Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:20 UTC−0.0323%/8h= −35.4% APRpaid last 24h −0.027%

Price spread now: Perpl against Backpack+0.007%7-day average +0.037% · you sell dearer than you buy

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

Long on Backpack Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.461%+$46 on $10k

Price spread, last 7 days+0.569%+$57 · spread now +0.007%, 7d avg +0.037%

Together, before fees+1.030%+ Points / potential airdropPerpl: Active · farm board+$103 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Perpl is 0.030% cheaper against Backpack than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.037%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.461%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	86,808.6	0.0100	pay 0.0013% / 1h	23m 37s	$38.2M	$148.5M	75x
Short	Perpl BTC	86,815.1	−0.0223	pay 0.0020% / 43m	10m 37s	$431K	$24.8M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.007%Rate

Funding earned: −$67.88
Price spread: +0.007% → +0.037%: −$2.99
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$94.68
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 6 min ago; Perpl: 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, 6 min ago	0.01 bp	5.0 bp −$5	5.1 bp −$51	7.4 bp −$745	263.4 bp −$131.7K
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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
Aftermath Perps BTCUSD	−0.0236%	1h	86,700	−0.125%	$85K	$188K	20x	as long as short
Perpl BTCshort	−0.0223%	43m	86,815.1	+0.007%	$431K	$24.8M	6.7x
Phoenix BTC	−0.0103%	1h	86,583	−0.260%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,801	−0.009%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0069%	1h	86,828.6	+0.023%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,785.2	−0.027%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,844.3	+0.041%	$934.6M	$1.45B	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,794	−0.017%	$849.3M	$706.9M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,831	+0.026%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	86,799.3	−0.011%	$507.0M	$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	86,799.1	−0.011%	$6.8M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0021%	8h	86,810.2	+0.002%	$150.4M	$471.6M	150x	as long as short
BingX BTC-USDC	+0.0025%	8h	86,751.4	−0.066%	—	$15.2M	—	as long as short
Bitget BTCUSDT	+0.0034%	8h	86,761.8	−0.054%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.195%	$315K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,811.2	+0.003%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0057%	8h	86,801.7	−0.008%	$5.19B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0057%	8h	86,807.6	−0.001%	$9.45B	$24.34B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,762.8	−0.053%	$9.2M	$41.9M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0080%	8h	86,810.9	+0.003%	$2.56B	$12.75B	100x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,804.2	−0.005%	$5.86B	$10.66B	200x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,800.7	−0.009%	$5.28B	$9.69B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,819	+0.012%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,827.1	+0.021%	$24.1M	$153.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,755	−0.062%	$8.5M	$52.3M	100x	as long as short
Variational Omni BTC	+0.0097%	8h	86,726.9	−0.094%	$159.3M	$566.6M	—	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,754	−0.063%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,847	+0.044%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,799.9	−0.010%	$21.8M	$235.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,886	+0.089%	$3.83B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,831.6	+0.027%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,753	−0.064%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,829.4	+0.024%	$7.5M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.266%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	86,808.6	long leg	$38.2M	$148.5M	75x
edgeX BTCUSDC	+0.0100%	4h	86,653.8	−0.178%	$280.0M	$950.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,676.9	−0.152%	$217.6M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,687.3	−0.140%	$141.5M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,729.7	−0.091%	$30.8M	$205.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,835.8	+0.031%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,800	−0.010%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,811	+0.003%	$198K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,829.6	+0.024%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,841.9	+0.038%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,818.2	+0.011%	$30.1M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,790.9	−0.020%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,810	+0.002%	$60.6M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,797	−0.013%	$2.31B	$958.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,749.6	−0.068%	$46.3M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,820.2	+0.013%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,842.7	+0.039%	$188.8M	$932.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,861.3	+0.061%	$132.2M	$5.87B	50x	as long as short
Kalshi KXBTCPERP	+0.0133%	8h	86,833	+0.028%	$9.6M	$726.2M	6.4x	as long as short
BloFin BTC-USDT	+0.0177%	8h	86,751.2	−0.066%	$417.2M	$654.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0201%	1h	86,826.4	+0.021%	$14.7M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,782.6	−0.030%	$618K	$7.1M	30x	as long as short