Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.012%

Price spread now: Phemex against Backpack−0.019%7-day average +0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$220.220% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.081%+$8 on $10k

Price spread, last 3 days (all we have)+0.032%+$3 · spread now −0.019%, 7d avg +0.027%

Together, before fees+0.114%+$11 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: Phemex is 0.046% cheaper against Backpack than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,621.1	0.0100	pay 0.0013% / 1h	19m 53s	$35.3M	$164.9M	75x
Short	Phemex BTCUSDT	85,605.2	0.0100	get 0.0100% / 8h	6h 19m	$153.6M	$480.5M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.019%Rate

Funding earned: $0
Price spread: −0.019% → +0.027%: −$4.58
Slippage, 4 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$26.6
Costs to cover: 0.220%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; Phemex: live order book, 4 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 −$556	20.0 bp −$10.0K
Sell Phemex live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.5 bp −$65	8.4 bp −$842	doesn't fit

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
Phoenix BTC	−0.0144%	1h	85,785	+0.191%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,717	+0.112%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,599.4	−0.025%	$365K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,641.5	+0.024%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,618.8	−0.003%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	+0.082%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0031%	8h	85,637.6	+0.019%	$901.2M	$754.2M	125x	as long as short
Aster BTCUSDT	+0.0036%	8h	85,634.4	+0.016%	$515.8M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,640.1	+0.022%	$8.1M	$42.1M	25x	as long as short
Nado BTC-PERP	+0.0051%	1h	85,623.3	+0.003%	$22.6M	$227.4M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0056%	8h	85,645	+0.028%	—	$1.56B	—	as long as short
Reya BTCRUSDPERP	+0.0058%	1h	85,597.2	−0.028%	$6.7M	$146.3M	40x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,646.6	+0.030%	$2.94B	$5.08B	150x	as long as short
HTX BTC-USDT	+0.0073%	8h	85,600.1	−0.025%	$2.27B	$947.4M	200x	as long as short
ApeX Omni BTCUSDT	+0.0094%	1h	85,762.3	+0.165%	$140.2M	$318.2M	100x	as long as short
Binance BTCUSDT	+0.0094%	8h	85,648.8	+0.032%	$9.33B	$24.30B	150x	as long as short
MEXC BTC_USDT	+0.0094%	8h	85,645.3	+0.028%	$5.08B	$5.74B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,611.1	−0.012%	$170.4M	$991.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,622.5	+0.002%	$23.5M	$147.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,611	−0.012%	$8.4M	$51.8M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,598.6	−0.026%	$2.5M	$1.8M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,589	−0.037%	$202K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,594.1	−0.032%	$3.8M	$8.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,678	+0.066%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,669	+0.056%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,657.9	+0.043%	$5.30B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,654.9	+0.039%	$2.54B	$12.34B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,617	−0.005%	$3.9M	$18.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,586.1	−0.041%	$7.2M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,744.8	+0.144%	$590.5M	$195.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,649.9	+0.034%	$5.59B	$10.56B	200x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,621.1	long leg	$35.3M	$164.9M	75x
Variational Omni BTC	+0.0100%	8h	85,688	+0.078%	$156.6M	$555.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,744.1	+0.144%	$278.8M	$940.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,761.2	+0.164%	$215.2M	$166.3M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,792	+0.200%	$30.3M	$208.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,685.3	+0.075%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,598	−0.027%	$11.0M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,609.9	−0.013%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,605.4	−0.018%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,638.9	+0.021%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,607.9	−0.015%	$30.0M	$56.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,671	+0.058%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,602	−0.022%	$59.9M	$337.1M	40x	as long as short
Phemex BTCUSDTshort	+0.0100%	8h	85,605.2	−0.019%	$153.6M	$480.5M	150x
Extended BTC-USD	+0.0104%	1h	85,625.9	+0.006%	$44.1M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,627.2	+0.007%	—	$101.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,639.5	+0.021%	$131.3M	$5.15B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0122%	1h	85,642.6	+0.025%	$894.7M	$1.54B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,755.4	+0.157%	$696K	$7.8M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,622.8	+0.002%	$187.7M	$963.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	85,732.8	+0.130%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0189%	1h	85,615.2	−0.007%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,646	+0.029%	$10.1M	$770.2M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,649.2	+0.033%	$514K	$20.6M	6.7x	as long as short