9	−0.016%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,705.2	−0.016%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,696	−0.026%	$60.5M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,704.3	−0.017%	$2.30B	$954.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,678.4	−0.047%	$46.2M	$228.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,739.7	+0.024%	—	$98.1M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,738.2	+0.022%	$192.7M	$927.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,750.2	+0.036%	$132.2M	$5.93B	50x	as long as short
BloFin BTC-USDT	+0.0167%	8h	86,696.6	−0.026%	$419.6M	$641.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0200%	1h	86,733.9	+0.017%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	86,708.9	−0.012%	$748K	$7.0M	30x	as long as short