BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRnext payment +$0.13 per $10,000 · paid last 24h −0.033%

Price spread now: Backpack against Deribit−0.003%50s7-day average −0.079% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$170.172% of the position

Long on Deribit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.132%−$13 on $10k

Price spread, last 3 days (all we have)−0.058%−$6 · spread now −0.003%, 7d avg −0.079%

Together, before fees−0.190%−$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.076% dearer against Deribit than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.079%. Mind the row above: over the last 7 days funding on this pair cost −0.132%, so the current rate has only just turned in your favour. The two prices were read 50 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	Deribit BTC-PERPETUAL	86,578	0	get 0.0000% / 1h	52m 17s	$916.8M	$1.49B	50x
Short	Backpack BTC_USDC_PERP	86,575.6	0.0100	get 0.0013% / 1h	52m 17s	$37.8M	$154.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Deribit. 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 DeribitbpFee BackpackbpOrdersPrice spread, now −0.003%Rate

Funding earned: $21
Price spread: −0.003% → −0.079%: $7.64
Slippage, 4 orders: −$0.19
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $11.45
Costs to cover: 0.172%
Break-even: 3.2 days

Slippage from Deribit: 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 Deribit live order book, 2 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	6.2 bp −$619	11.3 bp −$5,632
Sell Backpack live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.1 bp −$51	6.3 bp −$632	31.0 bp −$15.5K

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	−0.040%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,521	−0.066%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,601	+0.027%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,554.7	−0.027%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,562.9	−0.017%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0004%	8h	86,554.3	−0.027%	$503.9M	$1.15B	200x	as long as short
Deribit BTC-PERPETUALlong	0.0000%	1h	86,578	long leg	$916.8M	$1.49B	50x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,562.4	−0.018%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0009%	8h	86,550.8	−0.031%	$850.6M	$713.9M	125x	as long as short
Reya BTCRUSDPERP	+0.0024%	1h	86,550.1	−0.032%	$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	86,542	−0.042%	—	$1.59B	—	as long as short
dYdX BTC-USD	+0.0044%	1h	86,591.4	+0.016%	$17.0M	$21.1M	50x	as long as short
Phemex BTCUSDT	+0.0044%	8h	86,574.7	−0.004%	$149.8M	$478.4M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,543.8	−0.040%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,550.7	−0.032%	$5.13B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,549	−0.033%	$9.43B	$24.53B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,537.6	−0.047%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,551.6	−0.031%	$5.88B	$10.71B	200x	as long as short
Aftermath Perps BTCUSD	+0.0094%	1h	86,520.9	−0.066%	$79K	$220K	20x	as long as short
Lighter BTC	+0.0096%	1h	86,545.5	−0.038%	$170.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,573.7	−0.005%	$24.1M	$151.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,550	−0.032%	$8.5M	$52.5M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,541	−0.043%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,525	−0.061%	$199K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,575.6	−0.003%	$4.8M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,550.1	−0.032%	$21.8M	$234.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,626	+0.055%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,572.1	−0.007%	$41.2M	$521.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,537.9	−0.046%	$2.55B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,556	−0.025%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,583.4	+0.006%	$7.6M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,382.9	−0.225%	$571.1M	$18.1M	40x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	86,575.6	−0.003%	$37.8M	$154.7M	75x
Variational Omni BTC	+0.0100%	8h	86,463.3	−0.133%	$155.7M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,512.3	−0.076%	$279.6M	$945.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,538.5	−0.046%	$217.2M	$173.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,442	−0.157%	$141.3M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,570.1	−0.009%	$30.7M	$204.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,602.7	+0.029%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,554	−0.028%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,553	−0.029%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,541.5	−0.042%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,572.8	−0.006%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,577.2	−0.001%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,541.5	−0.042%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,543	−0.040%	$60.5M	$337.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,550	−0.032%	$2.30B	$969.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,520.7	−0.066%	$45.3M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,571.2	−0.008%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,578.5	+0.001%	$191.9M	$949.4M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,569.4	−0.010%	$417K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,618.7	+0.047%	$132.8M	$5.69B	50x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,561.3	−0.019%	$718K	$8.1M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0190% / S −0.0213%	1h	86,566.7	−0.013%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0191%	8h	86,574.8	−0.004%	$414.3M	$658.4M	150x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	86,581	+0.003%	$9.8M	$739.4M	6.4x	as long as short