BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0131%/8h= −14.4% APRnext payment −$0.16 per $10,000 · paid last 24h −0.171%

Price spread now: Bluefin against Bulk+0.273%7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs+$11as in the Price arb table

costs, in and out, $10k−$190.187% of the position

Long on Bulk Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.433%−$43 on $10k

Price spread, last 3 days (all we have)−0.282%−$28 · spread now +0.273%, 7d avg −0.022%

Together, before fees−0.715%−$71 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bluefin is 0.295% dearer against Bulk than usual: you sell high and buy low (spread +0.273% now, against its 7-day average of −0.022%): +$30 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 7.5 days. At the pace of the last 3 days (−0.433% in total) that is about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	86,145.7	0.0100	pay 0.0013% / 1h	14m 12s	$580.3M	$59.0M	40x
Short	Bluefin BTC-PERP	86,381.2	−0.0031	pay 0.0004% / 1h	14m 12s	$145K	$667K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Bulk. 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 BulkbpFee BluefinbpOrdersPrice spread, now +0.273%Rate

Funding earned: −$27.57
Price spread: +0.273% → −0.022%: $29.52
Slippage, 4 orders: −$4.67
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$16.72
Costs to cover: 0.187%
Break-even: from the start

Slippage from Bulk: live order book, 5 min ago; Bluefin: live order book, 60 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 Bulk live order book, 5 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$351	3.6 bp −$1,795
Sell Bluefin live order book, 60 min ago	1.72 bp	5.7 bp −$6	10.5 bp −$105	doesn't fit	doesn't fit

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	−0.0129%	1h	86,239	+0.108%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,332	+0.216%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,328.2	+0.212%	$364K	$2.3M	50x	as long as short
Bluefin BTC-PERPshort	−0.0031%	1h	86,381.2	+0.273%	$145K	$667K	40x
Perpl BTC	0.0000%	43m	86,320	+0.202%	$538K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,358.7	+0.247%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	+0.246%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0024%	1h	86,340.6	+0.226%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0033%	8h	86,351.5	+0.239%	$500.7M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	86,327.6	+0.211%	$831.8M	$717.4M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0048%	1h	86,332.7	+0.217%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0051%	8h	86,337.9	+0.223%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,336.9	+0.222%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0065%	8h	86,344.5	+0.231%	$2.98B	$5.04B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,332.4	+0.217%	$2.5M	$1.8M	20x	as long as short
SoDEX BTC-USD	+0.0081%	1h	86,343	+0.229%	$60.5M	$338.2M	40x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,361.2	+0.250%	$5.10B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	86,359.2	+0.248%	$9.41B	$24.30B	150x	as long as short
Phemex BTCUSDT	+0.0094%	8h	86,353	+0.241%	$155.4M	$473.0M	150x	as long as short
Lighter BTC	+0.0096%	1h	86,365.5	+0.255%	$170.0M	$991.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,372.7	+0.264%	$23.7M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,331	+0.215%	$8.4M	$52.0M	100x	as long as short
Gate BTC_USDT	+0.0099%	8h	86,354.2	+0.242%	$5.77B	$10.62B	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,302	+0.181%	$196K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,347.3	+0.234%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,313.9	+0.195%	$22.0M	$226.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,407	+0.303%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,355.8	+0.244%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,371.8	+0.263%	$5.26B	$9.64B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,382	+0.274%	$2.57B	$12.47B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,333	+0.217%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,344.1	+0.230%	$7.2M	$94.9M	40x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	86,145.7	long leg	$580.3M	$59.0M	40x
Backpack BTC_USDC_PERP	+0.0100%	1h	86,292.9	+0.171%	$35.7M	$160.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,226.1	+0.093%	$156.7M	$559.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,200.2	+0.063%	$278.4M	$953.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,212.1	+0.077%	$216.4M	$165.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,240.1	+0.110%	$141.3M	$320.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,233.9	+0.102%	$30.6M	$208.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,365.5	+0.255%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,340	+0.226%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,340.7	+0.226%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,344.9	+0.231%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,360.5	+0.249%	$30.3M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,296.4	+0.175%	$3.3M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,325	+0.208%	$2.29B	$958.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,321.3	+0.204%	$45.9M	$222.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,319.8	+0.202%	—	$99.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,391.2	+0.285%	$132.3M	$5.32B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,381.6	+0.274%	$191.5M	$946.2M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,317.2	+0.199%	$713K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0168%	1h	86,320.9	+0.203%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,297	+0.176%	$416.1M	$641.9M	150x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	86,354	+0.242%	$10.6M	$765.7M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,349.4	+0.237%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0232%	1h	86,397.4	+0.292%	$902.3M	$1.51B	50x	as long as short