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

BTC

all BTC markets
SwapBacktest
Alert: funding
Measured
My alerts

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
My alerts

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 22:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%
Price spread now: Popdex against Bulk+0.037%7-day average +0.003% · 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−$140.140% of the position
Long on BulkShort on Popdex
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)−0.003%$0 on $10k
Price spread, last 7 days−0.032%−$3 · spread now +0.037%, 7d avg +0.003%
Together, before fees−0.035%−$3 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Popdex is 0.034% dearer against Bulk than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.003%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBulk BTC-USD86,606.90.0100pay 0.0013% / 1h34m 36s$571.9M$22.8M40x
ShortPopdex BTCUSDT86,6390.0096get 0.0012% / 1h34m 36s$8.5M$52.1M100x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Popdex 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
−$0.84
Price spread: +0.037% → +0.003%
$3.41
Slippage, 4 orders
−$0.55
Fee Bulk: 3.5 bp × 2 orders
−$7
Fee Popdex: 3.2 bp × 2 orders
−$6.4
Net
−$11.39
Costs to cover
0.140%
Break-even
never at this rate
Slippage from Bulk: live order book, 5 min ago; Popdex: live order book, 5 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, 5 min ago0.01 bp3.5 bp −$43.5 bp −$353.5 bp −$3534.9 bp −$2,458
Sell Popdex live order book, 5 min ago0.06 bp3.6 bp −$43.6 bp −$364.1 bp −$4085.4 bp −$2,717

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
Aftermath Perps BTCUSD−0.0227%1h86,609.6+0.003%$85K$188K20xas long as short
Perpl BTC−0.0223%43m86,627.7+0.024%$428K$25.0M6.7xas long as short
Phoenix BTC−0.0103%1h86,539−0.078%$2.2M$12.4M40xas long as short
dYdX BTC-USD−0.0085%1h86,671.7+0.075%$17.6M$20.6M50xas long as short
Hotstuff BTC-PERP−0.0080%1h86,648+0.047%$9K$3K50xas long as short
01 Exchange BTCUSD0.0000%1h86,659.3+0.061%$361K$2.4M50xas long as short
Deribit BTC-PERPETUAL0.0000%1h86,644.8+0.044%$935.8M$1.43B50xas long as short
KuCoin XBTUSDTM+0.0001%8h86,651.5+0.052%$844.8M$704.5M125xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0005%1h86,635+0.032%$36.6M—200xas long as short
Aster BTCUSDT+0.0008%8h86,644.5+0.043%$505.9M$1.16B200xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Reya BTCRUSDPERP+0.0021%1h86,617.9+0.013%$6.7M$144.3M40xas long as short
BingX BTC-USDT+0.0022%8h86,658.7+0.060%—$1.59B—as long as short
Phemex BTCUSDT+0.0026%8h86,623.8+0.020%$149.5M$471.0M150xas long as short
Bitget BTCUSDT+0.0029%8h86,657.1+0.058%$2.95B$5.07B150xas long as short
Aevo BTC-PERP+0.0048%1h86,610.8+0.005%$2.4M$1.3M20xas long as short
Injective BTC/USDC PERP+0.0049%1h86,732+0.144%$315K$26.8M52xas long as short
MEXC BTC_USDT+0.0052%8h86,659.1+0.060%$5.19B$5.67B500xas long as short
Binance BTCUSDT+0.0053%8h86,659.1+0.060%$9.44B$24.30B150xas long as short
RISEx BTC/USDC+0.0063%1h86,656.8+0.058%$9.2M$42.0M25xas long as short
OKX BTC-USDT-SWAP+0.0070%8h86,664.2+0.066%$2.57B$12.70B100xas long as short
Gate BTC_USDT+0.0073%8h86,660+0.061%$5.86B$10.63B200xas long as short
Bybit BTCUSDT+0.0081%8h86,660.9+0.062%$5.28B$9.67B150xas long as short
Variational Omni BTC+0.0092%8h86,584.3−0.026%$160.0M$567.1M—as long as short
Lighter BTC+0.0096%1h86,666.1+0.068%$172.2M$1.01B50xas long as short
Lighter RH BTC+0.0096%1h86,672.1+0.075%$24.0M$153.5M50xas long as short
Popdex BTCUSDTshort+0.0096%1h86,639+0.037%$8.5M$52.1M100x
Paradex BTC-USD-PERP+0.0100%8h86,707.5+0.116%$4.8M$8.2M50xas long as short
Katana Perps BTC-USD+0.0100%8h86,635+0.032%$195K$6.8M50xas long as short
Nado BTC-PERP+0.0100%1h86,595−0.014%$21.6M$235.4M50xas long as short
Hyperliquid BTC+0.0100%1h86,717+0.127%$3.82B$5.12B40xas long as short
Pacifica BTC+0.0100%1h86,686.5+0.092%$41.3M$490.3M50xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,654+0.054%$3.9M$18.6M25xas long as short
Arcus BTC-USD+0.0100%1h86,716.2+0.126%$7.5M$93.6M40xas long as short
Bulk BTC-USDlong+0.0100%1h86,606.9long leg$571.9M$22.8M40x
Backpack BTC_USDC_PERP+0.0100%1h86,633.4+0.031%$38.1M$148.4M75xas long as short
edgeX BTCUSDC+0.0100%4h86,571.5−0.041%$279.6M$949.6M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,662+0.064%$217.6M$187.8M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,686.6+0.092%$141.7M$322.9M100xas long as short
StandX BTC-USD+0.0100%1h86,590.4−0.019%$30.8M$205.5M40xas long as short
Vest BTC-PERP+0.0100%1h86,669.5+0.072%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,626+0.022%$11.1M$13.7M50xas long as short
Bullet BTC-USD+0.0100%1h86,614+0.008%$194K$3.4M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,630.2+0.027%$2.5M$8.5M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,638.7+0.037%$141K$619K40xas long as short
Derive BTC-PERP+0.0100%1h86,618.3+0.013%$30.0M$61.6M15xas long as short
SunX BTC-USDT+0.0100%8h86,608.9+0.002%$3.4M$5.5M100xas long as short
SoDEX BTC-USD+0.0100%1h86,608+0.001%$60.5M$336.5M40xas long as short
HTX BTC-USDT+0.0100%8h86,608.6+0.002%$2.30B$957.0M200xas long as short
Extended BTC-USD+0.0104%1h86,651+0.051%$46.4M$227.9M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,624.1+0.020%—$98.3M500xas long as short
Kraken Futures PF_XBTUSD+0.0117%1h86,645.2+0.044%$189.2M$930.5M100xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,653.1+0.053%$131.9M$5.86B50xas long as short
Kalshi KXBTCPERP+0.0123%8h86,624+0.020%$9.0M$723.3M6.4xas long as short
BloFin BTC-USDT+0.0172%8h86,606.70.000%$416.8M$650.6M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0178% / S −0.0185%1h86,629.2+0.026%$14.9M—200xas long as short
Hibachi BTC/USDT-P+0.0224%1h86,617.4+0.012%$614K$7.1M30xas long as short