Settings8H · net · $10k
Funding arb · Price arb /

BTC

all BTC markets
SwapBacktest
Alert: funding
Alert: spread
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
What this pair did over the last
the charts below follow
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.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongReya BTCRUSDPERP85,352.70.0122pay 0.0015% / 1h55m 54s$6.6M$147.6M40x
ShortBackpack BTC_USDC_PERP85,343.30.0100get 0.0013% / 1h55m 54s$36.8M$179.8M75x

Funding 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 it
latest
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
LegHalf-spread$10k$100k$1M$5M
Buy Reya no order-book sample
Sell Backpack live order book, 3 min ago0.01 bp5.0 bp −$55.1 bp −$516.3 bp −$62816.9 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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phoenix BTC−0.0111%1h85,444+0.107%$2.1M$10.4M40xas long as short
Hotstuff BTC-PERP−0.0080%1h85,437+0.099%$8K$3K50xas long as short
KuCoin XBTUSDTM−0.0049%8h85,347.3−0.006%$927.0M$772.1M125xas long as short
BloFin BTC-USDT−0.0023%8h85,384.4+0.037%$420.4M$683.7M150xas long as short
Aster BTCUSDT−0.0008%8h85,345.7−0.008%$513.2M$1.09B200xas long as short
dYdX BTC-USD0.0000%1h85,390+0.044%$16.7M$21.5M50xas long as short
01 Exchange BTCUSD0.0000%1h85,380.2+0.032%$353K$2.4M50xas long as short
Perpl BTC0.0000%43m85,378.1+0.030%$529K$18.3M6.7xas long as short
gTrade (Gains Network) BTC/USDL +0.0004% / S −0.0004%1h85,368.6+0.019%$36.5M200xas long as short
Nado BTC-PERP+0.0038%1h85,366.6+0.016%$24.5M$222.7M50xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Injective BTC/USDC PERP+0.0057%1h85,405+0.061%$339K$26.8M52xas long as short
BingX BTC-USDC+0.0070%8h85,336−0.020%$17.5Mas long as short
Bitget BTCUSDT+0.0087%8h85,350−0.003%$2.95B$5.18B150xas long as short
Phemex BTCUSDT+0.0088%8h85,361.2+0.010%$149.4M$508.1M150xas long as short
Kraken Futures PF_XBTUSD+0.0089%1h85,362.9+0.012%$187.8M$955.7M100xas long as short
Lighter BTC+0.0096%1h85,366.6+0.016%$170.6M$1.01B50xas long as short
Lighter RH BTC+0.0096%1h85,367.2+0.017%$23.6M$147.1M50xas long as short
Popdex BTCUSDT+0.0096%1h85,368+0.018%$8.3M$56.0M100xas long as short
MEXC BTC_USDT+0.0096%8h85,354.8+0.002%$5.02B$5.72B500xas long as short
Aevo BTC-PERP+0.0096%1h85,348.9−0.005%$2.4M$6.7M20xas long as short
Deribit BTC-PERPETUAL+0.0097%1h85,394.6+0.049%$866.8M$1.63B50xas long as short
Binance BTCUSDT+0.0097%8h85,354.6+0.002%$9.43B$24.99B150xas long as short
Katana Perps BTC-USD+0.0100%8h85,342−0.013%$238K$8.6M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h85,425+0.085%$5.8M$9.6M50xas long as short
Hyperliquid BTC+0.0100%1h85,441+0.103%$3.75B$5.09B40xas long as short
Pacifica BTC+0.0100%1h85,403.9+0.060%$40.1M$602.1M50xas long as short
Bybit BTCUSDT+0.0100%8h85,352.1−0.001%$5.14B$9.99B150xas long as short
OKX BTC-USDT-SWAP+0.0100%8h85,360+0.009%$2.59B$12.25B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h85,361+0.010%$3.8M$17.3M25xas long as short
Arcus BTC-USD+0.0100%1h85,379.8+0.032%$4.6M$98.8M40xas long as short
Gate BTC_USDT+0.0100%8h85,360.9+0.010%$5.51B$10.95B200xas long as short
Backpack BTC_USDC_PERPshort+0.0100%1h85,343.3−0.011%$36.8M$179.8M75x
Variational Omni BTC+0.0100%8h85,449.7+0.114%$155.0M$560.8Mas long as short
edgeX BTCUSDC+0.0100%4h85,371.2+0.022%$279.6M$950.1M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h85,473.2+0.141%$214.6M$167.4M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h85,469.9+0.137%$139.7M$314.3M100xas long as short
StandX BTC-USD+0.0100%1h85,420.3+0.079%$30.1M$206.7M40xas long as short
Vest BTC-PERP+0.0100%1h85,436.9+0.099%$10.9M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h85,362+0.011%$11.0M$14.6M50xas long as short
Bullet BTC-USD+0.0100%1h85,361.9+0.011%$204K$3.3M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h85,360.6+0.009%$2.6M$9.9M100xas long as short
Bluefin BTC-PERP+0.0100%1h85,396.4+0.051%$194K$795K40xas long as short
Derive BTC-PERP+0.0100%1h85,335.3−0.020%$30.0M$48.0M15xas long as short
SunX BTC-USDT+0.0100%8h85,368.5+0.019%$2.9M$6.1M100xas long as short
SoDEX BTC-USD+0.0100%1h85,351−0.002%$59.7M$336.8M40xas long as short
HTX BTC-USDT+0.0100%8h85,366.5+0.016%$2.26B$960.3M200xas long as short
Bulk BTC-USD+0.0100%1h85,476.9+0.145%$684.3M$499.2M40xas long as short
Extended BTC-USD+0.0104%1h85,330.7−0.026%$44.5M$240.6M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h85,388.3+0.042%$106.9M500xas long as short
Coinbase International BTC-PERP-INTX+0.0104%1h85,392.5+0.047%$117.0M$5.46B50xas long as short
Reya BTCRUSDPERPlong+0.0122%1h85,352.7long leg$6.6M$147.6M40x
GMX BTC/USD [WBTC.b-USDC]L +0.0175% / S −0.0152%1h85,369.1+0.019%$13.0M200xas long as short
RISEx BTC/USDC+0.0193%1h85,392.5+0.047%$8.8M$43.2M25xas long as short
Kalshi KXBTCPERP+0.0204%8h85,394+0.048%$11.5M$743.3M6.4xas long as short
Aftermath Perps BTCUSD+0.0238%1h85,444.1+0.107%$79K$229K20xas long as short
Hibachi BTC/USDT-P+0.0240%1h85,420.3+0.079%$690K$8.0M30xas long as short