Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bulk against Backpack+0.023%7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$170.171% of the position

Long on Backpack Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.085%+$9 on $10k

Price spread, last 7 days+0.451%+$45 · spread now +0.023%, 7d avg +0.006%

Together, before fees+0.536%+$54 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,724.9	0.0100	pay 0.0013% / 1h	26m 22s	$35.3M	$164.2M	75x
Short	Bulk BTC-USD	85,744.8	0.0100	get 0.0013% / 1h	26m 22s	$590.5M	$195.3M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Backpack. 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 BackpackbpFee BulkbpOrdersPrice spread, now +0.023%Rate

Funding earned: $0
Price spread: +0.023% → +0.006%: $1.7
Slippage, 4 orders: −$0.07
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$15.37
Costs to cover: 0.171%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Bulk: 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 Backpack live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.7 bp −$570	31.6 bp −$15.8K
Sell Bulk live order book, 3 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	4.2 bp −$416	5.4 bp −$2,711

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	85,735	+0.012%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,748	+0.027%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,771.6	+0.054%	$365K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,796.7	+0.084%	$514K	$20.7M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	85,751.5	+0.031%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,810.3	+0.100%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.040%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0033%	8h	85,781.9	+0.066%	$903.8M	$754.9M	125x	as long as short
Aster BTCUSDT	+0.0035%	8h	85,784.4	+0.069%	$516.8M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,798.5	+0.086%	$8.2M	$42.1M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0055%	8h	85,808.5	+0.098%	—	$1.57B	—	as long as short
Reya BTCRUSDPERP	+0.0057%	1h	85,793	+0.079%	$6.7M	$146.3M	40x	as long as short
Nado BTC-PERP	+0.0058%	1h	85,740	+0.018%	$22.6M	$227.8M	50x	as long as short
HTX BTC-USDT	+0.0064%	8h	85,731	+0.007%	$2.27B	$947.9M	200x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,804.3	+0.093%	$2.95B	$5.09B	150x	as long as short
ApeX Omni BTCUSDT	+0.0070%	1h	85,752.5	+0.032%	$140.2M	$319.5M	100x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,796	+0.083%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0090%	8h	85,799	+0.086%	$5.07B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,804.8	+0.093%	$9.34B	$24.31B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,757.1	+0.038%	$170.4M	$989.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,754.5	+0.035%	$23.6M	$147.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,785	+0.070%	$8.4M	$51.9M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,752	+0.032%	$203K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,744.2	+0.023%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,842	+0.137%	$3.76B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,780.3	+0.065%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,821.1	+0.112%	$5.31B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,819.1	+0.110%	$2.54B	$12.37B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,764	+0.046%	$4.0M	$18.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,750.4	+0.030%	$7.3M	$98.1M	40x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	85,744.8	+0.023%	$590.5M	$195.3M	40x
Gate BTC_USDT	+0.0100%	8h	85,809.5	+0.099%	$5.62B	$10.53B	200x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,724.9	long leg	$35.3M	$164.2M	75x
Variational Omni BTC	+0.0100%	8h	85,799.4	+0.087%	$156.6M	$556.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,721	−0.005%	$278.7M	$938.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,711.6	−0.016%	$215.2M	$165.9M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,743.8	+0.022%	$30.3M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,827.6	+0.120%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,784	+0.069%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,798.9	+0.086%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,803.4	+0.092%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,843.9	+0.139%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,805.4	+0.094%	$30.0M	$56.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,726.4	+0.002%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,736	+0.013%	$60.0M	$337.4M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,730.6	+0.007%	$153.6M	$480.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,758.1	+0.039%	$44.0M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,774.7	+0.058%	—	$101.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,765.4	+0.047%	$131.1M	$5.16B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,775.8	+0.059%	$696K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,748.7	+0.028%	$188.8M	$964.9M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0164%	1h	85,773.6	+0.057%	$894.5M	$1.53B	50x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	85,721.4	−0.004%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0192%	1h	85,808	+0.097%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	85,777	+0.061%	$10.1M	$770.1M	6.4x	as long as short