BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0097%/8h= −10.6% APRnext payment −$0.12 per $10,000 · paid last 24h −0.028%

Price spread now: dYdX against Bulk+0.195%7-day average −0.006% · 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−$2as in the Price arb table

costs, in and out, $10k−$220.216% of the position

Long on Bulk Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.099%−$10 on $10k

Price spread, last 7 days−0.184%−$18 · spread now +0.195%, 7d avg −0.006%

Together, before fees−0.283%−$28 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.200% dearer against Bulk than usual: you sell high and buy low (spread +0.195% now, against its 7-day average of −0.006%): +$20 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 6.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	85,587.5	0.0100	pay 0.0013% / 1h	29m 20s	$583.6M	$150.2M	40x
Short	dYdX BTC-USD	85,754	0.0003	get 0.0000% / 1h	29m 20s	$16.8M	$20.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.195%Rate

Funding earned: −$20.41
Price spread: +0.195% → −0.006%: $20.03
Slippage, 4 orders: −$4.59
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$21.97
Costs to cover: 0.216%
Break-even: never at this rate

Slippage from Bulk: live order book, 5 min ago; dYdX: live order book, 5 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	3.6 bp −$355	4.6 bp −$2,290
Sell dYdX live order book, 5 min ago	0.70 bp	7.3 bp −$7	13.3 bp −$133	15.8 bp −$1,584	18.7 bp −$9,345

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
Phoenix BTC	−0.0144%	1h	85,735	+0.172%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,689	+0.119%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,734.8	+0.172%	$364K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,755.5	+0.196%	$515K	$20.7M	6.7x	as long as short
dYdX BTC-USDshort	+0.0003%	1h	85,754	+0.195%	$16.8M	$20.9M	50x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,689.6	+0.119%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	+0.121%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0034%	8h	85,690.8	+0.121%	$509.3M	$1.14B	200x	as long as short
KuCoin XBTUSDTM	+0.0034%	8h	85,728.2	+0.164%	$903.5M	$755.0M	125x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,755.2	+0.196%	$8.2M	$42.6M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0054%	8h	85,688.9	+0.118%	—	$15.4M	—	as long as short
ApeX Omni BTCUSDT	+0.0056%	1h	85,655.9	+0.080%	$140.1M	$319.3M	100x	as long as short
Reya BTCRUSDPERP	+0.0057%	1h	85,699.4	+0.131%	$6.7M	$146.2M	40x	as long as short
HTX BTC-USDT	+0.0058%	8h	85,656.9	+0.081%	$2.27B	$952.6M	200x	as long as short
Nado BTC-PERP	+0.0061%	1h	85,748.6	+0.188%	$22.7M	$228.3M	50x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,666.7	+0.093%	$2.94B	$5.11B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,691.8	+0.122%	$5.07B	$5.72B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,668.5	+0.095%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,682.6	+0.111%	$9.33B	$24.40B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,678.1	+0.106%	$170.0M	$988.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,686.4	+0.116%	$23.4M	$146.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,746	+0.185%	$8.4M	$52.0M	100x	as long as short
Gate BTC_USDT	+0.0098%	8h	85,695.8	+0.126%	$5.62B	$10.52B	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,707	+0.140%	$206K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,720.9	+0.156%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,799	+0.247%	$3.77B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,768.2	+0.211%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,694.2	+0.125%	$5.29B	$9.78B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,683.4	+0.112%	$2.54B	$12.40B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,749	+0.189%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,715.8	+0.150%	$7.3M	$98.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,731.9	+0.169%	$35.3M	$163.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,640.3	+0.062%	$156.2M	$559.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,632.3	+0.052%	$278.5M	$946.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,580.1	−0.009%	$214.9M	$167.6M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,678.2	+0.106%	$30.3M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,769.9	+0.213%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,735	+0.172%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,696.2	+0.127%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,676.7	+0.104%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,711.6	+0.145%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,678.2	+0.106%	$30.0M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,658.5	+0.083%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,675	+0.102%	$60.0M	$337.5M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,670.3	+0.097%	$153.0M	$480.1M	150x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	85,587.5	long leg	$583.6M	$150.2M	40x
Extended BTC-USD	+0.0104%	1h	85,651.2	+0.074%	$43.9M	$228.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,750.9	+0.191%	—	$101.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,704.9	+0.137%	$131.0M	$5.17B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,716.1	+0.150%	$698K	$7.9M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0142%	1h	85,710	+0.143%	$894.4M	$1.53B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,680.6	+0.109%	$188.7M	$965.0M	100x	as long as short
Aftermath Perps BTCUSD	+0.0164%	1h	85,680.1	+0.108%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0192%	1h	85,702.3	+0.134%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	85,741	+0.179%	$10.0M	$770.4M	6.4x	as long as short