Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.007%

Price spread now: Backpack against Bullet−0.017%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$190.192% of the position

Long on Bullet Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.067%−$7 on $10k

Price spread, last 7 days−0.491%−$49 · spread now −0.017%, 7d avg −0.021%

Together, before fees−0.558%−$56 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet BTC-USD	86,446.8	0.0100	pay 0.0013% / 1h	32m 08s	$192K	$3.3M	20x
Short	Backpack BTC_USDC_PERP	86,432.2	0.0100	get 0.0013% / 1h	32m 08s	$38.3M	$153.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bullet. 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 BulletbpFee BackpackbpOrdersPrice spread, now −0.017%Rate

Funding earned: $0
Price spread: −0.017% → −0.021%: $0.43
Slippage, 4 orders: −$1.16
Fee Bullet: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$18.73
Costs to cover: 0.192%
Break-even: never at this rate

Slippage from Bullet: live order book, 2 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 Bullet live order book, 2 min ago	0.23 bp	4.8 bp −$5	7.8 bp −$78	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	5.6 bp −$562	20.4 bp −$10.2K

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
Bluefin BTC-PERP	−0.0534%	1h	86,457	+0.012%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,627	+0.208%	$2.2M	$11.8M	40x	as long as short
Aftermath Perps BTCUSD	−0.0101%	1h	86,569	+0.141%	$83K	$216K	20x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,461	+0.016%	$9K	$3K	50x	as long as short
Aster BTCUSDT	−0.0010%	8h	86,440	−0.008%	$504.4M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,476.6	+0.034%	$358K	$2.4M	50x	as long as short
dYdX BTC-USD	−0.0008%	1h	86,483.7	+0.043%	$17.1M	$20.7M	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,435.5	−0.013%	$851.5M	$708.5M	125x	as long as short
Perpl BTC	0.0000%	43m	86,500.3	+0.062%	$422K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,487	+0.047%	$922.9M	$1.48B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,470.9	+0.028%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,465.3	+0.021%	$8.5M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,427.6	−0.022%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.130%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,464.9	+0.021%	$149.6M	$475.9M	150x	as long as short
BingX BTC-USDC	+0.0034%	8h	86,414	−0.038%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0043%	8h	86,431.6	−0.018%	$2.94B	$5.08B	150x	as long as short
Hibachi BTC/USDT-P	+0.0048%	1h	86,530.4	+0.097%	$730K	$8.2M	30x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,458	+0.013%	$5.14B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,451.4	+0.005%	$9.41B	$24.33B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,432.2	−0.017%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0074%	8h	86,433	−0.016%	$5.84B	$10.66B	200x	as long as short
Bybit BTCUSDT	+0.0089%	8h	86,455.3	+0.010%	$5.27B	$9.71B	150x	as long as short
SoDEX BTC-USD	+0.0090%	1h	86,447	0.000%	$60.4M	$337.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,460.3	+0.016%	$171.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,475.6	+0.033%	$24.0M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,462	+0.018%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,449	+0.003%	$200K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,495.1	+0.056%	$4.8M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,455.6	+0.010%	$21.9M	$233.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,504	+0.066%	$3.80B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,499.9	+0.061%	$41.0M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,430.7	−0.019%	$2.54B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,466	+0.022%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,538.1	+0.106%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.296%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	86,432.2	−0.017%	$38.3M	$153.6M	75x
Variational Omni BTC	+0.0100%	8h	86,541.3	+0.109%	$156.5M	$566.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,509.2	+0.072%	$279.5M	$944.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,543.9	+0.112%	$217.3M	$174.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,543.1	+0.111%	$141.5M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,497.5	+0.059%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,498	+0.059%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,435	−0.014%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	86,446.8	long leg	$192K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,457.1	+0.012%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,449.2	+0.003%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,462.6	+0.018%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,442.7	−0.005%	$2.29B	$965.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,432.2	−0.017%	$46.4M	$225.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,483.1	+0.042%	—	$98.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,502.9	+0.065%	$131.7M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,498.6	+0.060%	$191.1M	$937.7M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,473.2	+0.031%	$414.5M	$651.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0183% / S −0.0216%	1h	86,463.2	+0.019%	$15.4M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	86,478	+0.036%	$9.8M	$729.6M	6.4x	as long as short