Funding you earn now, next payment 09:00 UTC−0.0094%/8h= −10.3% APRnext payment −$0.12 per $10,000 · paid last 24h −0.002%
Price spread now: Backpack against RISEx−0.034%7-day average +0.004% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$21as in the Price arb table
costs, in and out, $10k−$170.174% of the position
Funding, last 4 days (all we have)−0.079%−$8 on $10k
+Price spread, last 7 days−0.252%−$25 · spread now −0.034%, 7d avg +0.004%
=Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Backpack is 0.037% cheaper against RISEx than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.004%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | RISEx BTC/USDC | 85,542.7 | 0.0194 | pay 0.0024% / 1h | 37m 40s | $8.9M | $42.6M | 25x |
| Short | Backpack BTC_USDC_PERP | 85,513.7 | 0.0100 | get 0.0013% / 1h | 37m 40s | $37.8M | $193.7M | 75x |
RISEx BTC/USDC
Backpack BTC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against RISEx. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$19.72
- Price spread: −0.034% → +0.004%
- −$3.74
- Slippage, 4 orders
- −$1.38
- Fee RISEx: 3 bp × 2 orders
- −$6
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$40.84
- Costs to cover
- 0.174%
- Break-even
- never at this rate
Slippage from RISEx: 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 RISEx live order book, 2 min ago | 0.01 bp | 3.0 bp −$3 | 3.0 bp −$30 | 11.2 bp −$1,118 | doesn't fit |
| Sell Backpack live order book, 2 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 6.3 bp −$626 | 37.0 bp −$18.5K |
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 | |
|---|---|---|---|---|---|---|---|---|
| Bluefin BTC-PERP | −0.2014% | 1h | 85,561.5 | +0.022% | $194K | $796K | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,510 | −0.038% | $8K | $2K | 50x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,480.2 | −0.073% | $423.0M | $682.1M | 150x | as long as short |
| Injective BTC/USDC PERP | −0.0006% | 1h | 85,438 | −0.122% | $307K | $24.3M | 52x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,528.1 | −0.017% | $346K | $2.3M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,523.9 | −0.022% | $36.6M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0013% | 8h | 85,516 | −0.031% | $939.2M | $777.8M | 125x | as long as short |
| Aster BTCUSDT | +0.0032% | 8h | 85,506 | −0.043% | $503.0M | $1.08B | 200x | as long as short |
| dYdX BTC-USD | +0.0055% | 1h | 85,512 | −0.036% | $16.8M | $21.0M | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0068% | 1h | 85,528.9 | −0.016% | $186.4M | $946.9M | 100x | as long as short |
Bluefin BTC-PERP
Hotstuff BTC-PERP
BloFin BTC-USDT
Injective BTC/USDC PERP
01 Exchange BTCUSD
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTM
Aster BTCUSDT
dYdX BTC-USD
Kraken Futures PF_XBTUSDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | +0.0075% | 1h | 85,484 | −0.069% | $2.3M | $10.4M | 40x | as long as short |
| BingX BTC-USDT | +0.0080% | 8h | 85,517.9 | −0.029% | — | $1.57B | — | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,529.5 | −0.015% | $170.7M | $944.0M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,532 | −0.013% | $23.6M | $134.2M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,516 | −0.031% | $8.7M | $58.5M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,499.5 | −0.051% | $2.4M | $6.7M | 20x | as long as short |
| Nado BTC-PERP | +0.0098% | 1h | 85,491.7 | −0.060% | $24.1M | $217.4M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,499 | −0.051% | $266K | $8.8M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,556.5 | +0.016% | $5.7M | $9.6M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,545.5 | +0.003% | $40.5M | $604.9M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,517.1 | −0.030% | $9.41B | $25.11B | 150x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,515.6 | −0.032% | $5.09B | $10.00B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,520.1 | −0.026% | $2.61B | $12.18B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,534 | −0.010% | $3.9M | $17.4M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,531.2 | −0.013% | $4.7M | $97.5M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,499.9 | −0.050% | $701.6M | $160.9M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,524.7 | −0.021% | $5.51B | $9.89B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,516.4 | −0.031% | $5.05B | $5.74B | 500x | as long as short |
| Bitget BTCUSDT | +0.0100% | 8h | 85,515.2 | −0.032% | $2.98B | $5.16B | 150x | as long as short |
| Backpack BTC_USDC_PERPshort | +0.0100% | 1h | 85,513.7 | −0.034% | $37.8M | $193.7M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 85,426.7 | −0.136% | $156.0M | $543.6M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,465.2 | −0.091% | $283.4M | $960.7M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,417.2 | −0.147% | $214.5M | $154.9M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,433.9 | −0.127% | $136.7M | $312.2M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,470.7 | −0.084% | $30.1M | $218.8M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,577.7 | +0.041% | — | $10.5M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,510 | −0.038% | $10.9M | $14.8M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,522 | −0.024% | $198K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,511.5 | −0.036% | $2.7M | $9.9M | 100x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,502.5 | −0.047% | $3.0M | $6.8M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,508 | −0.041% | $59.8M | $336.5M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,500 | −0.050% | $2.26B | $973.0M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,523.5 | −0.022% | $161.8M | $517.4M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,493.4 | −0.058% | $45.8M | $241.5M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,486.6 | −0.066% | — | $107.3M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,559 | +0.019% | $111.7M | $5.46B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0148% | 1h | 85,501.7 | −0.048% | $6.6M | $138.6M | 40x | as long as short |
| Derive BTC-PERP | +0.0161% | 1h | 85,508.7 | −0.040% | $28.9M | $52.4M | 15x | as long as short |
| Hyperliquid BTC | +0.0173% | 1h | 85,604 | +0.072% | $3.84B | $5.13B | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0174% / S −0.0148% | 1h | 85,520.3 | −0.026% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0193% | 8h | 85,523 | −0.023% | $10.6M | $738.3M | 6.4x | as long as short |
| RISEx BTC/USDClong | +0.0194% | 1h | 85,542.7 | long leg | $8.9M | $42.6M | 25x | |
| Deribit BTC-PERPETUAL | +0.0256% | 1h | 85,565.8 | +0.027% | $828.0M | $1.66B | 50x | as long as short |
| Aftermath Perps BTCUSD | +0.0308% | 1h | 85,508.9 | −0.040% | $81K | $248K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0352% | 1h | 85,487.4 | −0.065% | $688K | $7.7M | 30x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,524.3 | −0.022% | $466K | $18.1M | 6.7x | as long as short |
Phoenix BTC
BingX BTC-USDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Nado BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Pacifica BTC
Binance BTCUSDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
Bitget BTCUSDT
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
Derive BTC-PERP
Hyperliquid BTC
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Deribit BTC-PERPETUAL
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
Perpl BTC