Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.002%

Price spread now: Backpack against Bybit+0.012%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$210.210% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.121%−$12 on $10k

Price spread, last 7 days−0.269%−$27 · spread now +0.012%, 7d avg +0.012%

Together, before fees−0.390%−$39 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	85,464.9	0.0100	pay 0.0100% / 8h	7h 50m	$5.09B	$10.02B	150x
Short	Backpack BTC_USDC_PERP	85,475.4	0.0100	get 0.0013% / 1h	50m 49s	$37.8M	$193.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.012%Rate

Funding earned: $0
Price spread: +0.012% → +0.012%: $0.08
Slippage, 4 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$20.95
Costs to cover: 0.210%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Backpack: live order book, 3 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 Bybit live order book, 3 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.7 bp −$570	7.7 bp −$3,870
Sell Backpack live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.1 bp −$51	5.9 bp −$589	23.8 bp −$11.9K

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
Hotstuff BTC-PERP	−0.0080%	1h	85,451	−0.016%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,469.9	+0.006%	$423.6M	$682.3M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,448	−0.020%	$307K	$23.2M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,497	+0.038%	$344K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,493.9	+0.034%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	85,468.5	+0.004%	$930.7M	$776.5M	125x	as long as short
Aster BTCUSDT	+0.0028%	8h	85,474.3	+0.011%	$502.4M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0031%	1h	85,475.8	+0.013%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,494.8	+0.035%	$186.3M	$949.7M	100x	as long as short
Phoenix BTC	+0.0075%	1h	85,461	−0.005%	$2.3M	$10.4M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0080%	8h	85,456.9	−0.009%	—	$17.4M	—	as long as short
Deribit BTC-PERPETUAL	+0.0092%	1h	85,518.3	+0.062%	$830.6M	$1.66B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,486.3	+0.025%	$170.4M	$940.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,484.6	+0.023%	$23.6M	$133.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,477	+0.014%	$8.7M	$58.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,476.2	+0.013%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,450	−0.017%	$265K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,484.2	+0.023%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,474.6	+0.011%	$24.1M	$220.2M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,454.8	−0.012%	$40.2M	$604.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,468.2	+0.004%	$9.41B	$25.13B	150x	as long as short
Bybit BTCUSDTlong	+0.0100%	8h	85,464.9	long leg	$5.09B	$10.02B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,465.6	+0.001%	$2.61B	$12.23B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,494	+0.034%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,480.9	+0.019%	$4.6M	$97.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,382	−0.097%	$697.9M	$180.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,474.4	+0.011%	$5.50B	$9.85B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,468.6	+0.004%	$5.04B	$5.72B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,464.3	−0.001%	$2.98B	$5.17B	150x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	85,475.4	+0.012%	$37.8M	$193.8M	75x
Variational Omni BTC	+0.0100%	8h	85,465.8	+0.001%	$155.8M	$547.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,416.6	−0.056%	$283.2M	$960.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,448.6	−0.019%	$214.4M	$157.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,449.8	−0.018%	$136.7M	$313.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,440.3	−0.029%	$30.1M	$217.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,540.3	+0.088%	—	$9.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,308	−0.184%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,489	+0.028%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,480.9	+0.019%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,530.5	+0.077%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,381	−0.098%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,479	+0.017%	$59.8M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,479.6	+0.017%	$2.26B	$974.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,472.6	+0.009%	$160.5M	$517.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,444.7	−0.024%	$45.7M	$241.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,404.8	−0.070%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,530	+0.076%	$111.5M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0146%	1h	85,473.1	+0.010%	$6.6M	$140.0M	40x	as long as short
Derive BTC-PERP	+0.0170%	1h	85,488.3	+0.027%	$28.8M	$49.6M	15x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,488.6	+0.028%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0185%	8h	85,492	+0.032%	$10.6M	$740.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,499	+0.040%	$8.9M	$42.8M	25x	as long as short
Hyperliquid BTC	+0.0253%	1h	85,554	+0.104%	$3.82B	$5.14B	40x	as long as short
Aftermath Perps BTCUSD	+0.0294%	1h	85,421.9	−0.050%	$81K	$246K	20x	as long as short
Hibachi BTC/USDT-P	+0.0328%	1h	85,493	+0.033%	$685K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,492.7	+0.033%	$468K	$18.4M	6.7x	as long as short