BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0096%/8h= −10.5% APRnext payment −$0.12 per $10,000 · paid last 24h −0.028%

Price spread now: gTrade (Gains Network) against Backpack+0.029%7-day average −0.016% · 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−$14as in the Price arb table

costs, in and out, $10k−$180.180% of the position

Long on Backpack Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.029%−$3 on $10k

Price spread, last 7 days+0.245%+$24 · spread now +0.029%, 7d avg −0.016%

Together, before fees+0.216%+$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.045% dearer against Backpack than usual: you sell high and buy low (spread +0.029% now, against its 7-day average of −0.016%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 38 hours. At the pace of the last 4 days (−0.029% in total) that is about 5.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	86,181.9	0.0100	pay 0.0013% / 1h	59m 50s	$37.6M	$188.1M	75x
Short	gTrade (Gains Network) BTC/USD	86,207.1	L +0.0004% / S −0.0004%	get 0.0001% / 1h	59m 50s	$36.9M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.029%Rate

Funding earned: −$20.1
Price spread: +0.029% → −0.016%: $4.52
Slippage, 4 orders: −$1.05
Fee Backpack: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$33.63
Costs to cover: 0.180%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; gTrade (Gains Network): virtual book (oracle venue), 29 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, 4 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.6 bp −$559	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 29 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,181

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
Bluefin BTC-PERP	−0.0169%	1h	86,238.1	+0.065%	$196K	$660K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,153	−0.034%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,159.1	−0.026%	$423.0M	$624.0M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,179.9	−0.002%	$356K	$2.1M	50x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	86,086	−0.111%	$379K	$28.4M	52x	as long as short
gTrade (Gains Network) BTC/USDshort	L +0.0004% / S −0.0004%	1h	86,207.1	+0.029%	$36.9M	—	200x
dYdX BTC-USD	+0.0032%	1h	86,197.2	+0.018%	$16.9M	$17.7M	50x	as long as short
KuCoin XBTUSDTM	+0.0035%	8h	86,186.7	+0.006%	$938.0M	$666.5M	125x	as long as short
Bybit BTCUSDT	+0.0042%	8h	86,180	−0.002%	$5.12B	$9.03B	150x	as long as short
BingX BTC-USDT	+0.0045%	8h	86,182	0.000%	—	$1.45B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0049%	8h	86,178.3	−0.004%	$504.4M	$972.0M	200x	as long as short
Phemex BTCUSDT	+0.0067%	8h	86,190.6	+0.010%	$167.9M	$497.4M	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	86,215.9	+0.039%	$189.4M	$866.3M	100x	as long as short
Phoenix BTC	+0.0075%	1h	86,213	+0.036%	$2.3M	$10.4M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,204.2	+0.026%	$173.7M	$970.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,210.6	+0.033%	$23.4M	$138.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,182	0.000%	$8.8M	$52.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,182	0.000%	$2.4M	$6.7M	20x	as long as short
SoDEX BTC-USD	+0.0099%	1h	86,190	+0.009%	$60.3M	$257.8M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,157	−0.029%	$230K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,199.7	+0.021%	$6.1M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,176.5	−0.006%	$21.8M	$210.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,197.2	+0.018%	$40.3M	$585.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,186.9	+0.006%	$9.49B	$23.03B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,168	−0.016%	$2.62B	$10.76B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,165	−0.020%	$4.0M	$16.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,202.9	+0.024%	$4.7M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,176.9	−0.006%	$711.8M	$175.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,184.9	+0.003%	$5.48B	$10.34B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,184.8	+0.003%	$5.10B	$5.92B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	86,182.5	+0.001%	$2.99B	$4.53B	150x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	86,181.9	long leg	$37.6M	$188.1M	75x
Variational Omni BTC	+0.0100%	8h	86,123.1	−0.068%	$158.4M	$509.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,267.1	+0.099%	$289.9M	$986.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,243.6	+0.072%	$216.7M	$143.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,270.8	+0.103%	$137.3M	$302.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,200.9	+0.022%	$30.4M	$212.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,253.7	+0.083%	—	$10.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,190	+0.009%	$11.0M	$13.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,193.6	+0.014%	$206K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,195.1	+0.015%	$2.6M	$9.5M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,175.6	−0.007%	$3.2M	$7.0M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,163.9	−0.021%	$2.28B	$911.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,158.2	−0.027%	$46.4M	$219.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,187.1	+0.006%	—	$93.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,239	+0.066%	$112.7M	$5.26B	50x	as long as short
Hyperliquid BTC	+0.0132%	1h	86,266	+0.098%	$3.88B	$4.75B	40x	as long as short
Reya BTCRUSDPERP	+0.0154%	1h	86,150.8	−0.036%	$6.6M	$132.2M	40x	as long as short
Kalshi KXBTCPERP	+0.0186%	8h	86,194	+0.014%	$11.1M	$726.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	86,206.9	+0.029%	$8.9M	$40.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0185%	1h	86,193.4	+0.013%	$13.3M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0269%	1h	86,254.8	+0.085%	$838.4M	$1.61B	50x	as long as short
Hibachi BTC/USDT-P	+0.0280%	1h	86,238.2	+0.065%	$697K	$7.4M	30x	as long as short
Aftermath Perps BTCUSD	+0.0413%	1h	86,236.3	+0.063%	$82K	$252K	20x	as long as short
Perpl BTC	+0.0447%	43m	86,220.3	+0.045%	$493K	$16.5M	6.7x	as long as short