BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.00 per $10,000 · paid last 24h +0.003%

Price spread now: Extended against Backpack−0.003%7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs+$3as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$150.151% of the position

Long on Backpack Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.179%+$18 on $10k

Price spread, last 7 days+0.415%+$42 · spread now −0.003%, 7d avg −0.034%

Together, before fees+0.595%+ Points / potential airdropExtended: Active · farm board+$59 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: Extended is 0.031% dearer against Backpack than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,623.8	0.0100	pay 0.0013% / 1h	35m 47s	$35.3M	$172.3M	75x
Short	Extended BTC-USD	85,621.2	0.0104	get 0.0013% / 1h	35m 47s	$44.0M	$227.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.003%Rate

Funding earned: $0.84
Price spread: −0.003% → −0.034%: $3.08
Slippage, 4 orders: −$0.13
Fee Backpack: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$11.2
Costs to cover: 0.151%
Break-even: 100.4 days

Slippage from Backpack: live order book, 3 min ago; Extended: 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 −$573	66.9 bp −$33.4K
Sell Extended live order book, 3 min ago	0.06 bp	2.6 bp −$3	3.4 bp −$34	4.4 bp −$438	10.0 bp −$5,013

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
Phoenix BTC	−0.0160%	1h	85,585	−0.045%	$2.2M	$10.3M	40x	as long as short
Bluefin BTC-PERP	−0.0097%	1h	85,672.1	+0.056%	$196K	$722K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,589	−0.041%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,615.6	−0.010%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,617.3	−0.008%	$415.9M	$663.5M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,640.3	+0.019%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,641.9	+0.021%	$36.7M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,615	−0.010%	$22.9M	$221.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0011%	8h	85,593.4	−0.035%	$916.9M	$753.1M	125x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,618.6	−0.006%	$515.9M	$1.11B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0054%	8h	85,629.6	+0.007%	—	$1.54B	—	as long as short
HTX BTC-USDT	+0.0064%	8h	85,622.5	−0.002%	$2.27B	$933.6M	200x	as long as short
Reya BTCRUSDPERP	+0.0067%	1h	85,598.7	−0.029%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,608.3	−0.018%	$2.95B	$5.02B	150x	as long as short
Phemex BTCUSDT	+0.0070%	8h	85,639.4	+0.018%	$148.3M	$478.9M	150x	as long as short
SunX BTC-USDT	+0.0078%	8h	85,607.4	−0.019%	$2.9M	$6.1M	100x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	−0.053%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,625.6	+0.002%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,607.7	−0.019%	$5.05B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,608.2	−0.018%	$9.35B	$23.90B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0088%	1h	85,676.6	+0.062%	$893.1M	$1.52B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,607.5	−0.019%	$169.9M	$988.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,616.6	−0.008%	$23.9M	$148.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,615	−0.010%	$8.4M	$51.9M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,650.5	+0.031%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,588	−0.042%	$197K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,674	+0.059%	$3.77B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,636.9	+0.015%	$40.5M	$573.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,617.1	−0.008%	$5.33B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,615.3	−0.010%	$2.57B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,618	−0.007%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,578.8	−0.053%	$7.2M	$97.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	−0.071%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,635.6	+0.014%	$5.55B	$10.48B	200x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,623.8	long leg	$35.3M	$172.3M	75x
Variational Omni BTC	+0.0100%	8h	85,622.5	−0.002%	$155.0M	$548.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,550.1	−0.086%	$278.9M	$928.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,558.4	−0.076%	$214.7M	$165.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,549.6	−0.087%	$140.0M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,552.7	−0.083%	$30.3M	$210.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,650.3	+0.031%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,613	−0.013%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,621	−0.003%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,627.3	+0.004%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,626.4	+0.003%	$30.0M	$52.6M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,635	+0.013%	$60.0M	$336.2M	40x	as long as short
Extended BTC-USDshort	+0.0104%	1h	85,621.2	−0.003%	$44.0M	$227.2M	50x
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,617.6	−0.007%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,674	+0.059%	$130.9M	$5.10B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,642.1	+0.021%	$8.3M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,665.4	+0.049%	$188.6M	$948.7M	100x	as long as short
Aftermath Perps BTCUSD	+0.0190%	1h	85,588.2	−0.042%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,605.5	−0.021%	$700K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,633.3	+0.011%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0214%	8h	85,639	+0.018%	$10.5M	$760.3M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,666.2	+0.050%	$521K	$19.4M	6.7x	as long as short