Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.002%

Price spread now: Backpack against StandX+0.083%7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$210.207% of the position

Long on StandX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.157%−$16 on $10k

Price spread, last 7 days−0.511%−$51 · spread now +0.083%, 7d avg −0.001%

Together, before fees−0.669%+ Points / potential airdropStandX: Active · farm board−$67 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.084% dearer against StandX than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	StandX BTC-USD	85,552.7	0.0100	pay 0.0013% / 1h	36m 02s	$30.3M	$210.5M	40x
Short	Backpack BTC_USDC_PERP	85,623.8	0.0100	get 0.0013% / 1h	36m 02s	$35.3M	$172.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against StandX. 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 StandXbpFee BackpackbpOrdersPrice spread, now +0.083%Rate

Funding earned: $0
Price spread: +0.083% → −0.001%: $8.37
Slippage, 4 orders: −$2.67
Fee StandX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$12.3
Costs to cover: 0.207%
Break-even: never at this rate

Slippage from StandX: 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 StandX live order book, 3 min ago	0.70 bp	4.8 bp −$5	6.4 bp −$64	7.9 bp −$787	9.5 bp −$4,728
Sell Backpack live order book, 3 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 BTC	−0.0160%	1h	85,585	+0.038%	$2.2M	$10.3M	40x	as long as short
Bluefin BTC-PERP	−0.0097%	1h	85,672.1	+0.140%	$196K	$722K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,589	+0.042%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,615.6	+0.074%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,617.3	+0.076%	$415.9M	$663.5M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,640.3	+0.102%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,641.9	+0.104%	$36.7M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,615	+0.073%	$22.9M	$221.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	85,628.8	+0.089%	$917.3M	$753.1M	125x	as long as short
Aster BTCUSDT	+0.0016%	8h	85,624.8	+0.084%	$515.9M	$1.11B	200x	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	85,636.6	+0.098%	—	$1.54B	—	as long as short
HTX BTC-USDT	+0.0064%	8h	85,622.5	+0.082%	$2.27B	$933.6M	200x	as long as short
Reya BTCRUSDPERP	+0.0067%	1h	85,598.7	+0.054%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,626.9	+0.087%	$2.95B	$5.02B	150x	as long as short
Phemex BTCUSDT	+0.0070%	8h	85,639.4	+0.101%	$148.3M	$478.9M	150x	as long as short
SunX BTC-USDT	+0.0078%	8h	85,607.4	+0.064%	$2.9M	$6.1M	100x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	+0.030%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,625.6	+0.085%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,639.2	+0.101%	$5.05B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,631	+0.092%	$9.35B	$23.90B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0088%	1h	85,676.6	+0.145%	$893.1M	$1.52B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,648.7	+0.112%	$170.0M	$988.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,643.4	+0.106%	$23.9M	$148.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,615	+0.073%	$8.4M	$51.9M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,686.7	+0.157%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,588	+0.041%	$197K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,699	+0.171%	$3.78B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,671.2	+0.139%	$40.5M	$573.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,638.2	+0.100%	$5.33B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,642.5	+0.105%	$2.57B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,652	+0.116%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,597.6	+0.053%	$7.2M	$97.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	+0.012%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,638.3	+0.100%	$5.55B	$10.48B	200x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	85,623.8	+0.083%	$35.3M	$172.3M	75x
Variational Omni BTC	+0.0100%	8h	85,622.5	+0.082%	$155.0M	$548.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,550.1	−0.003%	$278.9M	$928.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,558.4	+0.007%	$214.7M	$165.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,549.6	−0.004%	$140.0M	$316.2M	100x	as long as short
StandX BTC-USDlong	+0.0100%	1h	85,552.7	long leg	$30.3M	$210.5M	40x
Vest BTC-PERP	+0.0100%	1h	85,650.3	+0.114%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,613	+0.071%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,621	+0.080%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,627.3	+0.087%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,626.4	+0.086%	$30.0M	$52.6M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,635	+0.096%	$60.0M	$336.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,610.3	+0.067%	$44.0M	$227.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,617.6	+0.076%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,674	+0.142%	$130.9M	$5.10B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,642.1	+0.105%	$8.3M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,665.4	+0.132%	$188.6M	$948.7M	100x	as long as short
Aftermath Perps BTCUSD	+0.0190%	1h	85,588.2	+0.042%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,605.5	+0.062%	$700K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,633.3	+0.094%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0214%	8h	85,639	+0.101%	$10.5M	$760.3M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,666.2	+0.133%	$521K	$19.4M	6.7x	as long as short