BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0270%/8h= +29.5% APRnext payment +$0.34 per $10,000 · paid last 24h −0.024%

Price spread now: Arcus against Aftermath Perps+0.140%46s7-day average −0.008% · 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−$240.240% of the position

Long on Aftermath Perps Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.040%−$4 on $10k

Price spread, last 3 days (all we have)−0.206%−$21 · spread now +0.140%, 7d avg −0.008%

Together, before fees−0.247%−$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Arcus is 0.148% dearer against Aftermath Perps than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of −0.008%. The two prices were read 46 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 3 days it paid -0.040% in total (about -4.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.34 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	Aftermath Perps BTCUSD	86,630.8	−0.0170	get 0.0021% / 1h	40m 42s	$79K	$199K	20x
Short	Arcus BTC-USD	86,752.2	0.0100	get 0.0013% / 1h	40m 42s	$7.4M	$93.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Aftermath Perps. 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 Aftermath PerpsbpFee ArcusbpOrdersPrice spread, now +0.140%Rate

Funding earned: $56.6
Price spread: +0.140% → −0.008%: $14.8
Slippage, 4 orders: −$10.54
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $47.37
Costs to cover: 0.240%
Break-even: 1.1 days

Slippage from Aftermath Perps: live order book, 43 min ago; Arcus: live order book, 4 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 Aftermath Perps live order book, 43 min ago	1.77 bp	12.5 bp −$12	19.0 bp −$190	doesn't fit	doesn't fit
Sell Arcus live order book, 4 min ago	0.01 bp	2.3 bp −$2	2.3 bp −$23	4.5 bp −$455	doesn't fit

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	−0.1024%	1h	86,680.9	+0.058%	$141K	$618K	40x	as long as short
Aftermath Perps BTCUSDlong	−0.0170%	1h	86,630.8	long leg	$79K	$199K	20x
Phoenix BTC	−0.0159%	1h	86,603	−0.032%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,702	+0.082%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0012%	1h	86,679.3	+0.056%	$17.5M	$20.3M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,702.7	+0.083%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0006%	8h	86,678.6	+0.055%	$505.9M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,703.6	+0.084%	$419K	$24.0M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,699.6	+0.079%	$925.8M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	86,664.1	+0.038%	$852.4M	$707.7M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,697.6	+0.077%	$36.9M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,688.5	+0.067%	$8.6M	$43.2M	25x	as long as short
Phemex BTCUSDT	+0.0021%	8h	86,666.5	+0.041%	$150.0M	$473.4M	150x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,668.8	+0.044%	$6.7M	$144.8M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	−0.083%	$315K	$26.8M	52x	as long as short
Hibachi BTC/USDT-P	+0.0024%	1h	86,651.1	+0.023%	$732K	$8.1M	30x	as long as short
BingX BTC-USDT	+0.0032%	8h	86,686.3	+0.064%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0041%	8h	86,685.6	+0.063%	$2.96B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,689.7	+0.068%	$5.19B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,678.2	+0.055%	$9.43B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,650.6	+0.023%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,674.2	+0.050%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,691.9	+0.070%	$5.28B	$9.69B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,689.6	+0.068%	$172.2M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,701.3	+0.081%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,681	+0.058%	$8.5M	$52.1M	100x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,717.2	+0.100%	$21.9M	$233.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,687	+0.065%	$206K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,726.8	+0.111%	$4.8M	$8.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,754	+0.142%	$3.82B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,712.9	+0.095%	$40.9M	$504.7M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,694.3	+0.073%	$2.55B	$12.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,685	+0.063%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USDshort	+0.0100%	1h	86,752.2	+0.140%	$7.4M	$93.8M	40x
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.083%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,659.6	+0.033%	$38.4M	$153.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,560.2	−0.082%	$156.7M	$569.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,606.7	−0.028%	$279.8M	$943.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,610.1	−0.024%	$217.3M	$177.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,623.7	−0.008%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,664	+0.038%	$30.7M	$203.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,729	+0.113%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,682	+0.059%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,682.6	+0.060%	$195K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,663.6	+0.038%	$2.5M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,655.8	+0.029%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,689	+0.067%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,666	+0.041%	$60.6M	$336.9M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,663.2	+0.037%	$2.30B	$963.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,663.6	+0.038%	$46.3M	$225.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,725.4	+0.109%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,707.3	+0.088%	$131.8M	$5.73B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,698.4	+0.078%	$191.8M	$936.9M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,692	+0.071%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0181%	8h	86,665.7	+0.040%	$415.5M	$652.4M	150x	as long as short
Kalshi KXBTCPERP	+0.0193%	8h	86,719	+0.102%	$9.5M	$727.1M	6.4x	as long as short