BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0076%/8h= −8.3% APRnext payment −$0.10 per $10,000 · paid last 24h −0.015%

Price spread now: Injective against Backpack+0.147%72s7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$160.160% of the position

Long on Backpack Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.123%+$12 on $10k

Price spread, last 3 days (all we have)−0.148%−$15 · spread now +0.147%, 7d avg +0.046%

Together, before fees−0.025%−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.100% dearer against Backpack than usual: you sell high and buy low (spread +0.147% now, against its 7-day average of +0.046%): +$10 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.4 days. Mind the row above: over the last 7 days funding on this pair paid +0.123%, so the current rate has only just turned against you. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	86,432.2	0.0100	pay 0.0013% / 1h	32m 04s	$38.3M	$153.6M	75x
Short	Injective BTC/USDC PERP	86,559	0.0024	get 0.0003% / 1h	32m 04s	$315K	$26.8M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.147%Rate

Funding earned: −$15.99
Price spread: +0.147% → +0.046%: $10.02
Slippage, 4 orders: −$5.97
Fee Backpack: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$21.95
Costs to cover: 0.160%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; Injective: live order book, 2 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, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	7.2 bp −$720	doesn't fit
Sell Injective live order book, 2 min ago	2.25 bp	3.2 bp −$3	14.7 bp −$147	doesn't fit	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
Bluefin BTC-PERP	−0.0534%	1h	86,457	+0.029%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,627	+0.225%	$2.2M	$11.8M	40x	as long as short
Aftermath Perps BTCUSD	−0.0101%	1h	86,569	+0.158%	$83K	$216K	20x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,461	+0.033%	$9K	$3K	50x	as long as short
Aster BTCUSDT	−0.0010%	8h	86,437.3	+0.006%	$504.4M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,476.6	+0.051%	$358K	$2.4M	50x	as long as short
dYdX BTC-USD	−0.0008%	1h	86,483.7	+0.060%	$17.1M	$20.7M	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,435.5	+0.004%	$851.5M	$708.5M	125x	as long as short
Perpl BTC	0.0000%	43m	86,500.3	+0.079%	$422K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,487	+0.063%	$922.9M	$1.48B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,470.9	+0.045%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,465.3	+0.038%	$8.5M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,427.6	−0.005%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERPshort	+0.0024%	1h	86,559	+0.147%	$315K	$26.8M	52x
Phemex BTCUSDT	+0.0032%	8h	86,464.9	+0.038%	$149.6M	$475.9M	150x	as long as short
BingX BTC-USDC	+0.0034%	8h	86,414	−0.021%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0043%	8h	86,448.9	+0.019%	$2.94B	$5.08B	150x	as long as short
Hibachi BTC/USDT-P	+0.0048%	1h	86,530.4	+0.114%	$730K	$8.2M	30x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,445.1	+0.015%	$5.15B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,437	+0.006%	$9.41B	$24.33B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,432.2	0.000%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0074%	8h	86,433	+0.001%	$5.84B	$10.66B	200x	as long as short
Bybit BTCUSDT	+0.0089%	8h	86,450.1	+0.021%	$5.27B	$9.71B	150x	as long as short
SoDEX BTC-USD	+0.0090%	1h	86,447	+0.017%	$60.4M	$337.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,460.3	+0.033%	$171.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,475.6	+0.050%	$24.0M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,462	+0.034%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,449	+0.019%	$200K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,495.1	+0.073%	$4.8M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,455.6	+0.027%	$21.9M	$233.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,504	+0.083%	$3.80B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,499.9	+0.078%	$41.0M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,453.5	+0.025%	$2.53B	$12.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,466	+0.039%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,538.1	+0.123%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.313%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	86,432.2	long leg	$38.3M	$153.6M	75x
Variational Omni BTC	+0.0100%	8h	86,541.3	+0.126%	$156.5M	$566.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,509.2	+0.089%	$279.5M	$944.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,543.9	+0.129%	$217.3M	$174.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,543.1	+0.128%	$141.5M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,497.5	+0.075%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,498	+0.076%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,435	+0.003%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,446.8	+0.017%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,457.1	+0.029%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,449.2	+0.020%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,462.6	+0.035%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,442.7	+0.012%	$2.29B	$965.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,436	+0.004%	$46.4M	$225.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,483.1	+0.059%	—	$98.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,502.9	+0.082%	$131.7M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,498.6	+0.077%	$191.1M	$937.7M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,473.2	+0.047%	$414.5M	$651.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0183% / S −0.0216%	1h	86,463.2	+0.036%	$15.4M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	86,478	+0.053%	$9.8M	$729.6M	6.4x	as long as short