Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Ondo Perps against Backpack+0.059%7-day average −0.018% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.179%+$18 on $10k

Price spread, last 7 days+0.079%+$8 · spread now +0.059%, 7d avg −0.018%

Together, before fees+0.258%+ Points / potential airdropOndo Perps: Active · farm board+$26 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Ondo Perps is 0.078% dearer against Backpack than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,437.2	0.0100	pay 0.0013% / 1h	49m 14s	$37.8M	$193.8M	75x
Short	Ondo Perps BTC-USD.P	85,488	0.0100	get 0.0013% / 1h	49m 14s	$3.9M	$17.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpOrdersPrice spread, now +0.059%Rate

Funding earned: $0
Price spread: +0.059% → −0.018%: $7.79
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$7.21
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 5 min ago; Ondo Perps: 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

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Backpack live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.6 bp −$562	295.3 bp −$147.7K
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff BTC-PERP	−0.0080%	1h	85,465	+0.033%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,461.7	+0.029%	$422.8M	$681.9M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,467	+0.035%	$307K	$23.3M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,481.8	+0.052%	$344K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,476.9	+0.046%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0007%	8h	85,465.9	+0.034%	$932.4M	$775.9M	125x	as long as short
Aster BTCUSDT	+0.0028%	8h	85,465.1	+0.033%	$502.4M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0030%	1h	85,475.8	+0.045%	$16.7M	$21.0M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0066%	1h	85,501.7	+0.075%	$831.0M	$1.66B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,480.8	+0.051%	$186.3M	$949.4M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,516	+0.092%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDT	+0.0080%	8h	85,470.8	+0.039%	—	$1.58B	—	as long as short
Lighter BTC	+0.0096%	1h	85,480.5	+0.051%	$170.3M	$941.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,482.3	+0.053%	$23.6M	$133.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,473	+0.042%	$8.7M	$58.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,459.1	+0.026%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,452	+0.017%	$265K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,509.1	+0.084%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,471.1	+0.040%	$24.1M	$220.2M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,500.4	+0.074%	$40.1M	$605.5M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,467	+0.035%	$9.41B	$25.13B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,466.1	+0.034%	$5.09B	$10.01B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,468.7	+0.037%	$2.61B	$12.22B	100x	as long as short
Ondo Perps BTC-USD.Pshort	+0.0100%	1h	85,488	+0.059%	$3.9M	$17.3M	25x
Arcus BTC-USD	+0.0100%	1h	85,485.1	+0.056%	$4.6M	$97.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,382	−0.065%	$697.9M	$180.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,471.3	+0.040%	$5.50B	$9.85B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,467.8	+0.036%	$5.05B	$5.72B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,466.6	+0.034%	$2.98B	$5.17B	150x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,437.2	long leg	$37.8M	$193.8M	75x
Variational Omni BTC	+0.0100%	8h	85,465.8	+0.034%	$155.8M	$547.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,416.6	−0.024%	$283.2M	$960.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,448.6	+0.013%	$214.4M	$157.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,449.8	+0.015%	$136.7M	$313.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,472.1	+0.041%	$30.1M	$217.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,541.3	+0.122%	—	$9.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,261	−0.206%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,470	+0.038%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,469.2	+0.037%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,513.8	+0.090%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,481.5	+0.052%	$2.9M	$6.3M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,468	+0.036%	$59.8M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,469.3	+0.038%	$2.26B	$975.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,469.4	+0.038%	$160.6M	$517.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,446.8	+0.011%	$45.7M	$241.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,455.5	+0.021%	—	$107.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,516	+0.092%	$111.6M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0147%	1h	85,458.1	+0.025%	$6.6M	$139.6M	40x	as long as short
Derive BTC-PERP	+0.0170%	1h	85,488.3	+0.060%	$28.8M	$49.6M	15x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,474.6	+0.044%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0187%	8h	85,498	+0.071%	$10.7M	$739.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,496.7	+0.070%	$8.9M	$42.8M	25x	as long as short
Hyperliquid BTC	+0.0242%	1h	85,560	+0.144%	$3.82B	$5.14B	40x	as long as short
Aftermath Perps BTCUSD	+0.0291%	1h	85,442.2	+0.006%	$81K	$246K	20x	as long as short
Hibachi BTC/USDT-P	+0.0336%	1h	85,530.4	+0.109%	$686K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,484.3	+0.055%	$468K	$18.4M	6.7x	as long as short