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

BTC

all BTC markets
SwapBacktest
Alert: funding
Measured
My alerts

Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
My alerts

Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Funding you earn now, next payment 22:00 UTC−0.0018%/8h= −2.0% APRpaid last 24h +0.009%
Price spread now: Bybit against Backpack+0.001%7-day average +0.017% · you sell dearer than you buy
Net, funding: paid 7d − costs−$10as in the Funding arb table
Net, price: spread back to 7d avg − costs−$23as in the Price arb table
costs, in and out, $10k−$210.210% of the position
Long on BackpackShort on Bybit
What this pair did over the last
the charts below follow
Funding, last 7 days+0.109%+$11 on $10k
Price spread, last 7 days+0.482%+$48 · spread now +0.001%, 7d avg +0.017%
Together, before fees+0.592%+$59 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.017%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.109%, so the current rate has only just turned against you.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack BTC_USDC_PERP86,616.60.0100pay 0.0013% / 1h33m 08s$38.1M$148.4M75x
ShortBybit BTCUSDT86,617.80.0082get 0.0082% / 8h2h 33m$5.27B$9.67B150x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bybit against Backpack. 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
−$3.76
Price spread: +0.001% → +0.017%
−$1.61
Slippage, 4 orders
−$0.02
Fee Backpack: 5 bp × 2 orders
−$10
Fee Bybit: 5.5 bp × 2 orders
−$11
Net
−$26.39
Costs to cover
0.210%
Break-even
never at this rate
Slippage from Backpack: live order book, 1 min ago; Bybit: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Backpack live order book, 1 min ago0.01 bp5.0 bp −$55.0 bp −$505.8 bp −$57996.1 bp −$48.1K
Sell Bybit live order book, 1 min ago0.01 bp5.5 bp −$65.5 bp −$556.1 bp −$6097.6 bp −$3,811

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
Aftermath Perps BTCUSD−0.0230%1h86,618.2+0.002%$85K$188K20xas long as short
Perpl BTC−0.0223%43m86,644.6+0.032%$428K$24.9M6.7xas long as short
Phoenix BTC−0.0103%1h86,539−0.090%$2.2M$12.4M40xas long as short
dYdX BTC-USD−0.0083%1h86,671.7+0.064%$17.6M$20.5M50xas long as short
Hotstuff BTC-PERP−0.0080%1h86,624+0.009%$9K$3K50xas long as short
01 Exchange BTCUSD0.0000%1h86,648.7+0.037%$363K$2.4M50xas long as short
Deribit BTC-PERPETUAL0.0000%1h86,654.7+0.044%$935.6M$1.44B50xas long as short
KuCoin XBTUSDTM+0.0001%8h86,617.1+0.001%$844.1M$704.7M125xas long as short
gTrade (Gains Network) BTC/USDL +0.0004% / S −0.0004%1h86,645.9+0.034%$37.0M—200xas long as short
Aster BTCUSDT+0.0009%8h86,615.1−0.002%$505.7M$1.16B200xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Reya BTCRUSDPERP+0.0021%1h86,617.5+0.001%$6.7M$144.3M40xas long as short
BingX BTC-USDC+0.0022%8h86,607.2−0.011%—$15.3M—as long as short
Phemex BTCUSDT+0.0023%8h86,619.1+0.003%$149.6M$471.3M150xas long as short
Bitget BTCUSDT+0.0030%8h86,616.70.000%$2.95B$5.07B150xas long as short
Aevo BTC-PERP+0.0048%1h86,627.1+0.012%$2.4M$1.3M20xas long as short
Injective BTC/USDC PERP+0.0049%1h86,639+0.026%$315K$26.8M52xas long as short
MEXC BTC_USDT+0.0052%8h86,615.3−0.002%$5.19B$5.67B500xas long as short
Binance BTCUSDT+0.0053%8h86,617.2+0.001%$9.44B$24.31B150xas long as short
RISEx BTC/USDC+0.0063%1h86,636.8+0.023%$9.2M$42.0M25xas long as short
OKX BTC-USDT-SWAP+0.0072%8h86,622.8+0.007%$2.56B$12.70B100xas long as short
Gate BTC_USDT+0.0073%8h86,619.3+0.003%$5.86B$10.63B200xas long as short
Bybit BTCUSDTshort+0.0082%8h86,617.8+0.001%$5.27B$9.67B150x
Variational Omni BTC+0.0092%8h86,584.3−0.037%$160.0M$567.1M—as long as short
Lighter BTC+0.0096%1h86,632.1+0.018%$172.1M$1.01B50xas long as short
Lighter RH BTC+0.0096%1h86,639.8+0.027%$24.0M$153.5M50xas long as short
Popdex BTCUSDT+0.0096%1h86,621+0.005%$8.5M$52.2M100xas long as short
Katana Perps BTC-USD+0.0100%8h86,615−0.002%$194K$6.8M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,680.4+0.074%$4.8M$8.2M50xas long as short
Nado BTC-PERP+0.0100%1h86,626+0.011%$21.6M$235.4M50xas long as short
Hyperliquid BTC+0.0100%1h86,691.8+0.087%$3.82B$5.12B40xas long as short
Pacifica BTC+0.0100%1h86,661+0.051%$41.3M$490.3M50xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,637+0.024%$3.9M$18.6M25xas long as short
Arcus BTC-USD+0.0100%1h86,689.3+0.084%$7.5M$93.6M40xas long as short
Bulk BTC-USD+0.0100%1h86,606.9−0.011%$571.9M$22.8M40xas long as short
Backpack BTC_USDC_PERPlong+0.0100%1h86,616.6long leg$38.1M$148.4M75x
edgeX BTCUSDC+0.0100%4h86,587.1−0.034%$279.7M$950.3M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,619.4+0.003%$217.4M$187.8M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,686.6+0.081%$141.7M$322.9M100xas long as short
StandX BTC-USD+0.0100%1h86,593.6−0.027%$30.8M$205.3M40xas long as short
Vest BTC-PERP+0.0100%1h86,683.5+0.077%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,632+0.018%$11.1M$13.7M50xas long as short
Bullet BTC-USD+0.0100%1h86,624.6+0.009%$195K$3.4M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,642.7+0.030%$2.5M$8.5M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,647+0.035%$141K$619K40xas long as short
Derive BTC-PERP+0.0100%1h86,632.2+0.018%$30.0M$61.6M15xas long as short
SunX BTC-USDT+0.0100%8h86,628.9+0.014%$3.4M$5.5M100xas long as short
SoDEX BTC-USD+0.0100%1h86,620+0.004%$60.5M$336.5M40xas long as short
HTX BTC-USDT+0.0100%8h86,626.5+0.011%$2.30B$957.3M200xas long as short
Extended BTC-USD+0.0104%1h86,609.1−0.009%$46.4M$227.9M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,645.3+0.033%—$98.4M500xas long as short
Kraken Futures PF_XBTUSD+0.0116%1h86,657.7+0.047%$188.8M$930.8M100xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,665+0.056%$132.0M$5.86B50xas long as short
Kalshi KXBTCPERP+0.0123%8h86,654+0.043%$8.8M$723.5M6.4xas long as short
BloFin BTC-USDT+0.0173%8h86,611.4−0.006%$416.8M$652.9M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0178% / S −0.0185%1h86,638.2+0.025%$14.9M—200xas long as short
Hibachi BTC/USDT-P+0.0224%1h86,648.5+0.037%$614K$7.1M30xas long as short