BTC

Alert

Funding spread now, next payment 19:00 UTC−0.0026%/8h

paid, last 24h+0.013%paid, last 3 days+0.061%to open and closeno order book

Long on Backpack Short on Variational Omni

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,921.8	0.0100	pay 0.0013% / 1h	14m 23s	$37.4M	$135.0M	75x
Short	Variational Omni BTC	85,934.5	0.0074	get 0.0074% / 8h	5h 14m	$169.4M	$507.6M	—

Funding history

latest

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Funding on every exchange

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Profit calculator

Position, each leg$Hold fordaysFee BackpackbpFee Variational OmnibpOrdersRate

Funding earned: −$5.37
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$15.37
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 1 min ago; Variational Omni: RFQ quote, 1 min ago. Net counts fees only.

Price risk

price view

Price gap now: +0.015%
Avg gap 7d: +0.026%

A gap far from its average can cost days of funding.

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

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	6.1 bp −$613	20.6 bp −$10.3K
Sell Variational Omni RFQ quote, 1 min ago	0.62 bp	doesn't fit	0.6 bp −$6	1.6 bp −$159	doesn't fit

BTC on 55 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Perpl BTC	−0.0447%	43m	$402K	$26.0M	6.7x	as long as short
Arcus BTC-USD	−0.0299%	1h	$6.7M	$86.4M	40x	as long as short
BloFin BTC-USDT	−0.0092%	8h	$424.2M	$568.9M	150x	as long as short
Phoenix BTC	−0.0082%	1h	$2.0M	$11.0M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	$9K	$4K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	$310K	$2.3M	50x	as long as short
Kraken Futures PF_XBTUSD	−0.0019%	1h	$189.1M	$819.5M	100x	as long as short
Reya BTCRUSDPERP	−0.0015%	1h	$6.8M	$138.5M	40x	as long as short
SoDEX BTC-USD	−0.0014%	1h	$60.9M	$285.7M	40x	as long as short
Aftermath Perps BTCUSD	−0.0011%	1h	$87K	$157K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	−0.0010%	8h	$807.7M	$623.2M	125x	as long as short
dYdX BTC-USD	−0.0006%	1h	$17.1M	$17.7M	50x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	$308K	$27.0M	52x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	$12.0M	$659.9M	6.4x	as long as short
Bitget BTCUSDT	+0.0002%	8h	$2.96B	$4.68B	150x	as long as short
BingX BTC-USDT	+0.0002%	8h	—	$1.37B	—	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	$36.7M	—	200x	as long as short
Bulk BTC-USD	+0.0005%	1h	$563.1M	$124.9M	40x	as long as short
Phemex BTCUSDT	+0.0012%	8h	$153.7M	$426.6M	150x	as long as short
Aster BTCUSDT	+0.0015%	8h	$506.4M	$1.10B	200x	as long as short
Aevo BTC-PERP	+0.0024%	1h	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0027%	8h	$5.14B	$5.14B	500x	as long as short
Binance BTCUSDT	+0.0028%	8h	$9.51B	$22.21B	150x	as long as short
RISEx BTC/USDC	+0.0031%	1h	$9.3M	$38.7M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0034%	8h	$2.67B	$11.61B	100x	as long as short
Popdex BTCUSDT	+0.0040%	1h	$8.5M	$46.4M	100x	as long as short
HTX BTC-USDT	+0.0042%	8h	$2.29B	$858.7M	200x	as long as short
Bybit BTCUSDT	+0.0050%	8h	$5.28B	$8.69B	150x	as long as short
Gate BTC_USDT	+0.0051%	8h	$6.08B	$9.69B	200x	as long as short
ApeX Omni BTCUSDT	+0.0059%	1h	$139.9M	$320.6M	100x	as long as short
Hibachi BTC/USDT-P	+0.0072%	1h	$748K	$6.5M	30x	as long as short
Variational Omni BTCshort	+0.0074%	8h	$169.4M	$507.6M	—
Orderly PERP_BTC_USDC	+0.0091%	8h	$2.4M	$7.4M	100x	as long as short
Lighter BTC	+0.0096%	1h	$172.2M	$954.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	$24.5M	$139.0M	50x	as long as short
Extended BTC-USD	+0.0096%	1h	$48.4M	$201.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	$4.4M	$6.9M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	$209K	$5.9M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	$23.0M	$227.4M	50x	as long as short
Pacifica BTC	+0.0100%	1h	$36.6M	$424.4M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	$4.0M	$17.4M	25x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	$37.4M	$135.0M	75x
edgeX BTCUSDC	+0.0100%	4h	$280.8M	$884.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	$30.7M	$210.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	—	$11.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	$10.9M	$12.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	$231K	$3.3M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	$144K	$411K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	$30.4M	$58.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	$3.4M	$5.7M	100x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	—	$83.4M	500x	as long as short
Hyperliquid BTC	+0.0143%	1h	$3.96B	$4.50B	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0177%	1h	$13.7M	—	200x	as long as short
Coinbase International BTC-PERP-INTX	+0.0200%	1h	$129.5M	$5.84B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0210%	1h	$917.4M	$1.12B	50x	as long as short