BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0260%/8h= +28.5% APRnext payment +$0.32 per $10,000 · paid last 24h +0.023%

Price spread now: Backpack against Phoenix−0.124%80s7-day average −0.055% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as 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 Phoenix Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.048%−$5 on $10k

Price spread, last 7 days−0.356%−$36 · spread now −0.124%, 7d avg −0.055%

Together, before fees−0.405%−$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.069% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.124% now, against its 7-day average of −0.055%). If the spread goes back, that is −$7 on $10k: about 21 hours of funding at the current rate (+$8 a day). The two prices were read 80 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.048% in total (about -2.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.32 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	85,585	−0.0160	get 0.0020% / 1h	38m 17s	$2.2M	$10.3M	40x
Short	Backpack BTC_USDC_PERP	85,478.8	0.0100	get 0.0013% / 1h	38m 17s	$35.2M	$172.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phoenix. 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 PhoenixbpFee BackpackbpOrdersPrice spread, now −0.124%Rate

Funding earned: $54.57
Price spread: −0.124% → −0.055%: −$6.9
Slippage, 4 orders: −$0.24
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $30.43
Costs to cover: 0.172%
Break-even: 3.1 days

Slippage from Phoenix: live order book, 6 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 Phoenix live order book, 6 min ago	0.06 bp	3.6 bp −$4	6.4 bp −$64	12.3 bp −$1,234	doesn't fit
Sell Backpack live order book, 1 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.7 bp −$571	22.1 bp −$11.1K

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 BTClong	−0.0160%	1h	85,585	long leg	$2.2M	$10.3M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,554	−0.036%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,506.3	−0.092%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,520.2	−0.076%	$414.8M	$661.8M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,541.7	−0.051%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,518.1	−0.078%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,502.3	−0.097%	$22.7M	$221.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	85,490.2	−0.111%	$917.1M	$752.9M	125x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,499.5	−0.100%	$515.1M	$1.11B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0054%	1h	85,543.4	−0.049%	$893.3M	$1.52B	50x	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	+0.0054%	8h	85,495	−0.105%	—	$1.54B	—	as long as short
HTX BTC-USDT	+0.0063%	8h	85,483.2	−0.119%	$2.26B	$932.5M	200x	as long as short
Reya BTCRUSDPERP	+0.0067%	1h	85,495.3	−0.105%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,487.9	−0.113%	$2.95B	$5.02B	150x	as long as short
Phemex BTCUSDT	+0.0076%	8h	85,485.8	−0.116%	$148.3M	$478.7M	150x	as long as short
SunX BTC-USDT	+0.0077%	8h	85,516.3	−0.080%	$2.9M	$6.1M	100x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	−0.008%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,497.3	−0.102%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,498	−0.102%	$5.05B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,488.8	−0.112%	$9.32B	$23.87B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,510.6	−0.087%	$169.6M	$987.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,498.9	−0.101%	$23.9M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,518	−0.078%	$8.4M	$51.9M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,579.8	−0.006%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,495	−0.105%	$203K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,575	−0.012%	$3.77B	$4.93B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,574.1	−0.013%	$40.5M	$573.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,497.3	−0.103%	$5.33B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,500	−0.099%	$2.56B	$12.10B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,539	−0.054%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,490.8	−0.110%	$7.2M	$97.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	−0.026%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,507.5	−0.091%	$5.54B	$10.47B	200x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	85,478.8	−0.124%	$35.2M	$172.0M	75x
Variational Omni BTC	+0.0100%	8h	85,503.7	−0.095%	$154.4M	$549.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,550.1	−0.041%	$278.9M	$928.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,591.1	+0.007%	$214.8M	$164.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,603.5	+0.022%	$140.0M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,595.1	+0.012%	$30.3M	$210.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,572.6	−0.015%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,499	−0.100%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,517	−0.079%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,501.5	−0.098%	$2.3M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	84,662.5	−1.078%	$194K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,505.3	−0.093%	$29.9M	$52.6M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,504	−0.095%	$59.9M	$336.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,482.5	−0.120%	$44.1M	$227.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,541.7	−0.051%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,530.2	−0.064%	$130.3M	$5.08B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,555.5	−0.034%	$8.3M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0139%	1h	85,513.7	−0.083%	$188.4M	$948.3M	100x	as long as short
Aftermath Perps BTCUSD	+0.0196%	1h	85,566.9	−0.021%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,573.8	−0.013%	$699K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,518.5	−0.078%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0213%	8h	85,558	−0.032%	$10.5M	$759.9M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,557.8	−0.032%	$522K	$19.4M	6.7x	as long as short