BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRnext payment −$0.13 per $10,000 · paid last 24h +0.139%

Price spread now: dYdX against Bluefin−0.129%7-day average +0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$400.396% of the position

Long on Bluefin Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.147%+$15 on $10k

Price spread, last 4 days (all we have)+0.210%+$21 · spread now −0.129%, 7d avg +0.029%

Together, before fees+0.357%+$36 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.159% cheaper against Bluefin than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.029%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.147%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	85,746.1	0.0100	pay 0.0013% / 1h	53m 17s	$207K	$739K	40x
Short	dYdX BTC-USD	85,635.3	0	get 0.0000% / 1h	53m 17s	$16.8M	$21.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.129%Rate

Funding earned: −$21
Price spread: −0.129% → +0.029%: −$15.85
Slippage, 4 orders: −$22.59
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$76.44
Costs to cover: 0.396%
Break-even: never at this rate

Slippage from Bluefin: live order book, 1 min ago; dYdX: 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, 1 min ago	1.83 bp	6.7 bp −$7	12.1 bp −$121	doesn't fit	doesn't fit
Sell dYdX live order book, 1 min ago	1.46 bp	14.7 bp −$15	23.4 bp −$234	24.2 bp −$2,422	24.6 bp −$12.3K

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	−0.0140%	1h	85,646	−0.117%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,636	−0.128%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0037%	8h	85,652	−0.110%	$917.7M	$755.9M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,677.2	−0.080%	$417.5M	$676.0M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,669.8	−0.089%	$366K	$2.3M	50x	as long as short
dYdX BTC-USDshort	0.0000%	1h	85,635.3	−0.129%	$16.8M	$21.2M	50x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,684.1	−0.072%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,663.7	−0.096%	$516.1M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0014%	1h	85,629.7	−0.136%	$24.8M	$222.7M	50x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,690	−0.065%	$340K	$26.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0063%	8h	85,659.5	−0.101%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0068%	8h	85,603.9	−0.166%	$148.7M	$489.6M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,679.6	−0.078%	$2.96B	$5.10B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0088%	1h	85,640.6	−0.123%	$885.4M	$1.58B	50x	as long as short
Reya BTCRUSDPERP	+0.0090%	1h	85,675.7	−0.082%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,643.1	−0.120%	$172.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,649.5	−0.113%	$23.9M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,661	−0.099%	$8.7M	$54.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,696.4	−0.058%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,619	−0.148%	$202K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,705.8	−0.047%	$5.4M	$9.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,758	+0.014%	$3.79B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,671.4	−0.087%	$40.5M	$582.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,690.7	−0.065%	$9.42B	$24.29B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,693.6	−0.061%	$5.20B	$9.84B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,702.5	−0.051%	$2.59B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,629	−0.137%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,630.5	−0.135%	$4.4M	$98.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,683.7	−0.073%	$5.53B	$10.73B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,674.4	−0.084%	$5.07B	$5.63B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,586.1	−0.187%	$35.7M	$176.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,637.7	−0.126%	$153.8M	$564.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,618	−0.149%	$279.5M	$923.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,633.8	−0.131%	$214.9M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,648.2	−0.114%	$140.0M	$315.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,638.2	−0.126%	$30.3M	$208.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,717.1	−0.034%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,670	−0.089%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,678	−0.079%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,694.4	−0.060%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERPlong	+0.0100%	1h	85,746.1	long leg	$207K	$739K	40x
Derive BTC-PERP	+0.0100%	1h	85,598.6	−0.172%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,650.9	−0.111%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,598	−0.173%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,601	−0.169%	$2.27B	$946.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,665.1	−0.094%	$677.0M	$718.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,671.3	−0.087%	$44.8M	$231.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,614.8	−0.153%	—	$107.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,636	−0.128%	$117.4M	$5.22B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,615.4	−0.152%	$187.5M	$956.4M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,675.1	−0.083%	$8.9M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0177%	1h	85,682	−0.075%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	85,678	−0.079%	$12.0M	$757.2M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0229%	1h	85,663.7	−0.096%	$78K	$220K	20x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,684.6	−0.072%	$704K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,651.9	−0.110%	$504K	$18.8M	6.7x	as long as short