BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0012%/8h= −1.3% APRnext payment −$0.01 per $10,000 · paid last 24h −0.014%

Price spread now: Backpack against Coinbase International−0.047%7-day average −0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$200.200% of the position

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.131%−$13 on $10k

Price spread, last 3 days (all we have)−0.024%−$2 · spread now −0.047%, 7d avg −0.072%

Together, before fees−0.154%−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.024% dearer against Coinbase International than usual: you sell high and buy low (spread −0.047% now, against its 7-day average of −0.072%): +$2 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 6.8 days. At the pace of the last 7 days (−0.131% in total) that is about 31 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	85,765.4	0.0112	pay 0.0014% / 1h	26m 32s	$131.1M	$5.16B	50x
Short	Backpack BTC_USDC_PERP	85,724.9	0.0100	get 0.0013% / 1h	26m 32s	$35.3M	$164.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now −0.047%Rate

Funding earned: −$2.52
Price spread: −0.047% → −0.072%: $2.44
Slippage, 4 orders: −$0.02
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$20.11
Costs to cover: 0.200%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Backpack: live order book, 3 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 Coinbase International live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.6 bp −$564	12.8 bp −$6,395
Sell Backpack live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.9 bp −$585	27.3 bp −$13.7K

BTC on 55 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	−0.0144%	1h	85,735	−0.035%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,748	−0.020%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,771.6	+0.007%	$365K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,792.2	+0.031%	$514K	$20.7M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	85,751.5	−0.016%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,754.9	−0.012%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.087%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0033%	8h	85,734.9	−0.036%	$903.3M	$754.9M	125x	as long as short
Aster BTCUSDT	+0.0035%	8h	85,765.1	0.000%	$516.7M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,798.5	+0.039%	$8.2M	$42.1M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0055%	8h	85,781.3	+0.019%	—	$1.57B	—	as long as short
Reya BTCRUSDPERP	+0.0057%	1h	85,744.4	−0.024%	$6.7M	$146.2M	40x	as long as short
Nado BTC-PERP	+0.0058%	1h	85,740	−0.030%	$22.6M	$227.8M	50x	as long as short
HTX BTC-USDT	+0.0064%	8h	85,731	−0.040%	$2.27B	$947.9M	200x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,773.5	+0.009%	$2.95B	$5.08B	150x	as long as short
ApeX Omni BTCUSDT	+0.0070%	1h	85,752.5	−0.015%	$140.2M	$319.5M	100x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,732	−0.039%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0090%	8h	85,759.9	−0.006%	$5.07B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,784.8	+0.023%	$9.34B	$24.31B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,757.1	−0.010%	$170.4M	$989.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,754.5	−0.013%	$23.6M	$147.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,785	+0.023%	$8.4M	$51.9M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,752	−0.016%	$203K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,744.2	−0.025%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,798	+0.038%	$3.77B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,780.3	+0.017%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,796.7	+0.036%	$5.30B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,797.9	+0.038%	$2.54B	$12.37B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,764	−0.002%	$4.0M	$18.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,750.4	−0.017%	$7.3M	$98.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,744.8	−0.024%	$590.5M	$195.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,777.2	+0.014%	$5.62B	$10.53B	200x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	85,724.9	−0.047%	$35.3M	$164.2M	75x
Variational Omni BTC	+0.0100%	8h	85,640.3	−0.146%	$156.2M	$559.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,721	−0.052%	$278.7M	$938.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,711.6	−0.063%	$215.2M	$165.9M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,743.8	−0.025%	$30.3M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,827.6	+0.072%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,784	+0.022%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,752	−0.016%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,740.6	−0.029%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,766.7	+0.002%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,740.2	−0.029%	$30.0M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,726.4	−0.045%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,736	−0.034%	$60.0M	$337.4M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,730.6	−0.041%	$153.6M	$480.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,758.1	−0.008%	$44.0M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,778.2	+0.015%	—	$101.2M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0112%	1h	85,765.4	long leg	$131.1M	$5.16B	50x
Hibachi BTC/USDT-P	+0.0136%	1h	85,775.8	+0.012%	$696K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,748.7	−0.020%	$188.8M	$964.9M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0164%	1h	85,773.6	+0.010%	$894.5M	$1.53B	50x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	85,708.8	−0.066%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0192%	1h	85,758.7	−0.008%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	85,777	+0.014%	$10.1M	$770.1M	6.4x	as long as short