BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0616%/8h= +67.5% APRnext payment +$0.77 per $10,000 · paid last 24h +0.126%

Price spread now: Polymarket Perps against Bluefin−0.113%7-day average +0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs+$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$250.249% of the position

Long on Bluefin Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.428%+$43 on $10k

Price spread, last 4 days (all we have)+0.223%+$22 · spread now −0.113%, 7d avg +0.016%

Together, before fees+0.651%+$65 on $10k · with fees, hour by hour

Funding pays, the price is against you. Polymarket Perps is 0.129% cheaper against Bluefin than usual: you would sell low and buy high (spread −0.113% now, against its 7-day average of +0.016%). If the spread goes back, that is −$13 on $10k: about 17 hours of funding at the current rate (+$18 a day). At the pace of the last 7 days (+0.428% in total) that is about 2.1 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.428% in total (about 22.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.77 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	Bluefin BTC-PERP	86,081.5	−0.0516	get 0.0065% / 1h	15m 02s	$195K	$684K	40x
Short	Polymarket Perps BTC-USD	85,984	0.0100	get 0.0013% / 1h	15m 02s	$11.0M	$13.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.113%Rate

Funding earned: $129.43
Price spread: −0.113% → +0.016%: −$12.93
Slippage, 4 orders: −$9.94
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $91.56
Costs to cover: 0.249%
Break-even: 2.0 days

Slippage from Bluefin: live order book, 19 min ago; Polymarket Perps: 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 Bluefin live order book, 19 min ago	1.51 bp	6.7 bp −$7	12.7 bp −$127	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 4 min ago	0.06 bp	4.2 bp −$4	9.3 bp −$93	doesn't fit	doesn't fit

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
Bluefin BTC-PERPlong	−0.0516%	1h	86,081.5	long leg	$195K	$684K	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,031	−0.059%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,061.3	−0.023%	$424.5M	$626.5M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,006	−0.088%	$355K	$2.1M	50x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	86,071	−0.012%	$308K	$27.2M	52x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,040	−0.048%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0026%	8h	86,025	−0.066%	$922.1M	$681.2M	125x	as long as short
dYdX BTC-USD	+0.0043%	1h	86,043.4	−0.044%	$16.8M	$19.5M	50x	as long as short
Aster BTCUSDT	+0.0043%	8h	86,068.5	−0.015%	$506.5M	$994.6M	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	86,070.1	−0.013%	$188.5M	$872.0M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,933	−0.173%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDT	+0.0080%	8h	86,019.6	−0.072%	—	$1.49B	—	as long as short
Bybit BTCUSDT	+0.0083%	8h	86,081.4	0.000%	$5.10B	$9.19B	150x	as long as short
Nado BTC-PERP	+0.0087%	1h	85,987.5	−0.109%	$22.2M	$209.9M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,054.5	−0.031%	$172.9M	$961.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,065.4	−0.019%	$23.2M	$136.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,003	−0.091%	$8.7M	$52.3M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,047.8	−0.039%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,988	−0.109%	$215K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,098.6	+0.020%	$5.9M	$9.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,066	−0.018%	$40.5M	$591.1M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,084.1	+0.003%	$9.43B	$23.20B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,085	+0.004%	$2.61B	$10.87B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,013	−0.080%	$3.9M	$16.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,024.1	−0.067%	$4.6M	$95.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,050.5	−0.036%	$5.50B	$10.12B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,042.5	−0.045%	$5.10B	$5.84B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	86,107.1	+0.030%	$2.99B	$4.61B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,027.7	−0.062%	$37.9M	$187.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,046.3	−0.041%	$156.9M	$515.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,898.8	−0.212%	$287.3M	$974.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,846.1	−0.273%	$215.6M	$155.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,913.6	−0.195%	$137.1M	$302.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,905.6	−0.204%	$30.3M	$214.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,074.6	−0.008%	—	$9.8M	50x	as long as short
Polymarket Perps BTC-USDshort	+0.0100%	1h	85,984	−0.113%	$11.0M	$13.6M	50x
Bullet BTC-USD	+0.0100%	1h	86,018	−0.074%	$211K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,036.9	−0.052%	$2.6M	$9.4M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,048.2	−0.039%	$3.1M	$7.0M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,042	−0.046%	$60.2M	$258.0M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,042.6	−0.045%	$2.27B	$915.4M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,048.9	−0.038%	$167.4M	$500.3M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,869.6	−0.246%	$707.4M	$169.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,014.4	−0.078%	$46.4M	$223.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,007.9	−0.086%	—	$94.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,094.4	+0.015%	$112.6M	$5.33B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0148%	1h	86,087.8	+0.007%	$830.3M	$1.61B	50x	as long as short
Reya BTCRUSDPERP	+0.0152%	1h	85,986	−0.111%	$6.7M	$134.3M	40x	as long as short
Hyperliquid BTC	+0.0155%	1h	86,132	+0.059%	$3.88B	$4.77B	40x	as long as short
Kalshi KXBTCPERP	+0.0189%	8h	86,047	−0.040%	$11.0M	$726.8M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	86,029.5	−0.060%	$9.0M	$40.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0198% / S −0.0176%	1h	86,053.9	−0.032%	$12.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0328%	1h	85,948	−0.155%	$698K	$7.4M	30x	as long as short
Aftermath Perps BTCUSD	+0.0365%	1h	85,888	−0.225%	$84K	$258K	20x	as long as short
Perpl BTC	+0.0447%	43m	86,032.4	−0.057%	$480K	$17.0M	6.7x	as long as short