Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%
Price spread now: Backpack against Popdex+0.012%7-day average −0.008% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$15as in the Price arb table
costs, in and out, $10k−$170.166% of the position
Funding, last 3 days (all we have)−0.082%−$8 on $10k
+Price spread, last 7 days−0.483%−$48 · spread now +0.012%, 7d avg −0.008%
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.020% dearer against Popdex than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.008%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Popdex BTCUSDT | 85,611 | 0.0096 | pay 0.0012% / 1h | 19m 52s | $8.4M | $51.8M | 100x |
| Short | Backpack BTC_USDC_PERP | 85,621.1 | 0.0100 | get 0.0013% / 1h | 19m 52s | $35.3M | $164.9M | 75x |
Popdex BTCUSDT
Backpack BTC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Popdex. 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: +0.012% → −0.008%
- $2.03
- Slippage, 4 orders
- −$0.24
- Fee Popdex: 3.2 bp × 2 orders
- −$6.4
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$13.77
- Costs to cover
- 0.166%
- Break-even
- 121.8 days
Slippage from Popdex: 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 Popdex live order book, 4 min ago | 0.06 bp | 3.3 bp −$3 | 3.3 bp −$33 | 3.6 bp −$358 | 5.1 bp −$2,547 |
| Sell Backpack live order book, 4 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 5.9 bp −$588 | 19.7 bp −$9,844 |
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 | +0.203% | $2.2M | $10.5M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,717 | +0.124% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0064% | 1h | 85,599.4 | −0.014% | $365K | $2.3M | 50x | as long as short |
| dYdX BTC-USD | +0.0002% | 1h | 85,641.5 | +0.036% | $16.7M | $21.0M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,618.8 | +0.009% | $36.7M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0020% | 1h | 85,691 | +0.093% | $340K | $26.9M | 52x | as long as short |
| KuCoin XBTUSDTM | +0.0031% | 8h | 85,637.6 | +0.031% | $901.2M | $754.2M | 125x | as long as short |
| Aster BTCUSDT | +0.0036% | 8h | 85,639 | +0.033% | $515.9M | $1.14B | 200x | as long as short |
| RISEx BTC/USDC | +0.0044% | 1h | 85,640.1 | +0.034% | $8.1M | $42.1M | 25x | as long as short |
| Nado BTC-PERP | +0.0051% | 1h | 85,623.3 | +0.014% | $22.6M | $227.4M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERP
KuCoin XBTUSDTM
Aster BTCUSDT
RISEx BTC/USDC
Nado BTC-PERPShow 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 | +0.040% | — | $1.56B | — | as long as short |
| Reya BTCRUSDPERP | +0.0058% | 1h | 85,597.2 | −0.016% | $6.7M | $146.3M | 40x | as long as short |
| Bitget BTCUSDT | +0.0069% | 8h | 85,637.7 | +0.031% | $2.95B | $5.08B | 150x | as long as short |
| HTX BTC-USDT | +0.0073% | 8h | 85,600.1 | −0.013% | $2.27B | $947.4M | 200x | as long as short |
| ApeX Omni BTCUSDT | +0.0094% | 1h | 85,762.3 | +0.177% | $140.2M | $318.2M | 100x | as long as short |
| Binance BTCUSDT | +0.0094% | 8h | 85,637.6 | +0.031% | $9.33B | $24.30B | 150x | as long as short |
| MEXC BTC_USDT | +0.0094% | 8h | 85,645.3 | +0.040% | $5.08B | $5.74B | 500x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,644.2 | +0.039% | $170.3M | $992.0M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,653.9 | +0.050% | $23.5M | $147.6M | 50x | as long as short |
| Popdex BTCUSDTlong | +0.0096% | 1h | 85,611 | long leg | $8.4M | $51.8M | 100x | |
| Aevo BTC-PERP | +0.0096% | 1h | 85,598.6 | −0.014% | $2.5M | $1.8M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,589 | −0.026% | $202K | $7.5M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,594.1 | −0.020% | $3.8M | $8.4M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,703.5 | +0.108% | $3.76B | $4.98B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,669 | +0.068% | $40.3M | $571.4M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,645 | +0.040% | $5.30B | $9.74B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,640.6 | +0.035% | $2.54B | $12.34B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,617 | +0.007% | $3.9M | $18.3M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,586.1 | −0.029% | $7.2M | $97.6M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,744.8 | +0.156% | $590.5M | $195.3M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,644.1 | +0.039% | $5.59B | $10.56B | 200x | as long as short |
| Backpack BTC_USDC_PERPshort | +0.0100% | 1h | 85,621.1 | +0.012% | $35.3M | $164.9M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 85,688 | +0.090% | $156.6M | $555.8M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,744.1 | +0.155% | $278.8M | $940.3M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,761.2 | +0.175% | $215.2M | $166.3M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,792 | +0.211% | $30.3M | $208.7M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,685.3 | +0.087% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,598 | −0.015% | $11.0M | $14.3M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,609.9 | −0.001% | $188K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,605.4 | −0.007% | $2.4M | $9.0M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,638.9 | +0.033% | $186K | $708K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,607.9 | −0.004% | $30.0M | $56.0M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,671 | +0.070% | $2.9M | $6.6M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,602 | −0.011% | $59.9M | $337.1M | 40x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,605.2 | −0.007% | $153.6M | $480.5M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,625.9 | +0.017% | $44.1M | $227.9M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,627.2 | +0.019% | — | $101.7M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,639.5 | +0.033% | $131.3M | $5.15B | 50x | as long as short |
| Deribit BTC-PERPETUAL | +0.0122% | 1h | 85,642.6 | +0.037% | $894.7M | $1.54B | 50x | as long as short |
| Hibachi BTC/USDT-P | +0.0136% | 1h | 85,755.4 | +0.169% | $696K | $7.8M | 30x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0146% | 1h | 85,622.8 | +0.014% | $187.7M | $963.5M | 100x | as long as short |
| Aftermath Perps BTCUSD | +0.0169% | 1h | 85,732.8 | +0.142% | $78K | $219K | 20x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0203% / S −0.0189% | 1h | 85,615.2 | +0.005% | $13.5M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0212% | 8h | 85,646 | +0.041% | $10.1M | $770.2M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,649.2 | +0.045% | $514K | $20.6M | 6.7x | as long as short |
BingX BTC-USDT
Reya BTCRUSDPERP
Bitget BTCUSDT
HTX BTC-USDT
ApeX Omni BTCUSDT
Binance BTCUSDT
MEXC BTC_USDT
Lighter BTC
Lighter RH BTC
Aevo BTC-PERP
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
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
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Deribit BTC-PERPETUAL
Hibachi BTC/USDT-P
Kraken Futures PF_XBTUSD
Aftermath Perps BTCUSD
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Perpl BTC