BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0077%/8h= +8.4% APRnext payment +$0.10 per $10,000 · paid last 24h +0.026%

Price spread now: Backpack against Injective+0.166%72s7-day average −0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as 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−$160.160% of the position

Long on Injective Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.126%−$13 on $10k

Price spread, last 4 days (all we have)−0.171%−$17 · spread now +0.166%, 7d avg −0.046%

Together, before fees−0.297%−$30 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.212% dearer against Injective than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of −0.046%. Mind the row above: over the last 7 days funding on this pair cost −0.126%, so the current rate has only just turned in your favour. The two prices were read 72 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	Injective BTC/USDC PERP	85,225	0.0023	pay 0.0003% / 1h	17m 51s	$338K	$26.8M	52x
Short	Backpack BTC_USDC_PERP	85,366.5	0.0100	get 0.0013% / 1h	17m 51s	$36.3M	$176.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Injective. 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 InjectivebpFee BackpackbpOrdersPrice spread, now +0.166%Rate

Funding earned: $16.18
Price spread: +0.166% → −0.046%: $21.21
Slippage, 4 orders: −$5.98
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Net: $21.39
Costs to cover: 0.160%
Break-even: from the start

Slippage from Injective: live order book, 1 min ago; Backpack: live order book, 1 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 Injective live order book, 1 min ago	1.87 bp	2.0 bp −$2	11.6 bp −$116	doesn't fit	doesn't fit
Sell Backpack live order book, 1 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.3 bp −$626	18.3 bp −$9,129

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
Perpl BTC	−0.0112%	43m	85,373.5	+0.174%	$526K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,308	+0.097%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,393	+0.197%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,340.9	+0.136%	$922.6M	$765.1M	125x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,351	+0.148%	$420.0M	$681.5M	150x	as long as short
Aster BTCUSDT	−0.0014%	8h	85,349.4	+0.146%	$512.8M	$1.09B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,373.6	+0.174%	$354K	$2.4M	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,341.2	+0.136%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,397	+0.202%	$36.5M	—	200x	as long as short
Injective BTC/USDC PERPlong	+0.0023%	1h	85,225	long leg	$338K	$26.8M	52x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0038%	1h	85,347.8	+0.144%	$24.8M	$222.5M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,403.1	+0.209%	$187.6M	$954.5M	100x	as long as short
BingX BTC-USDC	+0.0068%	8h	85,336.4	+0.131%	—	$17.4M	—	as long as short
Phemex BTCUSDT	+0.0074%	8h	85,376.5	+0.178%	$147.8M	$505.3M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,381.2	+0.183%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0086%	8h	85,350.6	+0.147%	$2.96B	$5.16B	150x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,355.9	+0.154%	$5.05B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,355.6	+0.153%	$9.44B	$24.86B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,391	+0.195%	$171.1M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,390.3	+0.194%	$23.7M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,358	+0.156%	$8.3M	$55.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,418.5	+0.227%	$117.3M	$5.41B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,330	+0.123%	$237K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,404.6	+0.211%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,455	+0.270%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,372.5	+0.173%	$40.0M	$597.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,349.3	+0.146%	$5.15B	$9.95B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,350.1	+0.147%	$2.58B	$12.20B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,342	+0.137%	$3.8M	$17.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,358.5	+0.157%	$4.6M	$98.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,163.7	−0.072%	$678.5M	$565.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,352	+0.149%	$5.50B	$11.02B	200x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	85,366.5	+0.166%	$36.3M	$176.6M	75x
Variational Omni BTC	+0.0100%	8h	85,218.8	−0.007%	$154.2M	$561.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,241.6	+0.020%	$279.4M	$948.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,107.4	−0.138%	$213.8M	$166.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,093.4	−0.154%	$139.1M	$315.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,285.1	+0.070%	$30.1M	$207.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,429.8	+0.240%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,372	+0.172%	$11.0M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,384	+0.187%	$205K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,387.2	+0.190%	$2.6M	$9.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,434.5	+0.246%	$228K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,361.5	+0.160%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,358.3	+0.156%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,388	+0.191%	$59.8M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,369	+0.169%	$2.26B	$941.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,328.8	+0.122%	$45.0M	$239.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,394.8	+0.199%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0117%	1h	85,373.1	+0.174%	$6.6M	$147.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0162%	1h	85,426.2	+0.236%	$866.8M	$1.61B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,388.1	+0.191%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0190%	8h	85,387	+0.190%	$11.5M	$743.3M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0220%	1h	85,263.3	+0.045%	$78K	$227K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,319.8	+0.111%	$688K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,363.5	+0.162%	$8.7M	$43.3M	25x	as long as short