Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.026%

Price spread now: Backpack against edgeX+0.021%7-day average +0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$200.203% of the position

Long on edgeX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.069%+$7 on $10k

Price spread, last 7 days−0.506%−$51 · spread now +0.021%, 7d avg +0.024%

Together, before fees−0.437%+ Points / potential airdropedgeX: Active · farm board−$44 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX BTCUSDC	86,512.3	0.0100	pay 0.0050% / 4h	51m 04s	$279.6M	$945.1M	100x
Short	Backpack BTC_USDC_PERP	86,530.4	0.0100	get 0.0013% / 1h	51m 04s	$37.8M	$154.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against edgeX. 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 edgeXbpFee BackpackbpOrdersPrice spread, now +0.021%Rate

Funding earned: $0
Price spread: +0.021% → +0.024%: −$0.29
Slippage, 4 orders: −$1.32
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$20.6
Costs to cover: 0.203%
Break-even: never at this rate

Slippage from edgeX: 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 edgeX live order book, 3 min ago	0.01 bp	4.6 bp −$5	4.6 bp −$46	4.9 bp −$487	6.4 bp −$3,197
Sell Backpack live order book, 3 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	+0.036%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,565	+0.061%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,601	+0.103%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,547.5	+0.041%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,556.1	+0.051%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0003%	8h	86,541.8	+0.034%	$502.4M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,569.8	+0.066%	$916.8M	$1.49B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,558.5	+0.053%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0010%	8h	86,534.1	+0.025%	$850.2M	$714.3M	125x	as long as short
Reya BTCRUSDPERP	+0.0024%	1h	86,533.6	+0.025%	$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	86,538.8	+0.031%	—	$1.59B	—	as long as short
dYdX BTC-USD	+0.0045%	1h	86,591.4	+0.092%	$17.0M	$21.1M	50x	as long as short
Phemex BTCUSDT	+0.0045%	8h	86,537.8	+0.030%	$149.6M	$479.5M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,537.4	+0.029%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,530.3	+0.021%	$5.16B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,541.7	+0.034%	$9.43B	$24.54B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,532.7	+0.024%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,546.2	+0.039%	$5.88B	$10.71B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,544.5	+0.037%	$170.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,555.5	+0.050%	$24.1M	$151.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,537	+0.029%	$8.5M	$52.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0097%	1h	86,536.1	+0.028%	$79K	$220K	20x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,546.7	+0.040%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,522	+0.011%	$199K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,586.7	+0.086%	$4.8M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,559.1	+0.054%	$21.8M	$234.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,613	+0.116%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,592.1	+0.092%	$41.2M	$521.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,550.5	+0.044%	$2.55B	$12.75B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,555	+0.049%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,575.9	+0.074%	$7.6M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,382.9	−0.150%	$571.1M	$18.1M	40x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	86,530.4	+0.021%	$37.8M	$154.7M	75x
Variational Omni BTC	+0.0100%	8h	86,463.3	−0.057%	$155.7M	$568.3M	—	as long as short
edgeX BTCUSDClong	+0.0100%	4h	86,512.3	long leg	$279.6M	$945.1M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	86,538.5	+0.030%	$217.2M	$173.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,585.9	+0.085%	$141.5M	$323.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,534.4	+0.026%	$30.7M	$204.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,593.7	+0.094%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,538	+0.030%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,538	+0.030%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,542.3	+0.035%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,570.9	+0.068%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,571.2	+0.068%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,524.7	+0.014%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,536	+0.027%	$60.5M	$337.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,532.8	+0.024%	$2.30B	$969.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,516.4	+0.005%	$45.4M	$227.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,557.8	+0.053%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,564	+0.060%	$191.9M	$949.5M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,589.7	+0.089%	$417K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,578.6	+0.077%	$132.8M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,592.1	+0.092%	$718K	$8.0M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0191% / S −0.0213%	1h	86,554.2	+0.048%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0192%	8h	86,530.5	+0.021%	$414.3M	$658.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	86,583	+0.082%	$9.7M	$740.2M	6.4x	as long as short