Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.003%
Price spread now: Backpack against Orderly−0.004%7-day average −0.027% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.180%−$18 on $10k
+Price spread, last 4 days (all we have)−0.010%−$1 · spread now −0.004%, 7d avg −0.027%
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.023% dearer against Orderly than usual: you sell high and buy low, +$2 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 | Orderly PERP_BTC_USDC | 85,563.1 | 0.0100 | pay 0.0100% / 8h | 4h 43m | $2.3M | $8.8M | 100x |
| Short | Backpack BTC_USDC_PERP | 85,559.7 | 0.0100 | get 0.0013% / 1h | 43m 36s | $35.8M | $176.0M | 75x |
Orderly PERP_BTC_USDC
Backpack BTC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Orderly. 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
- Price spread: −0.004% → −0.027%
- $2.31
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$13.69
- Costs to cover
- 0.160%
- Break-even
- never at this rate
Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 1 min ago. 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 Orderly no order-book sample | — | — | — | — | — |
| Sell Backpack live order book, 1 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 5.7 bp −$574 | 30.2 bp −$15.1K |
Orderly: 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 | |
|---|---|---|---|---|---|---|---|---|
| Bluefin BTC-PERP | −0.0679% | 1h | 85,601.7 | +0.045% | $207K | $738K | 40x | as long as short |
| Phoenix BTC | −0.0179% | 1h | 85,410 | −0.179% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,571 | +0.009% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0048% | 1h | 85,519.5 | −0.051% | $366K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0032% | 8h | 85,503.7 | −0.069% | $417.0M | $665.6M | 150x | as long as short |
| KuCoin XBTUSDTM | −0.0005% | 8h | 85,539.6 | −0.027% | $919.7M | $750.5M | 125x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,550 | −0.015% | $16.7M | $21.2M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 85,571.6 | +0.010% | $36.5M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0012% | 8h | 85,542.3 | −0.024% | $515.5M | $1.10B | 200x | as long as short |
| Arcus BTC-USD | +0.0021% | 1h | 85,523.6 | −0.046% | $6.9M | $97.3M | 40x | as long as short |
Bluefin BTC-PERP
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
KuCoin XBTUSDTM
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
Arcus BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0054% | 1h | 85,492.1 | −0.083% | $22.7M | $219.2M | 50x | as long as short |
| BingX BTC-USDC | +0.0060% | 8h | 85,534.4 | −0.034% | — | $17.1M | — | as long as short |
| Bitget BTCUSDT | +0.0075% | 8h | 85,540.2 | −0.027% | $2.96B | $5.02B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0078% | 1h | 85,543.5 | −0.023% | $6.7M | $146.6M | 40x | as long as short |
| MEXC BTC_USDT | +0.0088% | 8h | 85,553.4 | −0.011% | $5.05B | $5.59B | 500x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,557.8 | −0.006% | $2.5M | $1.7M | 20x | as long as short |
| Binance BTCUSDT | +0.0089% | 8h | 85,553.4 | −0.011% | $9.35B | $24.02B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,563 | 0.000% | $173.6M | $1.00B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,566.6 | +0.004% | $23.8M | $148.4M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,558 | −0.006% | $8.4M | $52.6M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,601.1 | +0.044% | $4.1M | $8.5M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,508 | −0.064% | $229K | $8.0M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,624 | +0.071% | $3.75B | $4.98B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,584.8 | +0.025% | $40.1M | $575.8M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,555.6 | −0.009% | $5.26B | $9.66B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,565 | +0.002% | $2.58B | $12.10B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,555 | −0.009% | $3.9M | $18.0M | 25x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,556.6 | −0.008% | $5.54B | $10.60B | 200x | as long as short |
| Backpack BTC_USDC_PERPshort | +0.0100% | 1h | 85,559.7 | −0.004% | $35.8M | $176.0M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 85,466.8 | −0.113% | $153.8M | $563.2M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,507.5 | −0.065% | $279.3M | $919.2M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,550.2 | −0.015% | $214.8M | $166.8M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,562.7 | 0.000% | $139.9M | $314.7M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,500.4 | −0.073% | $30.2M | $207.5M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,589.8 | +0.031% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,545 | −0.021% | $11.0M | $14.2M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,560.9 | −0.003% | $194K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDClong | +0.0100% | 8h | 85,563.1 | long leg | $2.3M | $8.8M | 100x | |
| Derive BTC-PERP | +0.0100% | 1h | 85,556.6 | −0.008% | $30.0M | $50.9M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,526.6 | −0.043% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,563 | 0.000% | $60.0M | $336.1M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,550 | −0.015% | $2.27B | $940.3M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,563.8 | +0.001% | $150.7M | $483.6M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,513.6 | −0.058% | $649.6M | $594.9M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,525.8 | −0.044% | $44.5M | $226.4M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,560.7 | −0.003% | — | $106.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,599.7 | +0.043% | $117.3M | $5.16B | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0150% | 1h | 85,472 | −0.106% | $339K | $26.9M | 52x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0170% | 1h | 85,588.8 | +0.030% | $189.0M | $953.5M | 100x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,566.6 | +0.004% | $13.4M | — | 200x | as long as short |
| Deribit BTC-PERPETUAL | +0.0185% | 1h | 85,608.2 | +0.053% | $893.7M | $1.53B | 50x | as long as short |
| Hibachi BTC/USDT-P | +0.0192% | 1h | 85,542.3 | −0.024% | $693K | $7.8M | 30x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,557.3 | −0.007% | $8.3M | $42.4M | 25x | as long as short |
| Aftermath Perps BTCUSD | +0.0204% | 1h | 85,583.3 | +0.024% | $78K | $219K | 20x | as long as short |
| Kalshi KXBTCPERP | +0.0217% | 8h | 85,583 | +0.023% | $10.5M | $758.9M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,564.9 | +0.002% | $498K | $18.9M | 6.7x | as long as short |
Nado BTC-PERP
BingX BTC-USDC
Bitget BTCUSDT
Reya BTCRUSDPERP
MEXC BTC_USDT
Aevo BTC-PERP
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
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
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Phemex BTCUSDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Injective BTC/USDC PERP
Kraken Futures PF_XBTUSD
GMX BTC/USD [WBTC.b-USDC]
Deribit BTC-PERPETUAL
Hibachi BTC/USDT-P
RISEx BTC/USDC
Aftermath Perps BTCUSD
Kalshi KXBTCPERP
Perpl BTC