Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.031%

Price spread now: Hyperliquid against Backpack+0.116%7-day average +0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$190.194% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.191%+$19 on $10k

Price spread, last 7 days+0.379%+$38 · spread now +0.116%, 7d avg +0.056%

Together, before fees+0.570%+ Points / potential airdropHyperliquid: Season 2 · farm board+$57 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: Hyperliquid is 0.059% dearer against Backpack than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	86,564.7	0.0100	pay 0.0013% / 1h	43m 25s	$38.1M	$148.2M	75x
Short	Hyperliquid BTC	86,665	0.0100	get 0.0013% / 1h	43m 25s	$3.83B	$5.11B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.116%Rate

Funding earned: $0
Price spread: +0.116% → +0.056%: $5.94
Slippage, 4 orders: −$0.35
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$13.42
Costs to cover: 0.194%
Break-even: never at this rate

Slippage from Backpack: live order book, 1 min ago; Hyperliquid: live order book, 11 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	7.5 bp −$746	doesn't fit
Sell Hyperliquid live order book, 11 min ago	0.06 bp	4.8 bp −$5	5.1 bp −$51	6.3 bp −$627	doesn't fit

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	86,619.8	+0.064%	$431K	$25.1M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0214%	1h	86,624.7	+0.069%	$85K	$188K	20x	as long as short
dYdX BTC-USD	−0.0108%	1h	86,607.2	+0.049%	$17.7M	$20.3M	50x	as long as short
Phoenix BTC	−0.0103%	1h	86,591	+0.030%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,590	+0.029%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,573	+0.010%	$845.3M	$707.9M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,615.6	+0.059%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,632.8	+0.079%	$937.5M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,615.5	+0.059%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0009%	8h	86,565.1	0.000%	$505.4M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,572.1	+0.009%	$6.7M	$144.0M	40x	as long as short
BingX BTC-USDC	+0.0021%	8h	86,576.2	+0.013%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,593	+0.033%	$2.94B	$5.07B	150x	as long as short
Phemex BTCUSDT	+0.0027%	8h	86,571.9	+0.008%	$149.4M	$470.6M	150x	as long as short
MEXC BTC_USDT	+0.0048%	8h	86,577.6	+0.015%	$5.19B	$5.65B	500x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,596.6	+0.037%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0049%	8h	86,595	+0.035%	$9.44B	$24.29B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.193%	$315K	$26.8M	52x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,604.1	+0.046%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0064%	8h	86,612.4	+0.055%	$2.57B	$12.70B	100x	as long as short
Gate BTC_USDT	+0.0066%	8h	86,600.1	+0.041%	$5.85B	$10.59B	200x	as long as short
Bybit BTCUSDT	+0.0078%	8h	86,598	+0.038%	$5.27B	$9.65B	150x	as long as short
Variational Omni BTC	+0.0089%	8h	86,618.2	+0.062%	$160.7M	$567.1M	—	as long as short
Lighter BTC	+0.0096%	1h	86,602.2	+0.043%	$172.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,606.2	+0.048%	$24.0M	$153.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,587	+0.026%	$8.5M	$52.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0098%	8h	86,570.8	+0.007%	$217.3M	$189.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,637.4	+0.084%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,580	+0.018%	$196K	$6.8M	50x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,540	−0.029%	$60.4M	$336.5M	40x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,607	+0.049%	$21.7M	$235.8M	50x	as long as short
Hyperliquid BTCshort	+0.0100%	1h	86,665	+0.116%	$3.83B	$5.11B	40x
Pacifica BTC	+0.0100%	1h	86,625.7	+0.071%	$40.9M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,598	+0.038%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,662.6	+0.113%	$7.4M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,665	+0.116%	$572.2M	$23.5M	40x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	86,564.7	long leg	$38.1M	$148.2M	75x
edgeX BTCUSDC	+0.0100%	4h	86,571.4	+0.008%	$279.7M	$948.9M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,564.8	0.000%	$141.5M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,555	−0.011%	$30.8M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,646.5	+0.094%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,592	+0.032%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,579	+0.017%	$196K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,611.6	+0.054%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,619.5	+0.063%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,603.7	+0.045%	$30.0M	$61.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,558.3	−0.007%	$3.4M	$5.6M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,547.6	−0.020%	$2.30B	$956.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,574.7	+0.012%	$46.5M	$229.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,613.4	+0.056%	—	$97.9M	500x	as long as short
Kalshi KXBTCPERP	+0.0115%	8h	86,588	+0.027%	$8.9M	$723.3M	6.4x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,578.5	+0.016%	$190.6M	$928.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,590.5	+0.030%	$131.7M	$5.87B	50x	as long as short
BloFin BTC-USDT	+0.0169%	8h	86,567.5	+0.003%	$418.5M	$641.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0181%	1h	86,599.7	+0.040%	$14.7M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,604.1	+0.046%	$600K	$7.2M	30x	as long as short