BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0013%/8h= +1.4% APRnext payment +$0.02 per $10,000 · paid last 24h +0.006%

Price spread now: Backpack against SoDEX+0.071%50s7-day average −0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$180.181% of the position

Long on SoDEX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.043%−$4 on $10k

Price spread, last 3 days (all we have)−0.093%−$9 · spread now +0.071%, 7d avg −0.024%

Together, before fees−0.136%−$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Backpack is 0.095% dearer against SoDEX than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.024%. 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	SoDEX BTC-USD	86,382	0.0087	pay 0.0011% / 1h	26m 14s	$60.3M	$338.0M	40x
Short	Backpack BTC_USDC_PERP	86,443.6	0.0100	get 0.0013% / 1h	26m 14s	$38.2M	$155.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SoDEX. 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 SoDEXbpFee BackpackbpOrdersPrice spread, now +0.071%Rate

Funding earned: $2.7
Price spread: +0.071% → −0.024%: $9.51
Slippage, 4 orders: −$0.13
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$5.93
Costs to cover: 0.181%
Break-even: 22.4 days

Slippage from SoDEX: 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 SoDEX live order book, 3 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	4.8 bp −$476	38.8 bp −$19.4K
Sell Backpack live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.7 bp −$673	66.8 bp −$33.4K

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	86,477	+0.110%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,413	+0.036%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.215%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,420.6	+0.045%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,420.5	+0.045%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,403.4	+0.025%	$501.4M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,446.6	+0.075%	$415K	$23.1M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,423.2	+0.048%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,427.1	+0.052%	$849.9M	$715.7M	125x	as long as short
Deribit BTC-PERPETUAL	+0.0026%	1h	86,422.6	+0.047%	$914.5M	$1.48B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0031%	1h	86,401.1	+0.022%	$6.7M	$145.5M	40x	as long as short
BingX BTC-USDT	+0.0042%	8h	86,402	+0.023%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,380.1	−0.002%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0053%	8h	86,396.4	+0.017%	$150.5M	$478.5M	150x	as long as short
dYdX BTC-USD	+0.0066%	1h	86,448.3	+0.077%	$16.9M	$21.2M	50x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,400.3	+0.021%	$9.42B	$24.58B	150x	as long as short
MEXC BTC_USDT	+0.0069%	8h	86,402.3	+0.024%	$5.15B	$5.67B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,386.7	+0.005%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,402.5	+0.024%	$5.86B	$10.77B	200x	as long as short
SoDEX BTC-USDlong	+0.0087%	1h	86,382	long leg	$60.3M	$338.0M	40x
Lighter BTC	+0.0096%	1h	86,432.1	+0.058%	$170.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,403.1	+0.024%	$23.9M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,410	+0.032%	$8.5M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0098%	8h	86,396.7	+0.017%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,393	+0.013%	$202K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,462	+0.093%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,430.8	+0.056%	$22.0M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,479	+0.112%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,457.8	+0.088%	$41.1M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,400.1	+0.021%	$2.55B	$12.72B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,437	+0.064%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,463.5	+0.094%	$7.5M	$95.3M	40x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	86,443.6	+0.071%	$38.2M	$155.7M	75x
Variational Omni BTC	+0.0100%	8h	86,405.8	+0.028%	$157.3M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,448.6	+0.077%	$279.2M	$945.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,485.6	+0.120%	$217.2M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,461.9	+0.092%	$141.4M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,390.9	+0.010%	$30.6M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,461.5	+0.092%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,408	+0.030%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,403.3	+0.025%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,390.1	+0.009%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,424	+0.049%	$140K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,420	+0.044%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,410.3	+0.033%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,375.1	−0.008%	$2.29B	$969.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.096%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,366.6	−0.018%	$45.5M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,458	+0.088%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,410.8	+0.033%	$192.1M	$954.6M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,431.1	+0.057%	$132.3M	$5.65B	50x	as long as short
Aftermath Perps BTCUSD	+0.0149%	1h	86,487.8	+0.123%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,438.5	+0.065%	$727K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,446	+0.074%	$416.9M	$658.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0196% / S −0.0219%	1h	86,416.3	+0.040%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0207%	8h	86,452	+0.081%	$9.7M	$747.5M	6.4x	as long as short