Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.006%

Price spread now: Orderly against Backpack0.000%46s7-day average +0.029% · you sell dearer than you buy

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

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.181%+$18 on $10k

Price spread, last 3 days (all we have)+0.027%+$3 · spread now 0.000%, 7d avg +0.029%

Together, before fees+0.208%+$21 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: Orderly is 0.028% cheaper against Backpack than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.029%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	86,541.9	0.0100	pay 0.0013% / 1h	51m 10s	$37.8M	$154.7M	75x
Short	Orderly PERP_BTC_USDC	86,542.3	0.0100	get 0.0100% / 8h	51m 10s	$2.4M	$8.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → +0.029%: −$2.84
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$18.84
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 3 min ago; Orderly: 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, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.9 bp −$586	243.5 bp −$121.8K
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Phoenix BTC	−0.0118%	1h	86,543	+0.001%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,565	+0.027%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,601	+0.068%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,547.5	+0.007%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,556.1	+0.016%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0003%	8h	86,540.9	−0.001%	$502.4M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,569.8	+0.032%	$916.8M	$1.49B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,558.5	+0.019%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0010%	8h	86,535.4	−0.008%	$849.0M	$713.9M	125x	as long as short
Reya BTCRUSDPERP	+0.0024%	1h	86,533.6	−0.010%	$6.7M	$145.3M	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	+0.0041%	8h	86,540.2	−0.002%	—	$1.59B	—	as long as short
dYdX BTC-USD	+0.0045%	1h	86,591.4	+0.057%	$17.0M	$21.1M	50x	as long as short
Phemex BTCUSDT	+0.0045%	8h	86,537.8	−0.005%	$149.6M	$479.5M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,529.9	−0.014%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,536.2	−0.007%	$5.14B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,531.1	−0.013%	$9.43B	$24.54B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,532.7	−0.011%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,539	−0.003%	$5.88B	$10.71B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,544.5	+0.003%	$170.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,555.5	+0.016%	$24.1M	$151.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,537	−0.006%	$8.5M	$52.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0097%	1h	86,536.1	−0.007%	$79K	$220K	20x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,535.1	−0.008%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,522	−0.023%	$199K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,586.7	+0.052%	$4.8M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,559.1	+0.020%	$21.8M	$234.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,618	+0.088%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,592.1	+0.058%	$41.2M	$521.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,535.9	−0.007%	$2.55B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,555	+0.015%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,575.9	+0.039%	$7.6M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,382.9	−0.184%	$571.1M	$18.1M	40x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	86,541.9	long leg	$37.8M	$154.7M	75x
Variational Omni BTC	+0.0100%	8h	86,463.3	−0.091%	$155.7M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,512.3	−0.034%	$279.6M	$945.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,538.5	−0.004%	$217.2M	$173.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,585.9	+0.051%	$141.5M	$323.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,534.4	−0.009%	$30.7M	$204.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,593.7	+0.060%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,538	−0.005%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,538	−0.005%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	86,542.3	0.000%	$2.4M	$8.8M	100x
Bluefin BTC-PERP	+0.0100%	1h	86,570.9	+0.034%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,571.2	+0.034%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,524.7	−0.020%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,536	−0.007%	$60.5M	$337.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,532.8	−0.011%	$2.30B	$969.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,516.4	−0.029%	$45.4M	$227.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,557.8	+0.018%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,564	+0.026%	$191.9M	$949.5M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,589.7	+0.055%	$417K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,578.6	+0.042%	$132.8M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,592.1	+0.058%	$718K	$8.0M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0191% / S −0.0213%	1h	86,554.2	+0.014%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0192%	8h	86,530.5	−0.013%	$414.3M	$658.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	86,583	+0.047%	$9.7M	$740.2M	6.4x	as long as short