BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0096%/8h= −10.5% APRnext payment −$0.12 per $10,000 · paid last 24h +0.142%

Price spread now: gTrade (Gains Network) against Bluefin−0.028%7-day average +0.031% · 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−$29as in the Price arb table

costs, in and out, $10k−$230.234% of the position

Long on Bluefin Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.332%+$33 on $10k

Price spread, last 4 days (all we have)+0.111%+$11 · spread now −0.028%, 7d avg +0.031%

Together, before fees+0.443%+$44 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 gTrade (Gains Network) is 0.059% cheaper against Bluefin than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.031%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.332%, 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	85,668.2	0.0100	pay 0.0013% / 1h	50m 39s	$207K	$739K	40x
Short	gTrade (Gains Network) BTC/USD	85,644.2	L +0.0004% / S −0.0004%	get 0.0001% / 1h	50m 39s	$36.6M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.028%Rate

Funding earned: −$20.1
Price spread: −0.028% → +0.031%: −$5.86
Slippage, 4 orders: −$9.4
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$49.36
Costs to cover: 0.234%
Break-even: never at this rate

Slippage from Bluefin: live order book, 4 min ago; gTrade (Gains Network): virtual book (oracle venue), 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 Bluefin live order book, 4 min ago	1.83 bp	6.7 bp −$7	12.1 bp −$121	doesn't fit	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 4 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,182

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	85,690	+0.025%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,637	−0.036%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0037%	8h	85,586.9	−0.095%	$916.9M	$756.1M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,606.8	−0.072%	$417.7M	$675.3M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,645.9	−0.026%	$366K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,625.7	−0.050%	$16.8M	$21.2M	50x	as long as short
Nado BTC-PERP	+0.0001%	1h	85,640	−0.033%	$24.8M	$222.7M	50x	as long as short
gTrade (Gains Network) BTC/USDshort	L +0.0004% / S −0.0004%	1h	85,644.2	−0.028%	$36.6M	—	200x
Aster BTCUSDT	+0.0012%	8h	85,591.2	−0.090%	$515.4M	$1.10B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0016%	1h	85,658.5	−0.011%	$884.8M	$1.59B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,690	+0.025%	$340K	$26.9M	52x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,579.9	−0.103%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0068%	8h	85,594.2	−0.086%	$148.6M	$490.2M	150x	as long as short
SoDEX BTC-USD	+0.0079%	1h	85,613	−0.064%	$60.0M	$336.1M	40x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,594.8	−0.086%	$2.96B	$5.10B	150x	as long as short
Reya BTCRUSDPERP	+0.0091%	1h	85,630	−0.045%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,607	−0.071%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,608.4	−0.070%	$23.9M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,622	−0.054%	$8.7M	$54.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,614.2	−0.063%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,567	−0.118%	$201K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,673.6	+0.006%	$5.6M	$9.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,689	+0.024%	$3.79B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,631.7	−0.043%	$40.5M	$582.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,595.4	−0.085%	$9.41B	$24.31B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,589.3	−0.092%	$5.19B	$9.84B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,600	−0.080%	$2.59B	$12.16B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,586	−0.096%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,588.7	−0.093%	$4.4M	$98.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,600.8	−0.079%	$5.54B	$10.75B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,598.7	−0.081%	$5.07B	$5.63B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,583.1	−0.099%	$35.9M	$176.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,614	−0.063%	$153.6M	$564.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,619.2	−0.057%	$279.6M	$925.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,677.6	+0.011%	$215.0M	$168.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,670.8	+0.003%	$140.1M	$315.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,680	+0.014%	$30.3M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,694.9	+0.031%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,628	−0.047%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,637	−0.036%	$196K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,621.9	−0.054%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERPlong	+0.0100%	1h	85,668.2	long leg	$207K	$739K	40x
Derive BTC-PERP	+0.0100%	1h	85,620.4	−0.056%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,601.5	−0.078%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,600	−0.080%	$2.27B	$946.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,665.1	−0.004%	$677.0M	$718.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,567.5	−0.118%	$44.8M	$231.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,669.7	+0.002%	—	$107.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,643	−0.029%	$117.3M	$5.22B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,614.9	−0.062%	$188.1M	$956.9M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,631.1	−0.043%	$8.9M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0177%	1h	85,641.2	−0.031%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0231%	8h	85,684	+0.018%	$12.0M	$757.2M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0234%	1h	85,682.8	+0.017%	$79K	$220K	20x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,697.1	+0.034%	$701K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,633.6	−0.040%	$505K	$18.8M	6.7x	as long as short