Funding you earn now, next payment 07:00 UTC−0.0022%/8h= −2.4% APRnext payment −$0.03 per $10,000 · paid last 24h +0.032%
Price spread now: Backpack against Reya−0.011%7-day average +0.044% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)−0.057%−$6 on $10k
+Price spread, last 7 days−0.366%−$37 · spread now −0.011%, 7d avg +0.044%
=Together, before fees−0.422%+ Points / potential airdropReya: Active · farm board−$42 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Backpack is 0.055% cheaper against Reya than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.044%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Reya BTCRUSDPERP | 85,352.7 | 0.0122 | pay 0.0015% / 1h | 55m 54s | $6.6M | $147.6M | 40x |
| Short | Backpack BTC_USDC_PERP | 85,343.3 | 0.0100 | get 0.0013% / 1h | 55m 54s | $36.8M | $179.8M | 75x |
Reya BTCRUSDPERP
Backpack BTC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Reya. 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
- −$4.61
- Price spread: −0.011% → +0.044%
- −$5.52
- Slippage, 4 orders
- no order book: not counted
- Fee Reya: 3 bp × 2 orders
- −$6
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$26.13
- Costs to cover
- 0.160%
- Break-even
- never at this rate
Slippage unknown: Reya: no order-book sample; Backpack: live order book, 3 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 Reya no order-book sample | — | — | — | — | — |
| Sell Backpack live order book, 3 min ago | 0.01 bp | 5.0 bp −$5 | 5.1 bp −$51 | 6.3 bp −$628 | 16.9 bp −$8,436 |
Reya: 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0111% | 1h | 85,444 | +0.107% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,437 | +0.099% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0049% | 8h | 85,347.3 | −0.006% | $927.0M | $772.1M | 125x | as long as short |
| BloFin BTC-USDT | −0.0023% | 8h | 85,384.4 | +0.037% | $420.4M | $683.7M | 150x | as long as short |
| Aster BTCUSDT | −0.0008% | 8h | 85,345.7 | −0.008% | $513.2M | $1.09B | 200x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,390 | +0.044% | $16.7M | $21.5M | 50x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,380.2 | +0.032% | $353K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,378.1 | +0.030% | $529K | $18.3M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,368.6 | +0.019% | $36.5M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0038% | 1h | 85,366.6 | +0.016% | $24.5M | $222.7M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
dYdX BTC-USD
01 Exchange BTCUSD
Perpl BTC
gTrade (Gains Network) BTC/USD
Nado BTC-PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0057% | 1h | 85,405 | +0.061% | $339K | $26.8M | 52x | as long as short |
| BingX BTC-USDC | +0.0070% | 8h | 85,336 | −0.020% | — | $17.5M | — | as long as short |
| Bitget BTCUSDT | +0.0087% | 8h | 85,350 | −0.003% | $2.95B | $5.18B | 150x | as long as short |
| Phemex BTCUSDT | +0.0088% | 8h | 85,361.2 | +0.010% | $149.4M | $508.1M | 150x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0089% | 1h | 85,362.9 | +0.012% | $187.8M | $955.7M | 100x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,366.6 | +0.016% | $170.6M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,367.2 | +0.017% | $23.6M | $147.1M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,368 | +0.018% | $8.3M | $56.0M | 100x | as long as short |
| MEXC BTC_USDT | +0.0096% | 8h | 85,354.8 | +0.002% | $5.02B | $5.72B | 500x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,348.9 | −0.005% | $2.4M | $6.7M | 20x | as long as short |
| Deribit BTC-PERPETUAL | +0.0097% | 1h | 85,394.6 | +0.049% | $866.8M | $1.63B | 50x | as long as short |
| Binance BTCUSDT | +0.0097% | 8h | 85,354.6 | +0.002% | $9.43B | $24.99B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,342 | −0.013% | $238K | $8.6M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,425 | +0.085% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,441 | +0.103% | $3.75B | $5.09B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,403.9 | +0.060% | $40.1M | $602.1M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,352.1 | −0.001% | $5.14B | $9.99B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,360 | +0.009% | $2.59B | $12.25B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,361 | +0.010% | $3.8M | $17.3M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,379.8 | +0.032% | $4.6M | $98.8M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,360.9 | +0.010% | $5.51B | $10.95B | 200x | as long as short |
| Backpack BTC_USDC_PERPshort | +0.0100% | 1h | 85,343.3 | −0.011% | $36.8M | $179.8M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 85,449.7 | +0.114% | $155.0M | $560.8M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,371.2 | +0.022% | $279.6M | $950.1M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,473.2 | +0.141% | $214.6M | $167.4M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,469.9 | +0.137% | $139.7M | $314.3M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,420.3 | +0.079% | $30.1M | $206.7M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,436.9 | +0.099% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,362 | +0.011% | $11.0M | $14.6M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,361.9 | +0.011% | $204K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,360.6 | +0.009% | $2.6M | $9.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,396.4 | +0.051% | $194K | $795K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,335.3 | −0.020% | $30.0M | $48.0M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,368.5 | +0.019% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,351 | −0.002% | $59.7M | $336.8M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,366.5 | +0.016% | $2.26B | $960.3M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,476.9 | +0.145% | $684.3M | $499.2M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,330.7 | −0.026% | $44.5M | $240.6M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,388.3 | +0.042% | — | $106.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,392.5 | +0.047% | $117.0M | $5.46B | 50x | as long as short |
| Reya BTCRUSDPERPlong | +0.0122% | 1h | 85,352.7 | long leg | $6.6M | $147.6M | 40x | |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0175% / S −0.0152% | 1h | 85,369.1 | +0.019% | $13.0M | — | 200x | as long as short |
| RISEx BTC/USDC | +0.0193% | 1h | 85,392.5 | +0.047% | $8.8M | $43.2M | 25x | as long as short |
| Kalshi KXBTCPERP | +0.0204% | 8h | 85,394 | +0.048% | $11.5M | $743.3M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0238% | 1h | 85,444.1 | +0.107% | $79K | $229K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0240% | 1h | 85,420.3 | +0.079% | $690K | $8.0M | 30x | as long as short |
Injective BTC/USDC PERP
BingX BTC-USDC
Bitget BTCUSDT
Phemex BTCUSDT
Kraken Futures PF_XBTUSD
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
MEXC BTC_USDT
Aevo BTC-PERP
Deribit BTC-PERPETUAL
Binance 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
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
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
GMX BTC/USD [WBTC.b-USDC]
RISEx BTC/USDC
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P