BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0330%/8h= +36.2% APRnext payment +$0.41 per $10,000 · paid last 24h −0.022%

Price spread now: Bulk against Aftermath Perps−0.037%48s7-day average −0.023% · 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—prices read too far apart to compare

costs, in and out, $10k−$260.258% of the position

Long on Aftermath Perps Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.038%−$4 on $10k

Price spread, last 3 days (all we have)−0.085%−$8 · spread now −0.037%, 7d avg −0.023%

Together, before fees−0.122%−$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.023%, so right now this pair is about funding alone: +$10 a day on $10k at the current rate. The two prices were read 48 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 -0.038% in total (about -4.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.41 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	86,622.7	−0.0230	get 0.0029% / 1h	55m 38s	$79K	$197K	20x
Short	Bulk BTC-USD	86,590.2	0.0100	get 0.0013% / 1h	55m 38s	$572.1M	$20.3M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.037%Rate

Funding earned: $69.37
Price spread: −0.037% → −0.023%: −$1.44
Slippage, 4 orders: −$9.76
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: $42.17
Costs to cover: 0.258%
Break-even: 2.7 days

Slippage from Aftermath Perps: live order book, 28 min ago; Bulk: 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, 28 min ago	1.77 bp	12.5 bp −$12	19.0 bp −$190	doesn't fit	doesn't fit
Sell Bulk live order book, 4 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.8 bp −$385	4.5 bp −$2,268

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
Aftermath Perps BTCUSDlong	−0.0230%	1h	86,622.7	long leg	$79K	$197K	20x
Phoenix BTC	−0.0103%	1h	86,561	−0.071%	$2.2M	$11.7M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,628	+0.006%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0041%	1h	86,634.7	+0.014%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0004%	8h	86,614.1	−0.010%	$505.7M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,616.2	−0.007%	$359K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,648.5	+0.030%	$422K	$24.4M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,633.3	+0.012%	$926.3M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,605.7	−0.020%	$851.5M	$709.6M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,614.6	−0.009%	$36.8M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0006%	1h	86,640.9	+0.021%	$8.5M	$43.2M	25x	as long as short
Hibachi BTC/USDT-P	+0.0008%	1h	86,600.7	−0.025%	$727K	$8.1M	30x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,585.5	−0.043%	$6.7M	$144.6M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,587	−0.041%	$315K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0030%	8h	86,624.3	+0.002%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0031%	8h	86,597.4	−0.029%	$149.6M	$472.8M	150x	as long as short
Bitget BTCUSDT	+0.0038%	8h	86,620.9	−0.002%	$2.95B	$5.09B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,595.6	−0.031%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,622	−0.001%	$5.20B	$5.60B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,622	−0.001%	$9.43B	$24.38B	150x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,619.5	−0.004%	$5.86B	$10.61B	200x	as long as short
Bybit BTCUSDT	+0.0087%	8h	86,625.4	+0.003%	$5.27B	$9.74B	150x	as long as short
SoDEX BTC-USD	+0.0094%	1h	86,598	−0.028%	$60.5M	$336.7M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,632.9	+0.012%	$172.1M	$996.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,643	+0.023%	$24.1M	$151.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,590	−0.038%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,628	+0.006%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,663.9	+0.048%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,624.2	+0.002%	$21.6M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,691	+0.079%	$3.81B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,656.7	+0.039%	$41.0M	$499.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,632.7	+0.012%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,615	−0.009%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,695.8	+0.084%	$7.4M	$94.1M	40x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	86,590.2	−0.037%	$572.1M	$20.3M	40x
Backpack BTC_USDC_PERP	+0.0100%	1h	86,610.2	−0.014%	$38.3M	$152.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,596.1	−0.031%	$159.3M	$566.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,554.6	−0.079%	$279.5M	$940.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,592.7	−0.035%	$217.3M	$184.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,597.4	−0.029%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,556	−0.077%	$30.7M	$203.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,647.3	+0.028%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,602	−0.024%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,596.4	−0.030%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,608.4	−0.016%	$2.5M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,622.6	0.000%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,599.4	−0.027%	$30.0M	$61.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,649.3	+0.031%	$3.4M	$5.5M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,600.9	−0.025%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,607.6	−0.017%	$46.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,646.8	+0.028%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,647.9	+0.029%	$131.8M	$5.81B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,635.6	+0.015%	$191.4M	$937.4M	100x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,588.1	−0.040%	$416.7M	$655.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0210%	1h	86,612	−0.012%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	86,662	+0.045%	$9.6M	$726.5M	6.4x	as long as short