BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0012%/8h= +1.3% APRnext payment +$0.01 per $10,000 · paid last 24h +0.140%

Price spread now: Coinbase International against Bluefin−0.015%7-day average +0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs+$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$230.230% of the position

Long on Bluefin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.367%+$37 on $10k

Price spread, last 4 days (all we have)+0.068%+$7 · spread now −0.015%, 7d avg +0.058%

Together, before fees+0.435%+$43 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.073% cheaper against Bluefin than usual: you would sell low and buy high (spread −0.015% now, against its 7-day average of +0.058%). If the spread goes back, that is −$7 on $10k: about 20 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.367% in total) that is about 33 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	85,458.4	0.0100	pay 0.0013% / 1h	58m 15s	$194K	$796K	40x
Short	Coinbase International BTC-PERP-INTX	85,446	0.0112	get 0.0014% / 1h	58m 15s	$111.9M	$5.47B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bluefin. 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 BluefinbpFee Coinbase InternationalbpOrdersPrice spread, now −0.015%Rate

Funding earned: $2.52
Price spread: −0.015% → +0.058%: −$7.29
Slippage, 4 orders: −$6.02
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$27.79
Costs to cover: 0.230%
Break-even: 84.2 days

Slippage from Bluefin: live order book, 41 min ago; Coinbase International: live order book, 1 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 Bluefin live order book, 41 min ago	1.14 bp	6.5 bp −$6	11.1 bp −$111	doesn't fit	doesn't fit
Sell Coinbase International live order book, 1 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.4 bp −$543	11.5 bp −$5,749

BTC on 55 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
Phemex BTCUSDT	−0.0437%	8h	85,395.9	−0.073%	$159.4M	$516.9M	150x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,390	−0.080%	$8K	$2K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,341	−0.137%	$2.3M	$10.4M	40x	as long as short
Gate BTC_USDT	−0.0025%	8h	85,388.8	−0.082%	$5.45B	$9.80B	200x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,343.9	−0.134%	$421.7M	$685.6M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,364	−0.110%	$311K	$22.9M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,411.2	−0.055%	$344K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	85,408.2	−0.059%	$929.7M	$776.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,416.1	−0.049%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0021%	8h	85,400.6	−0.068%	$502.9M	$1.09B	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0022%	1h	85,427.9	−0.036%	$829.3M	$1.67B	50x	as long as short
dYdX BTC-USD	+0.0036%	1h	85,368.3	−0.105%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,409.3	−0.057%	$186.4M	$953.8M	100x	as long as short
BingX BTC-USDC	+0.0069%	8h	85,376.3	−0.096%	—	$17.4M	—	as long as short
Nado BTC-PERP	+0.0089%	1h	85,379.9	−0.092%	$24.1M	$220.1M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,402.4	−0.066%	$169.6M	$935.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,405.1	−0.062%	$23.6M	$133.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,411	−0.055%	$8.7M	$57.8M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,408.1	−0.059%	$2.4M	$6.7M	20x	as long as short
ApeX Omni BTCUSDT	+0.0097%	1h	85,273.7	−0.216%	$138.0M	$312.8M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,419.6	−0.045%	$5.7M	$9.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,400.1	−0.068%	$40.2M	$604.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,396.8	−0.072%	$9.41B	$25.21B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,397.1	−0.072%	$5.09B	$10.03B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,388.3	−0.082%	$2.61B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,395	−0.074%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,417.4	−0.048%	$4.6M	$97.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,382	−0.089%	$697.9M	$180.4M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,391.2	−0.079%	$5.03B	$5.71B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,391	−0.079%	$2.97B	$5.19B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,388.2	−0.082%	$37.5M	$192.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,265.8	−0.225%	$155.3M	$548.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,267.5	−0.223%	$282.8M	$959.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,283.5	−0.205%	$214.0M	$159.0M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,270.7	−0.220%	$30.1M	$216.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,465.9	+0.009%	—	$9.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,343	−0.135%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,401.6	−0.066%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,418.4	−0.047%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERPlong	+0.0100%	1h	85,458.4	long leg	$194K	$796K	40x
SunX BTC-USDT	+0.0100%	8h	85,381.9	−0.090%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,402	−0.066%	$59.8M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,398.3	−0.070%	$2.26B	$976.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,379.1	−0.093%	$45.7M	$241.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,371.7	−0.101%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0112%	1h	85,446	−0.015%	$111.9M	$5.47B	50x
Derive BTC-PERP	+0.0133%	1h	85,433.6	−0.029%	$28.8M	$46.9M	15x	as long as short
Reya BTCRUSDPERP	+0.0145%	1h	85,392.9	−0.077%	$6.6M	$140.9M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,408.1	−0.059%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0175%	8h	85,430	−0.033%	$12.1M	$739.9M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,414	−0.052%	$8.9M	$42.9M	25x	as long as short
Hyperliquid BTC	+0.0261%	1h	85,478	+0.023%	$3.79B	$5.11B	40x	as long as short
Aftermath Perps BTCUSD	+0.0285%	1h	85,319.7	−0.162%	$81K	$249K	20x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	85,377.1	−0.095%	$683K	$7.8M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,412.6	−0.054%	$472K	$18.4M	6.7x	as long as short