Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.006%

Price spread now: Ondo Perps against Backpack+0.051%7-day average −0.005% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.178%+$18 on $10k

Price spread, last 7 days+0.342%+$34 · spread now +0.051%, 7d avg −0.005%

Together, before fees+0.520%+ Points / potential airdropOndo Perps: Active · farm board+$52 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: Ondo Perps is 0.055% dearer against Backpack than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	86,564.1	0.0100	pay 0.0013% / 1h	42m 48s	$38.4M	$156.0M	75x
Short	Ondo Perps BTC-USD.P	86,608	0.0100	get 0.0013% / 1h	42m 48s	$3.9M	$18.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpOrdersPrice spread, now +0.051%Rate

Funding earned: $0
Price spread: +0.051% → −0.005%: $5.54
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$9.46
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 1 min ago; Ondo Perps: no order-book sample. Net counts fees only.

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	6.2 bp −$622	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0118%	1h	86,580	+0.018%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,613	+0.056%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.005%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,617.8	+0.062%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,617.4	+0.062%	$361K	$2.5M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,600.4	+0.042%	$916.4M	$1.49B	50x	as long as short
Aster BTCUSDT	+0.0001%	8h	86,588.2	+0.028%	$502.4M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,621.5	+0.066%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	86,579.3	+0.018%	$851.3M	$715.0M	125x	as long as short
Reya BTCRUSDPERP	+0.0027%	1h	86,600.9	+0.043%	$6.7M	$145.4M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BTC-USD	+0.0027%	1h	86,674.3	+0.127%	$17.0M	$21.1M	50x	as long as short
BingX BTC-USDC	+0.0042%	8h	86,575.9	+0.014%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0043%	8h	86,604.8	+0.047%	$150.5M	$479.6M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,573.1	+0.010%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0072%	8h	86,592.6	+0.033%	$5.15B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,591.9	+0.032%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0073%	8h	86,574.7	+0.012%	$9.43B	$24.58B	150x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,582.3	+0.021%	$5.88B	$10.74B	200x	as long as short
SoDEX BTC-USD	+0.0089%	1h	86,565	+0.001%	$60.5M	$337.7M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,585.2	+0.024%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,591.1	+0.031%	$24.0M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,601	+0.043%	$8.5M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,589	+0.029%	$200K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,653.2	+0.103%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,633.9	+0.081%	$22.0M	$234.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,651	+0.100%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,657.1	+0.107%	$40.9M	$524.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,570.1	+0.007%	$5.27B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,575.3	+0.013%	$2.55B	$12.77B	100x	as long as short
Ondo Perps BTC-USD.Pshort	+0.0100%	1h	86,608	+0.051%	$3.9M	$18.6M	25x
Arcus BTC-USD	+0.0100%	1h	86,641.8	+0.090%	$7.6M	$95.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	−0.004%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	86,564.1	long leg	$38.4M	$156.0M	75x
Variational Omni BTC	+0.0100%	8h	86,628.8	+0.075%	$157.3M	$569.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,643	+0.091%	$279.9M	$948.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,648.3	+0.097%	$217.6M	$172.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,662	+0.113%	$141.6M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,624.8	+0.070%	$30.7M	$204.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,656.8	+0.107%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,601	+0.043%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,601.5	+0.043%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,585.4	+0.025%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,609.1	+0.052%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,604	+0.046%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,626	+0.072%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,550.6	−0.016%	$2.30B	$970.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,569.8	+0.007%	$45.5M	$227.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,617.7	+0.062%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,587.4	+0.027%	$193.5M	$951.7M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,627.7	+0.073%	$419K	$23.2M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,607.1	+0.050%	$132.8M	$5.68B	50x	as long as short
Aftermath Perps BTCUSD	+0.0117%	1h	86,627.6	+0.073%	$79K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,688.4	+0.144%	$729K	$8.1M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0192% / S −0.0216%	1h	86,615.2	+0.059%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0193%	8h	86,567.3	+0.004%	$413.7M	$658.7M	150x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,641	+0.089%	$9.7M	$743.3M	6.4x	as long as short