Funding you earn now, next payment 05:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.00 per $10,000 · paid last 24h −0.011%
Price spread now: Backpack against Coinbase International−0.046%7-day average −0.071% · you buy dearer than you sell
Net, funding: paid 7d − costs−$33as in the Funding arb table
Net, price: spread back to 7d avg − costs−$18as in the Price arb table
costs, in and out, $10k−$200.200% of the position
Funding, last 7 days−0.134%−$13 on $10k
+Price spread, last 4 days (all we have)−0.021%−$2 · spread now −0.046%, 7d avg −0.071%
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.024% dearer against Coinbase International than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.071%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International BTC-PERP-INTX | 85,425.8 | 0.0096 | pay 0.0012% / 1h | 14m 48s | $117.1M | $5.42B | 50x |
| Short | Backpack BTC_USDC_PERP | 85,386.3 | 0.0100 | get 0.0013% / 1h | 14m 48s | $36.3M | $176.2M | 75x |
Coinbase International BTC-PERP-INTX
Backpack BTC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Coinbase International. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $0.84
- Price spread: −0.046% → −0.071%
- $2.45
- Slippage, 4 orders
- −$0.02
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$16.74
- Costs to cover
- 0.200%
- Break-even
- 146.5 days
Slippage from Coinbase International: live order book, 4 min ago; Backpack: 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 Coinbase International live order book, 4 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 5.3 bp −$533 | 11.5 bp −$5,746 |
| Sell Backpack live order book, 4 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 6.3 bp −$626 | 18.3 bp −$9,129 |
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 | |
|---|---|---|---|---|---|---|---|---|
| Perpl BTC | −0.0112% | 43m | 85,396.2 | −0.035% | $526K | $18.4M | 6.7x | as long as short |
| Phoenix BTC | −0.0111% | 1h | 85,391 | −0.041% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,415 | −0.013% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0053% | 8h | 85,378.8 | −0.055% | $923.3M | $765.1M | 125x | as long as short |
| BloFin BTC-USDT | −0.0029% | 8h | 85,388.6 | −0.044% | $419.8M | $682.0M | 150x | as long as short |
| Aster BTCUSDT | −0.0011% | 8h | 85,383.9 | −0.049% | $513.0M | $1.09B | 200x | as long as short |
| 01 Exchange BTCUSD | −0.0008% | 1h | 85,406 | −0.023% | $354K | $2.4M | 50x | as long as short |
| dYdX BTC-USD | +0.0002% | 1h | 85,386.9 | −0.046% | $16.7M | $21.4M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,395.8 | −0.035% | $36.5M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0023% | 1h | 85,349 | −0.090% | $339K | $26.8M | 52x | as long as short |
Perpl BTC
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
01 Exchange BTCUSD
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0041% | 1h | 85,384.2 | −0.049% | $24.8M | $222.6M | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0056% | 1h | 85,408.3 | −0.020% | $187.4M | $955.1M | 100x | as long as short |
| BingX BTC-USDC | +0.0067% | 8h | 85,375.4 | −0.059% | — | $17.5M | — | as long as short |
| Phemex BTCUSDT | +0.0076% | 8h | 85,384.4 | −0.048% | $147.9M | $505.6M | 150x | as long as short |
| Bitget BTCUSDT | +0.0086% | 8h | 85,389.7 | −0.042% | $2.95B | $5.16B | 150x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,383.6 | −0.049% | $2.4M | $6.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0089% | 8h | 85,397.7 | −0.033% | $5.05B | $5.74B | 500x | as long as short |
| Binance BTCUSDT | +0.0091% | 8h | 85,397 | −0.034% | $9.45B | $24.86B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,399.4 | −0.031% | $171.1M | $1.03B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,404.6 | −0.025% | $23.7M | $148.9M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,396 | −0.035% | $8.3M | $55.8M | 100x | as long as short |
| Coinbase International BTC-PERP-INTXlong | +0.0096% | 1h | 85,425.8 | long leg | $117.1M | $5.42B | 50x | |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,370 | −0.065% | $239K | $8.6M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,445.8 | +0.023% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,474 | +0.056% | $3.75B | $5.07B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,423.3 | −0.003% | $40.0M | $597.7M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,393.5 | −0.038% | $5.15B | $9.95B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,398 | −0.033% | $2.58B | $12.21B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,386 | −0.047% | $3.8M | $17.5M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,403.1 | −0.027% | $4.6M | $98.8M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,163.7 | −0.307% | $678.5M | $565.0M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,389.1 | −0.043% | $5.50B | $11.04B | 200x | as long as short |
| Backpack BTC_USDC_PERPshort | +0.0100% | 1h | 85,386.3 | −0.046% | $36.3M | $176.2M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 85,365.9 | −0.070% | $154.5M | $559.9M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,351.5 | −0.087% | $279.6M | $950.8M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,345.8 | −0.094% | $214.4M | $167.1M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,371.5 | −0.064% | $139.6M | $314.9M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,363.6 | −0.073% | $30.1M | $207.8M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,459 | +0.039% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,387 | −0.045% | $11.0M | $14.4M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,388.5 | −0.044% | $204K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,392.7 | −0.039% | $2.6M | $9.6M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,434.4 | +0.010% | $228K | $760K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,365.1 | −0.071% | $30.0M | $48.0M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,375.3 | −0.059% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,390 | −0.042% | $59.8M | $336.1M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,382.4 | −0.051% | $2.26B | $941.6M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,366.9 | −0.069% | $45.0M | $239.8M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,395.9 | −0.035% | — | $106.9M | 500x | as long as short |
| Reya BTCRUSDPERP | +0.0117% | 1h | 85,378.5 | −0.055% | $6.6M | $147.5M | 40x | as long as short |
| Deribit BTC-PERPETUAL | +0.0164% | 1h | 85,431.2 | +0.006% | $866.8M | $1.61B | 50x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,390.7 | −0.041% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0196% | 8h | 85,413 | −0.015% | $11.6M | $743.5M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0222% | 1h | 85,329.9 | −0.112% | $79K | $227K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0232% | 1h | 85,419.4 | −0.007% | $689K | $8.0M | 30x | as long as short |
| RISEx BTC/USDC | +0.0257% | 1h | 85,420.2 | −0.007% | $8.7M | $43.3M | 25x | as long as short |
Nado BTC-PERP
Kraken Futures PF_XBTUSD
BingX BTC-USDC
Phemex BTCUSDT
Bitget BTCUSDT
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Reya BTCRUSDPERP
Deribit BTC-PERPETUAL
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
RISEx BTC/USDC