BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0052%/8h= −5.7% APRnext payment −$0.07 per $10,000 · paid last 24h −0.036%

Price spread now: Reya against Bulk+0.166%52s7-day average −0.036% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bulk Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.014%−$1 on $10k

Price spread, last 7 days−0.184%−$18 · spread now +0.166%, 7d avg −0.036%

Together, before fees−0.198%+ Points / potential airdropReya: Active · farm board−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Reya is 0.203% dearer against Bulk than usual: you sell high and buy low (spread +0.166% now, against its 7-day average of −0.036%): +$20 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 13 days. At the pace of the last 3 days (−0.014% in total) that is about 47 days. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

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 33s	$580.3M	$59.0M	40x
Short	Reya BTCRUSDPERP	86,289	0.0048	get 0.0006% / 1h	14m 33s	$6.7M	$145.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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

Position, each leg$Hold fordaysFee BulkbpFee ReyabpOrdersPrice spread, now +0.166%Rate

Funding earned: −$10.96
Price spread: +0.166% → −0.036%: $20.29
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Reya: 3 bp × 2 orders: −$6
Net: −$3.68
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Bulk: live order book, 5 min ago; Reya: 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

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 Reya no order-book sample	—	—	—	—	—

Reya: 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.

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
Bluefin BTC-PERP	−0.0049%	1h	86,329.8	+0.214%	$144K	$667K	40x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,328.2	+0.212%	$364K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,286.3	+0.163%	$538K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,307.7	+0.188%	$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	86,326.6	+0.210%	$500.6M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	86,322	+0.205%	$831.7M	$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 BTCRUSDPERPshort	+0.0048%	1h	86,289	+0.166%	$6.7M	$145.8M	40x
BingX BTC-USDC	+0.0051%	8h	86,325.3	+0.209%	—	$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	86,323.2	+0.206%	$2.98B	$5.04B	150x	as long as short
SoDEX BTC-USD	+0.0078%	1h	86,305	+0.185%	$60.4M	$338.2M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,292.5	+0.170%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,326.5	+0.210%	$5.09B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	86,333.2	+0.218%	$9.41B	$24.30B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,337.7	+0.223%	$170.4M	$990.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,341.8	+0.228%	$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	86,330.6	+0.215%	$5.77B	$10.61B	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	86,275.1	+0.150%	$22.0M	$227.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,387	+0.280%	$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	86,337.5	+0.223%	$5.26B	$9.64B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,345.8	+0.232%	$2.57B	$12.46B	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	86,318.1	+0.200%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,288	+0.165%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,295.1	+0.173%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,294.9	+0.173%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,318.4	+0.201%	$30.3M	$56.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,257.2	+0.129%	$3.3M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,274.7	+0.150%	$2.29B	$959.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,305.1	+0.185%	$155.2M	$473.1M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,300	+0.179%	$46.0M	$222.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,278.2	+0.154%	—	$99.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,345.8	+0.232%	$132.3M	$5.32B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,337.2	+0.222%	$191.4M	$947.1M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,254.4	+0.126%	$712K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0168%	1h	86,314.8	+0.196%	$77K	$217K	20x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	86,310	+0.191%	$10.6M	$765.8M	6.4x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,297	+0.176%	$416.1M	$641.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,303.2	+0.183%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0226%	1h	86,352.3	+0.240%	$902.2M	$1.51B	50x	as long as short