Funding you earn now, next payment 09:00 UTC+0.0020%/8h= +2.2% APRnext payment +$0.03 per $10,000 · paid last 24h +0.009%
Price spread now: Coinbase International against Backpack+0.059%7-day average +0.069% · you sell dearer than you buy
Net, funding: paid 7d − costs−$6as in the Funding arb table
Net, price: spread back to 7d avg − costs−$21as in the Price arb table
costs, in and out, $10k−$200.202% of the position
Funding, last 7 days+0.139%+$14 on $10k
+Price spread, last 4 days (all we have)−0.003%$0 · spread now +0.059%, 7d avg +0.069%
=The price spread sits at its 7-day average of +0.069%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack BTC_USDC_PERP | 85,929.5 | 0.0100 | pay 0.0013% / 1h | 20m 47s | $37.3M | $192.6M | 75x |
| Short | Coinbase International BTC-PERP-INTX | 85,980 | 0.0120 | get 0.0015% / 1h | 20m 47s | $112.0M | $5.05B | 50x |
Backpack BTC_USDC_PERP
Coinbase International BTC-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Backpack. 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
- $4.2
- Price spread: +0.059% → +0.069%
- −$1.07
- Slippage, 4 orders
- −$0.24
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$17.11
- Costs to cover
- 0.202%
- Break-even
- 35.5 days
Slippage from Backpack: live order book, 1 min ago; Coinbase International: live order book, 1 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, 1 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 5.8 bp −$579 | 114.4 bp −$57.2K |
| Sell Coinbase International live order book, 1 min ago | 0.01 bp | 5.2 bp −$5 | 5.3 bp −$53 | 6.1 bp −$610 | 12.4 bp −$6,191 |
BTC on 55 exchanges
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 | |
|---|---|---|---|---|---|---|---|---|
| ApeX Omni BTCUSDT | −0.0099% | 1h | 85,916 | −0.016% | $137.3M | $297.5M | 100x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,895 | −0.040% | $8K | $2K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0072% | 1h | 85,966.6 | +0.043% | $357K | $2.0M | 50x | as long as short |
| Injective BTC/USDC PERP | −0.0065% | 1h | 85,986 | +0.066% | $300K | $28.5M | 52x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,924.8 | −0.005% | $422.4M | $579.8M | 150x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 86,011.6 | +0.095% | $16.9M | $15.1M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,978.3 | +0.057% | $481K | $14.5M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,946.4 | +0.020% | $36.7M | — | 200x | as long as short |
| SoDEX BTC-USD | +0.0011% | 1h | 85,930 | +0.001% | $65.4M | $207.5M | 40x | as long as short |
| BingX BTC-USDT | +0.0019% | 8h | 85,918.9 | −0.012% | — | $1.40B | — | as long as short |
ApeX Omni BTCUSDT
Hotstuff BTC-PERP
01 Exchange BTCUSD
Injective BTC/USDC PERP
BloFin BTC-USDT
dYdX BTC-USD
Perpl BTC
gTrade (Gains Network) BTC/USD
SoDEX BTC-USD
BingX BTC-USDTShow all 55 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit BTCUSDT | +0.0025% | 8h | 85,936.3 | +0.008% | $5.09B | $8.43B | 150x | as long as short |
| Aster BTCUSDT | +0.0036% | 8h | 85,928.6 | −0.001% | $511.7M | $910.8M | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0039% | 8h | 85,949.8 | +0.024% | $928.0M | $654.6M | 125x | as long as short |
| Phoenix BTC | +0.0053% | 1h | 85,868 | −0.072% | $2.0M | $8.5M | 40x | as long as short |
| Gate BTC_USDT | +0.0070% | 8h | 85,944.9 | +0.018% | $5.50B | $9.27B | 200x | as long as short |
| Nado BTC-PERP | +0.0075% | 1h | 85,970.5 | +0.048% | $22.0M | $204.2M | 50x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,937.7 | +0.010% | $172.7M | $887.3M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,939 | +0.011% | $23.0M | $124.6M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,969 | +0.046% | $8.8M | $48.2M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,928.3 | −0.001% | $2.4M | $6.7M | 20x | as long as short |
| Bitget BTCUSDT | +0.0099% | 8h | 85,917 | −0.015% | $2.97B | $4.15B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,947 | +0.020% | $209K | $8.1M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,002.5 | +0.085% | $6.0M | $8.0M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,017 | +0.102% | $3.93B | $4.46B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,013.9 | +0.098% | $40.3M | $581.9M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,919.9 | −0.011% | $9.43B | $21.75B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,923.4 | −0.007% | $2.60B | $9.90B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,958 | +0.033% | $4.0M | $15.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,001 | +0.083% | $4.2M | $92.6M | 40x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,935.9 | +0.007% | $5.14B | $5.38B | 500x | as long as short |
| Backpack BTC_USDC_PERPlong | +0.0100% | 1h | 85,929.5 | long leg | $37.3M | $192.6M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 85,913 | −0.019% | $156.0M | $495.1M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,857.1 | −0.084% | $289.1M | $848.9M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,890.1 | −0.046% | $215.7M | $139.9M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,993.5 | +0.074% | $30.2M | $221.1M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,039 | +0.127% | — | $10.6M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,976 | +0.054% | $11.0M | $12.7M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,935 | +0.006% | $202K | $3.2M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,927.4 | −0.002% | $2.6M | $8.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,969.1 | +0.046% | $195K | $570K | 40x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,938.3 | +0.010% | $3.2M | $7.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,925.1 | −0.005% | $2.27B | $844.1M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,924.9 | −0.005% | $169.2M | $484.6M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,914.7 | −0.017% | $712.8M | $159.6M | 40x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0102% | 1h | 85,952.5 | +0.027% | $189.7M | $808.8M | 100x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,925.8 | −0.004% | $46.9M | $207.6M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,992.2 | +0.073% | — | $83.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTXshort | +0.0120% | 1h | 85,980 | +0.059% | $112.0M | $5.05B | 50x | |
| Reya BTCRUSDPERP | +0.0160% | 1h | 85,988.9 | +0.069% | $6.6M | $131.5M | 40x | as long as short |
| Kalshi KXBTCPERP | +0.0165% | 8h | 85,985 | +0.065% | $11.2M | $732.6M | 6.4x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0199% / S −0.0183% | 1h | 85,943.4 | +0.016% | $13.2M | — | 200x | as long as short |
| RISEx BTC/USDC | +0.0204% | 1h | 85,998.4 | +0.080% | $9.0M | $38.7M | 25x | as long as short |
| Deribit BTC-PERPETUAL | +0.0280% | 1h | 85,992 | +0.073% | $827.8M | $1.55B | 50x | as long as short |
| Hibachi BTC/USDT-P | +0.0304% | 1h | 86,051.1 | +0.142% | $709K | $7.1M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0421% | 1h | 85,958.1 | +0.033% | $79K | $247K | 20x | as long as short |
Bybit BTCUSDT
Aster BTCUSDT
KuCoin XBTUSDTM
Phoenix BTC
Gate BTC_USDT
Nado BTC-PERP
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Bitget BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Binance BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
MEXC BTC_USDT
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
SunX BTC-USDT
HTX BTC-USDT
Phemex BTCUSDT
Bulk BTC-USD
Kraken Futures PF_XBTUSD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Reya BTCRUSDPERP
Kalshi KXBTCPERP
GMX BTC/USD [WBTC.b-USDC]
RISEx BTC/USDC
Deribit BTC-PERPETUAL
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD