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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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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
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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 01:00 UTC−0.0180%/8h= −19.7% APRnext payment −$0.23 per $10,000 · paid last 24h −0.049%
Price spread now: Hotstuff against Backpack+0.045%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on BackpackShort on Hotstuff
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)—no history yet
Price spread, last 7 days—no price history on both exchanges yet
Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories
The price spread pays, funding is against you. Hotstuff is 0.045% dearer against Backpack than usual: you sell high and buy low (spread +0.045% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 20 hours.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack BTC_USDC_PERP86,292.90.0100pay 0.0013% / 1h14m 40s$35.7M$160.5M75x
ShortHotstuff BTC-PERP86,332−0.0080pay 0.0010% / 1h14m 40s$9K$3K50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Hotstuff 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
−$37.8
Price spread: +0.045% → 0.000%
$4.53
Slippage, 4 orders
no order book: not counted
Fee Backpack: 5 bp × 2 orders
−$10
Fee Hotstuff: 2.5 bp × 2 orders
−$5
Net
−$48.27
Costs to cover
0.150%
Break-even
never at this rate
Slippage unknown: Backpack: live order book, 5 min ago; Hotstuff: no order-book sample. 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 Backpack live order book, 5 min ago0.01 bp5.0 bp −$55.0 bp −$505.2 bp −$51618.2 bp −$9,082
Sell Hotstuff no order-book sample—————
Hotstuff: 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−0.0129%1h86,239−0.062%$2.2M$11.2M40xas long as short
Hotstuff BTC-PERPshort−0.0080%1h86,332+0.045%$9K$3K50x
Bluefin BTC-PERP−0.0049%1h86,329.8+0.043%$144K$667K40xas long as short
01 Exchange BTCUSD−0.0040%1h86,328.2+0.041%$364K$2.3M50xas long as short
Perpl BTC0.0000%43m86,286.3−0.008%$538K$21.3M6.7xas long as short
gTrade (Gains Network) BTC/USDL +0.0004% / S −0.0004%1h86,307.7+0.017%$36.9M—200xas long as short
Injective BTC/USDC PERP+0.0023%1h86,358+0.075%$343K$26.9M52xas long as short
dYdX BTC-USD+0.0024%1h86,340.6+0.055%$16.9M$20.5M50xas long as short
Aster BTCUSDT+0.0033%8h86,326.6+0.039%$500.6M$1.13B200xas long as short
KuCoin XBTUSDTM+0.0043%8h86,322+0.034%$831.7M$717.4M125xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Reya BTCRUSDPERP+0.0048%1h86,289−0.005%$6.7M$145.8M40xas long as short
BingX BTC-USDC+0.0051%8h86,325.3+0.038%—$15.3M—as long as short
RISEx BTC/USDC+0.0052%1h86,336.9+0.051%$8.3M$42.4M25xas long as short
Bitget BTCUSDT+0.0065%8h86,323.2+0.035%$2.98B$5.04B150xas long as short
SoDEX BTC-USD+0.0078%1h86,305+0.014%$60.4M$338.2M40xas long as short
Aevo BTC-PERP+0.0080%1h86,292.50.000%$2.5M$1.8M20xas long as short
MEXC BTC_USDT+0.0083%8h86,326.5+0.039%$5.09B$5.74B500xas long as short
Binance BTCUSDT+0.0084%8h86,333.2+0.047%$9.41B$24.30B150xas long as short
Lighter BTC+0.0096%1h86,337.7+0.052%$170.4M$990.9M50xas long as short
Lighter RH BTC+0.0096%1h86,341.8+0.057%$23.7M$151.9M50xas long as short
Popdex BTCUSDT+0.0096%1h86,331+0.044%$8.4M$52.0M100xas long as short
Gate BTC_USDT+0.0099%8h86,330.6+0.044%$5.77B$10.61B200xas long as short
Katana Perps BTC-USD+0.0100%8h86,302+0.011%$196K$7.3M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,347.3+0.063%$4.2M$8.6M50xas long as short
Nado BTC-PERP+0.0100%1h86,275.1−0.021%$22.0M$227.0M50xas long as short
Hyperliquid BTC+0.0100%1h86,387+0.109%$3.78B$4.99B40xas long as short
Pacifica BTC+0.0100%1h86,355.8+0.073%$40.6M$558.6M50xas long as short
Bybit BTCUSDT+0.0100%8h86,337.5+0.052%$5.26B$9.64B150xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,345.8+0.061%$2.57B$12.46B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,333+0.046%$3.9M$17.8M25xas long as short
Arcus BTC-USD+0.0100%1h86,344.1+0.059%$7.2M$94.9M40xas long as short
Bulk BTC-USD+0.0100%1h86,145.7−0.171%$580.3M$59.0M40xas long as short
Backpack BTC_USDC_PERPlong+0.0100%1h86,292.9long leg$35.7M$160.5M75x
Variational Omni BTC+0.0100%8h86,226.1−0.077%$156.7M$559.2M—as long as short
edgeX BTCUSDC+0.0100%4h86,200.2−0.107%$278.4M$953.3M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,212.1−0.094%$216.4M$165.7M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,240.1−0.061%$141.3M$320.8M100xas long as short
StandX BTC-USD+0.0100%1h86,233.9−0.068%$30.6M$208.7M40xas long as short
Vest BTC-PERP+0.0100%1h86,318.1+0.029%—$11.8M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,288−0.006%$11.1M$14.1M50xas long as short
Bullet BTC-USD+0.0100%1h86,295.1+0.003%$191K$3.3M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,294.9+0.002%$2.4M$9.1M100xas long as short
Derive BTC-PERP+0.0100%1h86,318.4+0.030%$30.3M$56.9M15xas long as short
SunX BTC-USDT+0.0100%8h86,257.2−0.041%$3.3M$5.4M100xas long as short
HTX BTC-USDT+0.0100%8h86,274.7−0.021%$2.29B$959.1M200xas long as short
Phemex BTCUSDT+0.0100%8h86,305.1+0.014%$155.2M$473.1M150xas long as short
Extended BTC-USD+0.0104%1h86,300+0.008%$46.0M$222.6M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,278.2−0.017%—$99.1M500xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,345.8+0.061%$132.3M$5.32B50xas long as short
Kraken Futures PF_XBTUSD+0.0121%1h86,337.2+0.051%$191.4M$947.1M100xas long as short
Hibachi BTC/USDT-P+0.0160%1h86,254.4−0.045%$712K$7.9M30xas long as short
Aftermath Perps BTCUSD+0.0168%1h86,314.8+0.025%$77K$217K20xas long as short
Kalshi KXBTCPERP+0.0204%8h86,310+0.020%$10.6M$765.8M6.4xas long as short
BloFin BTC-USDT+0.0204%8h86,297+0.005%$416.1M$641.9M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0207% / S −0.0222%1h86,303.2+0.012%$14.5M—200xas long as short
Deribit BTC-PERPETUAL+0.0226%1h86,352.3+0.069%$902.2M$1.51B50xas long as short