Settings8H · net · $10k
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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Funding you earn now, next payment 00:00 UTC+0.0303%/8h= +33.2% APRnext payment +$0.38 per $10,000 · paid last 24h +0.031%
Price spread now: Deribit against Bulk+0.101%7-day average +0.046% · 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−$9as in the Price arb table
costs, in and out, $10k−$140.144% of the position
Long on BulkShort on Deribit
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.015%+$2 on $10k
Price spread, last 3 days (all we have)−0.059%−$6 · spread now +0.101%, 7d avg +0.046%
Together, before fees−0.044%−$4 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Deribit is 0.054% dearer against Bulk than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.046%.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.015% in total (about 1.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.38 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBulk BTC-USD86,452.90.0100pay 0.0013% / 1h8m 36s$572.2M$12.3M40x
ShortDeribit BTC-PERPETUAL86,539.80.0403get 0.0050% / 1h8m 36s$914.5M$1.49B50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Deribit against Bulk. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
$63.64
Price spread: +0.101% → +0.046%
$5.43
Slippage, 4 orders
−$0.37
Fee Bulk: 3.5 bp × 2 orders
−$7
Fee Deribit: 3.5 bp × 2 orders
−$7
Net
$54.71
Costs to cover
0.144%
Break-even
1.0 days
Slippage from Bulk: live order book, 1 min ago; Deribit: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Bulk live order book, 1 min ago0.01 bp3.5 bp −$43.5 bp −$353.5 bp −$3514.9 bp −$2,448
Sell Deribit live order book, 1 min ago0.03 bp3.5 bp −$43.5 bp −$359.0 bp −$89718.6 bp −$9,285

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phoenix BTC−0.0118%1h86,444−0.010%$2.2M$11.8M40xas long as short
Hotstuff BTC-PERP−0.0080%1h86,460+0.008%$9K$3K50xas long as short
Injective BTC/USDC PERP−0.0035%1h86,345−0.125%$332K$26.9M52xas long as short
RISEx BTC/USDC−0.0024%1h86,493.6+0.047%$8.3M$42.7M25xas long as short
01 Exchange BTCUSD−0.0016%1h86,480.4+0.032%$358K$2.4M50xas long as short
Perpl BTC0.0000%43m86,474.2+0.025%$413K$22.4M6.7xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0005%1h86,499.1+0.053%$36.8M—200xas long as short
Aster BTCUSDT+0.0009%8h86,477.7+0.029%$501.6M$1.15B200xas long as short
KuCoin XBTUSDTM+0.0022%8h86,475.4+0.026%$834.3M$728.6M125xas long as short
Reya BTCRUSDPERP+0.0036%1h86,471.1+0.021%$6.7M$145.5M40xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX BTC-USDT+0.0043%8h86,476.2+0.027%—$1.59B—as long as short
Phemex BTCUSDT+0.0055%8h86,474+0.024%$151.0M$478.6M150xas long as short
Bitget BTCUSDT+0.0055%8h86,471.1+0.021%$2.97B$5.13B150xas long as short
dYdX BTC-USD+0.0063%1h86,456.7+0.004%$16.9M$21.2M50xas long as short
Aevo BTC-PERP+0.0072%1h86,469.6+0.019%$2.5M$1.4M20xas long as short
MEXC BTC_USDT+0.0073%8h86,473.3+0.024%$5.16B$5.69B500xas long as short
Binance BTCUSDT+0.0074%8h86,473.1+0.023%$9.44B$24.55B150xas long as short
Gate BTC_USDT+0.0082%8h86,478.8+0.030%$5.85B$10.81B200xas long as short
Lighter BTC+0.0096%1h86,485.7+0.038%$170.2M$1.02B50xas long as short
Lighter RH BTC+0.0096%1h86,490.9+0.044%$23.9M$152.8M50xas long as short
Popdex BTCUSDT+0.0096%1h86,4530.000%$8.5M$52.3M100xas long as short
Bybit BTCUSDT+0.0099%8h86,477.5+0.028%$5.26B$9.79B150xas long as short
Katana Perps BTC-USD+0.0100%8h86,462+0.011%$197K$7.1M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,514.8+0.072%$4.8M$8.5M50xas long as short
Nado BTC-PERP+0.0100%1h86,454.3+0.002%$21.8M$234.1M50xas long as short
Hyperliquid BTC+0.0100%1h86,545+0.107%$3.79B$5.10B40xas long as short
Pacifica BTC+0.0100%1h86,507.7+0.063%$41.1M$538.1M50xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,478.6+0.030%$2.55B$12.73B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,473+0.023%$3.9M$18.4M25xas long as short
Arcus BTC-USD+0.0100%1h86,512.2+0.069%$7.3M$95.9M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,474.8+0.025%$38.0M$156.0M75xas long as short
Variational Omni BTC+0.0100%8h86,407.7−0.052%$157.0M$567.1M—as long as short
edgeX BTCUSDC+0.0100%4h86,408.7−0.051%$279.1M$946.0M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,429.2−0.027%$217.0M$172.4M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,423.1−0.034%$141.3M$323.1M100xas long as short
StandX BTC-USD+0.0100%1h86,460.1+0.008%$30.7M$206.5M40xas long as short
Vest BTC-PERP+0.0100%1h86,499.5+0.054%—$11.9M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,465+0.014%$11.1M$14.0M50xas long as short
Bullet BTC-USD+0.0100%1h86,481.3+0.033%$193K$3.3M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,479.4+0.031%$2.5M$9.4M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,517.8+0.075%$141K$664K40xas long as short
Derive BTC-PERP+0.0100%1h86,513.7+0.070%$30.5M$62.6M15xas long as short
SunX BTC-USDT+0.0100%8h86,448.1−0.006%$3.4M$5.3M100xas long as short
SoDEX BTC-USD+0.0100%1h86,475+0.026%$60.5M$338.1M40xas long as short
HTX BTC-USDT+0.0100%8h86,461.5+0.010%$2.29B$968.2M200xas long as short
Bulk BTC-USDlong+0.0100%1h86,452.9long leg$572.2M$12.3M40x
Extended BTC-USD+0.0104%1h86,452.60.000%$45.7M$225.6M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,468.3+0.018%—$100.0M500xas long as short
Kraken Futures PF_XBTUSD+0.0110%1h86,503+0.058%$192.9M$953.2M100xas long as short
Coinbase International BTC-PERP-INTX+0.0112%1h86,517.4+0.075%$132.2M$5.64B50xas long as short
Aftermath Perps BTCUSD+0.0159%1h86,475.5+0.026%$78K$219K20xas long as short
Hibachi BTC/USDT-P+0.0184%1h86,484.8+0.037%$717K$8.1M30xas long as short
BloFin BTC-USDT+0.0194%8h86,461.9+0.010%$415.2M$658.5M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0199% / S −0.0223%1h86,489.7+0.043%$15.0M—200xas long as short
Kalshi KXBTCPERP+0.0207%8h86,495+0.049%$10.1M$751.8M6.4xas long as short
Deribit BTC-PERPETUALshort+0.0403%1h86,539.8+0.101%$914.5M$1.49B50x