BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −10.9% APRnext payment −$0.12 per $10,000 · paid last 24h −0.028%

Price spread now: dYdX against Backpack+0.068%7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$390.394% of the position

Long on Backpack Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 7 days+0.374%+$37 · spread now +0.068%, 7d avg −0.002%

Together, before fees+0.376%+$38 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.070% dearer against Backpack than usual: you sell high and buy low (spread +0.068% now, against its 7-day average of −0.002%): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,673	0.0100	pay 0.0013% / 1h	31m 38s	$35.5M	$172.6M	75x
Short	dYdX BTC-USD	85,731.5	0.0000	get 0.0000% / 1h	31m 38s	$16.8M	$21.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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

Position, each leg$Hold fordaysFee BackpackbpFee dYdXbpOrdersPrice spread, now +0.068%Rate

Funding earned: −$20.99
Price spread: +0.068% → −0.002%: $7.03
Slippage, 4 orders: −$19.38
Fee Backpack: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$53.34
Costs to cover: 0.394%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; dYdX: live order book, 3 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 Backpack live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.5 bp −$548	17.3 bp −$8,627
Sell dYdX live order book, 3 min ago	7.71 bp	12.7 bp −$13	12.7 bp −$127	24.2 bp −$2,425	69.2 bp −$34.6K

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	−0.0160%	1h	85,662	−0.013%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,739	+0.077%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,801.8	+0.150%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,695.3	+0.026%	$416.8M	$664.2M	150x	as long as short
dYdX BTC-USDshort	0.0000%	1h	85,731.5	+0.068%	$16.8M	$21.0M	50x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,701.7	+0.033%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,800.6	+0.149%	$22.9M	$221.2M	50x	as long as short
KuCoin XBTUSDTM	+0.0011%	8h	85,720.2	+0.055%	$918.7M	$753.1M	125x	as long as short
Aster BTCUSDT	+0.0020%	8h	85,759.3	+0.101%	$516.8M	$1.11B	200x	as long as short
Bluefin BTC-PERP	+0.0041%	1h	85,717.5	+0.052%	$196K	$722K	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0054%	8h	85,767.3	+0.110%	—	$1.53B	—	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,764.7	+0.107%	$2.95B	$5.02B	150x	as long as short
Reya BTCRUSDPERP	+0.0068%	1h	85,690.9	+0.021%	$6.7M	$146.4M	40x	as long as short
HTX BTC-USDT	+0.0073%	8h	85,680.2	+0.008%	$2.27B	$935.3M	200x	as long as short
Phemex BTCUSDT	+0.0078%	8h	85,680.1	+0.008%	$147.9M	$479.0M	150x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	−0.111%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,675	+0.002%	$2.5M	$1.7M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0084%	1h	85,716.8	+0.051%	$892.5M	$1.52B	50x	as long as short
SunX BTC-USDT	+0.0086%	8h	85,682.4	+0.011%	$2.9M	$6.1M	100x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,754.5	+0.095%	$5.05B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,797.7	+0.146%	$9.37B	$23.92B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,745.1	+0.084%	$170.3M	$989.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,746.2	+0.085%	$23.9M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,808	+0.158%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,806.4	+0.156%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,764	+0.106%	$197K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,808	+0.158%	$3.76B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,780.4	+0.125%	$40.6M	$573.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,802.5	+0.151%	$5.34B	$9.59B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,788.7	+0.135%	$2.57B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,758	+0.099%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,735.3	+0.073%	$7.1M	$97.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,773	+0.117%	$5.56B	$10.50B	200x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,673	long leg	$35.5M	$172.6M	75x
Variational Omni BTC	+0.0100%	8h	85,622.5	−0.059%	$155.0M	$548.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,658.9	−0.016%	$279.6M	$930.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,696.8	+0.028%	$215.2M	$166.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,618.1	−0.064%	$140.2M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,683.1	+0.012%	$30.3M	$210.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,750.6	+0.091%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,697	+0.028%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,699	+0.030%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,685.6	+0.015%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,676.1	+0.004%	$30.0M	$50.9M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,681	+0.009%	$60.0M	$336.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,614.4	−0.068%	$621.3M	$398.6M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,743.4	+0.082%	$44.1M	$227.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,707.1	+0.040%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,716.5	+0.051%	$130.5M	$5.11B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,802.6	+0.151%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,701.2	+0.033%	$188.8M	$950.3M	100x	as long as short
Aftermath Perps BTCUSD	+0.0194%	1h	85,650.4	−0.026%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0179%	1h	85,699.1	+0.030%	$13.6M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,723.6	+0.059%	$702K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0215%	8h	85,721	+0.056%	$10.4M	$760.2M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,713.3	+0.047%	$519K	$19.4M	6.7x	as long as short