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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 04:00 UTC−0.0180%/8h= −19.7% APRnext payment −$0.23 per $10,000 · paid last 24h −0.050%
Price spread now: Hotstuff against Bulk+0.046%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on BulkShort on Hotstuff
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)—no history yet
Price spread, last 7 days—no price history on both exchanges yet
Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories
The price spread pays, funding is against you. Hotstuff is 0.046% dearer against Bulk than usual: you sell high and buy low (spread +0.046% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 20 hours.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBulk BTC-USD85,445.90.0100pay 0.0013% / 1h4m 49s$666.8M$675.6M40x
ShortHotstuff BTC-PERP85,485−0.0080pay 0.0010% / 1h4m 49s$8K$3K50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Hotstuff 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

Funding earned
−$37.8
Price spread: +0.046% → 0.000%
$4.58
Slippage, 4 orders
no order book: not counted
Fee Bulk: 3.5 bp × 2 orders
−$7
Fee Hotstuff: 2.5 bp × 2 orders
−$5
Net
−$45.22
Costs to cover
0.120%
Break-even
never at this rate
Slippage unknown: Bulk: live order book, 4 min ago; Hotstuff: no order-book sample. Net counts fees only.

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, 4 min ago0.01 bp3.5 bp −$43.5 bp −$353.5 bp −$3513.6 bp −$1,795
Sell Hotstuff no order-book sample—————
Hotstuff: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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−0.0179%1h85,531+0.100%$2.1M$10.3M40xas long as short
Hotstuff BTC-PERPshort−0.0080%1h85,485+0.046%$8K$3K50x
01 Exchange BTCUSD−0.0048%1h85,481.5+0.042%$365K$2.3M50xas long as short
KuCoin XBTUSDTM−0.0032%8h85,460.4+0.017%$919.4M$751.9M125xas long as short
BloFin BTC-USDT−0.0020%8h85,474.9+0.034%$417.1M$668.9M150xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h85,488.4+0.050%$36.5M—200xas long as short
Bluefin BTC-PERP+0.0005%1h85,520.3+0.087%$207K$739K40xas long as short
dYdX BTC-USD+0.0011%1h85,472.1+0.031%$16.7M$21.2M50xas long as short
Aster BTCUSDT+0.0012%8h85,468.8+0.027%$515.2M$1.10B200xas long as short
Nado BTC-PERP+0.0013%1h85,477.9+0.037%$25.0M$222.0M50xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Arcus BTC-USD+0.0021%1h85,470.8+0.029%$4.2M$98.2M40xas long as short
BingX BTC-USDT+0.0063%8h85,483.3+0.044%—$1.54B—as long as short
Deribit BTC-PERPETUAL+0.0071%1h85,511.9+0.077%$888.1M$1.58B50xas long as short
Phemex BTCUSDT+0.0075%8h85,475.8+0.035%$148.3M$489.3M150xas long as short
Bitget BTCUSDT+0.0079%8h85,473.6+0.032%$2.95B$5.08B150xas long as short
Reya BTCRUSDPERP+0.0086%1h85,471.5+0.030%$6.6M$146.8M40xas long as short
Lighter BTC+0.0096%1h85,481.9+0.042%$172.2M$1.02B50xas long as short
Lighter RH BTC+0.0096%1h85,484.4+0.045%$23.9M$149.5M50xas long as short
Popdex BTCUSDT+0.0096%1h85,482+0.042%$8.4M$53.5M100xas long as short
Aevo BTC-PERP+0.0096%1h85,473.2+0.032%$2.4M$1.7M20xas long as short
Katana Perps BTC-USD+0.0100%8h85,445−0.001%$210K$8.1M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h85,547.3+0.119%$5.2M$9.1M50xas long as short
Hyperliquid BTC+0.0100%1h85,561+0.135%$3.75B$4.98B40xas long as short
Pacifica BTC+0.0100%1h85,510.3+0.075%$40.2M$581.6M50xas long as short
Binance BTCUSDT+0.0100%8h85,481.4+0.042%$9.36B$24.17B150xas long as short
Bybit BTCUSDT+0.0100%8h85,479.9+0.040%$5.20B$9.80B150xas long as short
OKX BTC-USDT-SWAP+0.0100%8h85,489.4+0.051%$2.58B$12.14B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h85,472+0.031%$3.8M$17.8M25xas long as short
Bulk BTC-USDlong+0.0100%1h85,445.9long leg$666.8M$675.6M40x
Gate BTC_USDT+0.0100%8h85,483.8+0.044%$5.51B$10.76B200xas long as short
MEXC BTC_USDT+0.0100%8h85,481.4+0.042%$5.07B$5.66B500xas long as short
Backpack BTC_USDC_PERP+0.0100%1h85,462.4+0.019%$35.0M$177.1M75xas long as short
Variational Omni BTC+0.0100%8h85,444.6−0.001%$153.4M$564.2M—as long as short
edgeX BTCUSDC+0.0100%4h85,474.1+0.033%$279.2M$922.0M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h85,487.4+0.049%$214.6M$167.9M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h85,488.3+0.050%$139.8M$314.8M100xas long as short
StandX BTC-USD+0.0100%1h85,473+0.032%$30.2M$208.7M40xas long as short
Vest BTC-PERP+0.0100%1h85,527.8+0.096%—$11.8M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h85,472+0.031%$11.1M$14.3M50xas long as short
Bullet BTC-USD+0.0100%1h85,485+0.046%$192K$3.3M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h85,481.2+0.041%$2.4M$8.7M100xas long as short
Derive BTC-PERP+0.0100%1h85,466.5+0.024%$29.9M$50.0M15xas long as short
SunX BTC-USDT+0.0100%8h85,460.6+0.017%$2.9M$6.1M100xas long as short
SoDEX BTC-USD+0.0100%1h85,475+0.034%$59.9M$336.1M40xas long as short
HTX BTC-USDT+0.0100%8h85,477.7+0.037%$2.26B$942.7M200xas long as short
Extended BTC-USD+0.0104%1h85,455.5+0.011%$44.6M$230.9M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h85,477.4+0.037%—$107.5M500xas long as short
Coinbase International BTC-PERP-INTX+0.0104%1h85,507+0.072%$117.5M$5.19B50xas long as short
Injective BTC/USDC PERP+0.0150%1h85,556+0.129%$340K$26.9M52xas long as short
Kraken Futures PF_XBTUSD+0.0170%1h85,490.9+0.053%$187.3M$954.6M100xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0176% / S −0.0151%1h85,489.1+0.051%$13.3M—200xas long as short
RISEx BTC/USDC+0.0194%1h85,505.5+0.070%$8.4M$42.6M25xas long as short
Aftermath Perps BTCUSD+0.0217%1h85,500.6+0.064%$78K$219K20xas long as short
Kalshi KXBTCPERP+0.0220%8h85,494+0.056%$10.4M$755.2M6.4xas long as short
Hibachi BTC/USDT-P+0.0248%1h85,504+0.068%$701K$7.9M30xas long as short
Perpl BTC+0.0335%43m85,475.1+0.034%$496K$18.8M6.7xas long as short