Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0038%/8hnext payment +$0.05 per $10,000 · paid last 24h +0.174%

Price spread now: Backpack against Bluefin−0.030%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$230.230% of the position

Long on Bluefin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.143%+$14 on $10k

Price spread, last 3 days (all we have)+0.012%+$1 · spread now −0.030%, 7d avg −0.007%

Together, before fees+0.156%+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.023% cheaper against Bluefin than usual: you would sell low and buy high (spread −0.030% now, against its 7-day average of −0.007%). If the spread goes back, that is −$2 on $10k: about 47 hours of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	86,533.3	0.0062	pay 0.0008% / 1h	6m 31s	$141K	$505K	40x
Short	Backpack BTC_USDC_PERP	86,507.3	0.0100	get 0.0013% / 1h	6m 31s	$37.4M	$140.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bluefin. 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 BluefinbpFee BackpackbpOrdersPrice spread, now −0.030%Rate

Funding earned: $8.08
Price spread: −0.030% → −0.007%: −$2.26
Slippage, 4 orders: −$6
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$17.19
Costs to cover: 0.230%
Break-even: 21.9 days

Slippage from Bluefin: live order book, 27 min ago; Backpack: live order book, 2 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 Bluefin live order book, 27 min ago	0.93 bp	6.3 bp −$6	11.8 bp −$118	doesn't fit	doesn't fit
Sell Backpack live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.1 bp −$611	25.2 bp −$12.6K

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	−0.0132%	1h	86,513	−0.023%	$2.1M	$11.1M	40x	as long as short
Perpl BTC	−0.0112%	43m	86,474.6	−0.068%	$410K	$25.9M	6.7x	as long as short
BloFin BTC-USDT	−0.0082%	8h	86,503.8	−0.034%	$422.7M	$595.4M	150x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,489	−0.051%	$9K	$4K	50x	as long as short
Aftermath Perps BTCUSD	−0.0046%	1h	86,527.5	−0.007%	$85K	$166K	20x	as long as short
Kraken Futures PF_XBTUSD	−0.0030%	1h	86,539	+0.007%	$184.7M	$860.0M	100x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,510.6	−0.026%	$303K	$2.4M	50x	as long as short
dYdX BTC-USD	−0.0014%	1h	86,517	−0.019%	$17.3M	$18.2M	50x	as long as short
KuCoin XBTUSDTM	−0.0010%	8h	86,478	−0.064%	$823.2M	$665.9M	125x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,543	+0.011%	$8.8M	$694.0M	6.4x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	0.0000%	1h	86,572	+0.045%	$327K	$27.0M	52x	as long as short
Reya BTCRUSDPERP	+0.0004%	1h	86,488.6	−0.052%	$6.7M	$139.9M	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,541.8	+0.010%	$37.1M	—	200x	as long as short
BingX BTC-USDT	+0.0006%	8h	86,457.4	−0.088%	—	$1.46B	—	as long as short
Bitget BTCUSDT	+0.0008%	8h	86,479.4	−0.062%	$2.97B	$4.90B	150x	as long as short
SoDEX BTC-USD	+0.0010%	1h	86,493	−0.047%	$61.1M	$311.5M	40x	as long as short
Aster BTCUSDT	+0.0021%	8h	86,465	−0.079%	$506.3M	$1.12B	200x	as long as short
RISEx BTC/USDC	+0.0027%	1h	86,496.6	−0.042%	$8.9M	$39.7M	25x	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,509.6	−0.027%	$153.6M	$444.1M	150x	as long as short
MEXC BTC_USDT	+0.0037%	8h	86,471.2	−0.072%	$5.13B	$5.35B	500x	as long as short
Binance BTCUSDT	+0.0038%	8h	86,484.3	−0.057%	$9.53B	$23.28B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0039%	8h	86,472.7	−0.070%	$2.63B	$12.17B	100x	as long as short
Aevo BTC-PERP	+0.0040%	1h	86,506.4	−0.031%	$2.4M	$1.3M	20x	as long as short
ApeX Omni BTCUSDT	+0.0043%	1h	86,479.2	−0.063%	$140.5M	$320.6M	100x	as long as short
Bluefin BTC-PERPlong	+0.0062%	1h	86,533.3	long leg	$141K	$505K	40x
Bulk BTC-USD	+0.0062%	1h	86,467	−0.077%	$570.2M	$47.0M	40x	as long as short
HTX BTC-USDT	+0.0066%	8h	86,502.7	−0.035%	$2.30B	$896.1M	200x	as long as short
Gate BTC_USDT	+0.0069%	8h	86,449.9	−0.096%	$5.98B	$10.20B	200x	as long as short
Bybit BTCUSDT	+0.0076%	8h	86,482.4	−0.059%	$5.29B	$9.20B	150x	as long as short
Popdex BTCUSDT	+0.0080%	1h	86,487	−0.054%	$8.5M	$49.9M	100x	as long as short
Orderly PERP_BTC_USDC	+0.0089%	8h	86,522.4	−0.013%	$2.3M	$7.7M	100x	as long as short
Variational Omni BTC	+0.0089%	8h	86,459	−0.086%	$163.4M	$537.2M	—	as long as short
Lighter BTC	+0.0096%	1h	86,466.8	−0.077%	$172.9M	$980.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,476.4	−0.066%	$24.2M	$146.9M	50x	as long as short
Hibachi BTC/USDT-P	+0.0096%	1h	86,542.8	+0.011%	$615K	$6.8M	30x	as long as short
GRVT BTC_USDT_Perp	+0.0097%	8h	86,471.7	−0.071%	$217.2M	$181.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	86,484.5	−0.056%	$4.5M	$7.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,498	−0.041%	$212K	$6.1M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,456	−0.089%	$23.4M	$229.8M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,477.1	−0.065%	$37.3M	$446.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,503	−0.035%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,518.4	−0.017%	$6.9M	$92.5M	40x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	86,507.3	−0.030%	$37.4M	$140.5M	75x
edgeX BTCUSDC	+0.0100%	4h	86,473	−0.070%	$284.3M	$906.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,505.7	−0.032%	$30.8M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,563	+0.034%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,499	−0.040%	$11.0M	$13.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,484	−0.057%	$237K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,507.7	−0.030%	$30.2M	$60.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,480.9	−0.061%	$3.4M	$5.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,438	−0.110%	$47.9M	$218.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,519.5	−0.016%	—	$87.2M	500x	as long as short
Hyperliquid BTC	+0.0153%	1h	86,582	+0.056%	$3.99B	$4.76B	40x	as long as short
Coinbase International BTC-PERP-INTX	+0.0168%	1h	86,556.4	+0.027%	$131.6M	$5.90B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0203%	1h	86,539.1	+0.007%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0212%	1h	86,569.8	+0.042%	$932.5M	$1.22B	50x	as long as short