Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0018%/8h= −2.0% APRpaid last 24h −0.013%

Price spread now: Gate against Backpack+0.054%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$250.250% of the position

Long on Backpack Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.080%+$8 on $10k

Price spread, last 7 days+0.444%+$44 · spread now +0.054%, 7d avg +0.012%

Together, before fees+0.525%+$52 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.042% dearer against Backpack than usual: you sell high and buy low (spread +0.054% now, against its 7-day average of +0.012%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.7 days. Mind the row above: over the last 7 days funding on this pair paid +0.080%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	86,462.4	0.0100	pay 0.0013% / 1h	56m 23s	$37.8M	$154.6M	75x
Short	Gate BTC_USDT	86,508.7	0.0082	get 0.0082% / 8h	56m 23s	$5.85B	$10.69B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.054%Rate

Funding earned: −$3.78
Price spread: +0.054% → +0.012%: $4.15
Slippage, 4 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$24.65
Costs to cover: 0.250%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Gate: 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	5.4 bp −$538	207.4 bp −$103.7K
Sell Gate live order book, 3 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	8.3 bp −$830	11.0 bp −$5,486

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	−0.0159%	1h	86,352	−0.128%	$2.2M	$11.7M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,460	−0.003%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,424	−0.044%	$332K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,502.7	+0.047%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,508.9	+0.054%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0006%	8h	86,501.7	+0.045%	$503.6M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,527.1	+0.075%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0008%	8h	86,510.4	+0.056%	$850.1M	$713.6M	125x	as long as short
Deribit BTC-PERPETUAL	+0.0017%	1h	86,502.7	+0.047%	$917.4M	$1.49B	50x	as long as short
Reya BTCRUSDPERP	+0.0024%	1h	86,489.3	+0.031%	$6.7M	$145.2M	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	+0.0040%	8h	86,511.3	+0.057%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,471.3	+0.010%	$149.8M	$477.8M	150x	as long as short
Bitget BTCUSDT	+0.0051%	8h	86,532.6	+0.081%	$2.96B	$5.12B	150x	as long as short
dYdX BTC-USD	+0.0058%	1h	86,452.4	−0.012%	$17.0M	$21.1M	50x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,523.2	+0.070%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0068%	8h	86,503.8	+0.048%	$5.12B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,515.9	+0.062%	$9.43B	$24.52B	150x	as long as short
Gate BTC_USDTshort	+0.0082%	8h	86,508.7	+0.054%	$5.85B	$10.69B	200x
Aftermath Perps BTCUSD	+0.0084%	1h	86,439.6	−0.026%	$79K	$220K	20x	as long as short
Lighter BTC	+0.0096%	1h	86,481.4	+0.022%	$170.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,498.9	+0.042%	$24.0M	$151.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,502	+0.046%	$8.5M	$52.5M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,510.5	+0.056%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,480	+0.020%	$203K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,514.1	+0.060%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,465	+0.003%	$21.9M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,572	+0.127%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,503.7	+0.048%	$41.2M	$521.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,532.5	+0.081%	$2.54B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,490	+0.032%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,535.6	+0.085%	$7.6M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,382.9	−0.092%	$571.1M	$18.1M	40x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	86,462.4	long leg	$37.8M	$154.6M	75x
Variational Omni BTC	+0.0100%	8h	86,337.9	−0.144%	$155.6M	$568.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,393.2	−0.080%	$279.2M	$943.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,348.3	−0.132%	$216.7M	$173.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,396.2	−0.077%	$141.2M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,425.5	−0.043%	$30.7M	$204.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,535.4	+0.084%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,502	+0.046%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,513.3	+0.059%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,533.2	+0.082%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,553	+0.105%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,565.9	+0.120%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,460.3	−0.002%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,470	+0.009%	$60.4M	$337.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,440	−0.026%	$2.29B	$969.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,483.3	+0.024%	$45.4M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,515.4	+0.061%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,497.2	+0.040%	$192.2M	$947.8M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,483.7	+0.025%	$417K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,511.9	+0.057%	$132.3M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,481.4	+0.022%	$718K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,471.5	+0.011%	$414.6M	$655.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0190% / S −0.0213%	1h	86,518.8	+0.065%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0201%	8h	86,470	+0.009%	$9.8M	$738.0M	6.4x	as long as short