Funding you earn now, next payment 09:00 UTC−0.0094%/8h= −10.3% APRnext payment −$0.12 per $10,000 · paid last 24h −0.002%
Price spread now: Backpack against RISEx−0.023%7-day average +0.004% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$21as in the Price arb table
costs, in and out, $10k−$190.186% of the position
Funding, last 4 days (all we have)−0.079%−$8 on $10k
+Price spread, last 7 days−0.264%−$26 · spread now −0.023%, 7d avg +0.004%
=Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Backpack is 0.026% cheaper against RISEx than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.004%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | RISEx BTC/USDC | 85,459.3 | 0.0194 | pay 0.0024% / 1h | 32m 18s | $9.0M | $42.2M | 25x |
| Short | Backpack BTC_USDC_PERP | 85,439.8 | 0.0100 | get 0.0013% / 1h | 32m 18s | $37.6M | $193.4M | 75x |
RISEx BTC/USDC
Backpack BTC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against RISEx. 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
- −$19.72
- Price spread: −0.023% → +0.004%
- −$2.64
- Slippage, 4 orders
- −$2.64
- Fee RISEx: 3 bp × 2 orders
- −$6
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$40.99
- Costs to cover
- 0.186%
- Break-even
- never at this rate
Slippage from RISEx: live order book, 2 min ago; Backpack: live order book, 2 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 RISEx live order book, 2 min ago | 0.01 bp | 3.0 bp −$3 | 3.0 bp −$30 | 9.9 bp −$992 | doesn't fit |
| Sell Backpack live order book, 2 min ago | 0.01 bp | 5.0 bp −$5 | 5.1 bp −$51 | 6.6 bp −$658 | 34.8 bp −$17.4K |
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 | −0.1383% | 1h | 85,465.6 | +0.007% | $194K | $796K | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,437 | −0.026% | $8K | $2K | 50x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,441.3 | −0.021% | $422.6M | $676.5M | 150x | as long as short |
| Injective BTC/USDC PERP | −0.0006% | 1h | 85,438 | −0.025% | $307K | $25.0M | 52x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,447.3 | −0.014% | $352K | $2.3M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,424.3 | −0.041% | $36.5M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0015% | 8h | 85,424.6 | −0.041% | $936.8M | $770.9M | 125x | as long as short |
| Aster BTCUSDT | +0.0033% | 8h | 85,419.7 | −0.046% | $502.5M | $1.08B | 200x | as long as short |
| dYdX BTC-USD | +0.0050% | 1h | 85,470 | +0.012% | $16.7M | $21.0M | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0068% | 1h | 85,441.1 | −0.021% | $185.6M | $936.0M | 100x | as long as short |
Bluefin BTC-PERP
Hotstuff BTC-PERP
BloFin BTC-USDT
Injective BTC/USDC PERP
01 Exchange BTCUSD
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTM
Aster BTCUSDT
dYdX BTC-USD
Kraken Futures PF_XBTUSDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | +0.0075% | 1h | 85,542 | +0.097% | $2.3M | $10.4M | 40x | as long as short |
| BingX BTC-USDC | +0.0080% | 8h | 85,405.8 | −0.063% | — | $17.4M | — | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,433.3 | −0.030% | $170.7M | $945.2M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,437.7 | −0.025% | $23.5M | $134.5M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,419 | −0.047% | $8.7M | $58.1M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,423.4 | −0.042% | $2.4M | $6.7M | 20x | as long as short |
| Nado BTC-PERP | +0.0096% | 1h | 85,438 | −0.025% | $24.0M | $215.9M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,411 | −0.057% | $265K | $8.7M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,500.9 | +0.049% | $5.7M | $9.3M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,491.4 | +0.038% | $40.5M | $604.9M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,410.3 | −0.057% | $9.39B | $24.92B | 150x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,415.3 | −0.051% | $5.09B | $9.89B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,415.9 | −0.051% | $2.61B | $12.07B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,447 | −0.014% | $3.9M | $17.3M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,444.6 | −0.017% | $4.7M | $97.0M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,499.9 | +0.047% | $701.6M | $160.9M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,419.6 | −0.046% | $5.50B | $9.91B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,417.8 | −0.049% | $5.05B | $5.75B | 500x | as long as short |
| Bitget BTCUSDT | +0.0100% | 8h | 85,412.3 | −0.055% | $2.97B | $5.11B | 150x | as long as short |
| Backpack BTC_USDC_PERPshort | +0.0100% | 1h | 85,439.8 | −0.023% | $37.6M | $193.4M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 85,485.8 | +0.031% | $155.9M | $543.2M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,484.1 | +0.029% | $283.5M | $961.7M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,507.3 | +0.056% | $214.8M | $155.4M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,522 | +0.073% | $136.9M | $312.6M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,440 | −0.023% | $30.1M | $218.6M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,507.2 | +0.056% | — | $10.0M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,270 | −0.222% | $10.9M | $14.6M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,425 | −0.040% | $227K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,428.4 | −0.036% | $2.7M | $9.8M | 100x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,463.9 | +0.005% | $3.0M | $6.7M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,426 | −0.039% | $59.8M | $336.5M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,420.5 | −0.045% | $2.26B | $971.7M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,434.6 | −0.029% | $163.1M | $513.8M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,403.7 | −0.065% | $45.8M | $239.9M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,476.3 | +0.020% | — | $106.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,472.1 | +0.015% | $111.9M | $5.42B | 50x | as long as short |
| Derive BTC-PERP | +0.0123% | 1h | 85,569.1 | +0.128% | $28.9M | $52.4M | 15x | as long as short |
| Deribit BTC-PERPETUAL | +0.0124% | 1h | 85,472 | +0.015% | $828.4M | $1.65B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0149% | 1h | 85,403.2 | −0.066% | $6.6M | $137.6M | 40x | as long as short |
| Hyperliquid BTC | +0.0163% | 1h | 85,500 | +0.048% | $3.84B | $5.14B | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0174% / S −0.0149% | 1h | 85,425.1 | −0.040% | $13.0M | — | 200x | as long as short |
| RISEx BTC/USDClong | +0.0194% | 1h | 85,459.3 | long leg | $9.0M | $42.2M | 25x | |
| Kalshi KXBTCPERP | +0.0194% | 8h | 85,473 | +0.016% | $10.7M | $736.7M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0324% | 1h | 85,486 | +0.031% | $79K | $258K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0352% | 1h | 85,520 | +0.071% | $688K | $7.6M | 30x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,472.6 | +0.016% | $460K | $18.1M | 6.7x | as long as short |
Phoenix BTC
BingX BTC-USDC
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Nado BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Pacifica BTC
Binance BTCUSDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
Bitget BTCUSDT
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
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Derive BTC-PERP
Deribit BTC-PERPETUAL
Reya BTCRUSDPERP
Hyperliquid BTC
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
Perpl BTC